Daily Summary of Baltic Exchange Dry Indices 21 February 2008

Baltic Exchange Dry Index TM 6998 (DOWN 83)

Baltic Exchange Capesize Index TM 9327 (UP 48)

Baltic Exchange Panamax Index TM 6979 (DOWN 334)

Baltic Exchange Supramax Index TM 4938 (No change)

Baltic Exchange Handysize Index TM 2229 (UP 10)

Daily Summary of the Baltic Exchange Time Charter Routes

  Rate($/Day) Change

BCI   Average of the T/C routes $104785 (UP 1081)

BPI   Average of the T/C routes $56142 (DOWN 2691)

BSI   Average of the T/C routes $51630 (DOWN 3)

BHSI  Average of the T/C routes $32983 (UP 148)

Baltic Exchange Capesize Index     9327     (UP 48)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.436 0.559

C3 150000mt Tubarao - Beilun/Baoshan 15 62.042 1.750

C4 150000mt Richards Bay - Rotterdam 5 29.159 -0.068

C5 150000mt W Australia - Beilun/Baoshan 15 24.464 -0.286

C7 150000mt Bolivar - Rotterdam 5 29.323 0.514

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 96295 2886

C9_03 172000mt Continent/Mediterranean trip Far East 5 148713 4218

C10_03 172000mt Pacific RV 20 106423 -2615

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 67708 -167

C12 150000mt Gladstone - Rotterdam 10 41.205 -0.345

Average of the T/C Routes 104785 1081

Baltic Exchange Panamax Index     6979     (DOWN 334)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 62940 -3548

P2A_03 74000mt SKAW-GIB/FAR EAST 25 72107 -2405

P3A_03 74000mt Japan-SK/Pacific/RV 25 50114 -2375

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 39408 -2434

Average of the T/C Routes 56142 -2691

Baltic Exchange Supramax Index     4938     (NO CHANGE)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 59659 -23

S1B Canakkale Trip Far East 12.5 60700 -48

S2 Japan - SK / NOPAC or Australia rv 25 48977 350

S3 Japan - SK Trip Gib - Skaw range 25 47532 -298

S4A US Gulf - Skaw-Passero 12.5 69880 -545

S4B Skaw-Passero - US Gulf 12.5 29780 480

Average of the T/C Routes 51630 -3

The route(s) below do not form part of the index calculation

S5 W.Africa via ECSA to FarEast 0 59500 191

S6 Jpn-SK trip via Aus/India 0 49943 -121

S7 EC India - China 0 61825 652

Baltic Exchange Handysize Index     2229     (UP 10)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 20564 157

HS2 Skaw - Passero trip Boston - Galveston 12.5 20807 50

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 45244 200

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 46590 150

HS5 SE Asia trip via Australia to Singapore - Japan 25 33057 136

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 32271 178

Average of the T/C Routes 32983 148