THE BATLIC DRY INDEX THE DAILY FIXTURES REPORT 08/06/2007

The Daily Fixtures Report - 08/06/2007
-------------------------

BDI 5736 DOWN 141
BCI 7514 DOWN 317
BPI 5719 DOWN 132
BSI 4060 DOWN 12

TIMECHARTER
'Mineral Kyushu' 2006 180000 dwt dely Beilun 16/17 June trip via West
Australia redel Japan $88000 daily - NYK 'Oceanic Breeze' 2005 77000 dwt
dely retro Lanshan 3 June 5/6 months trading redel worldwide $46500 daily -
Swiss Marine 'Anastasia' 2004 75331 dwt dely Ghent 15/17 June trip via
Brazil redel China $56500 daily - Chinese chrtr
'Lilian Z' Practica relet 1999 74461 dwt - Dreyfus>
'Chorus' Hanjin relet 2001 74269 dwt dely El Ferrol 13/14 June balance of
period 2 Nov/2 Dec redel worldwide $53500 daily - Navios 'Ocean Crystal'
Rizzo-Bottiglieri-De Carlini Armatori relet 1998 73688 dwt dely Constanza
ppt trip via Black Sea redel Far East $55000 daily - Five Oceans 'Deep
Seas' Morgan Stanley relet 1999 72829 dwt dely Annaba 7/11 June trip via EC
South America redel Skaw-Cape Passero $48000 daily - Bunge 'Navigator II'
1998 69174 dwt dely Qingdao 18/20 June trip redel Atlantic with steels
$39500 daily - STX Pan Ocean 'Nord Vision' 2004 52504 dwt dely China 2/7
July 4/6 months trading redel worldwide $42950 daily - Norden 'Eleni M' 2001
50992 dwt dely Xingang 9/16 June trip redel Atlantic approx $41000 daily -
Cargill 'Josco Suzhou' 2004 49416 dwt dely Brownsville 12/18 June trip via
USGulf redel Singapore-Japan $53000 daily - Western Bulkcarriers -
charterer from 07/06 report>
'Epiphany' 1985 37722 dwt -
'Maritime Peace' 1983 26384 dwt dely East Coast UK 8/12 June trip redel
USGulf $17150 daily - Cargo-Levant

ORE
'Alameda' 2001 160000/10 Port Hedland/Qingdao 1/10 July $17.50 fio
scale/25000sc
- BHP Billiton
'Lowlands Sunrise' 2003 150000/10 Narvik/El Dekheila 20/29 June $19.25 fio
scale/30000fc - EZDK

COAL
'Pitsa D' IVS relet 2002 150000/10 Richards Bay/Rotterdam 10/20 July
$23.75 fio
scale/25000sc - CTM
'Marina' Cargill relet 2000 70000/10 Richards Bay/Brinidisi 25/30 June
$37.00 fio scale/10000sc - D'Amico -

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 07/06/2007

GOOD DAY

The Daily Fixtures Report - 07/06/2007
-------------------------

BDI 5877 DOWN 111
BCI 7831 DOWN 336
BPI 5851 DOWN 26
BSI 4072 DOWN 3

TIMECHARTER
'Constantia' Cargill relet 1996 171039 dwt dely Rotterdam 13/15 June trip
via Brazil redel South Korea $110000 daily - Pan Ocean Hong Kong 'CKS
Radiance' 2001 169606 dwt dely Nagoya 10/12 June trip via Richards Bay
redel Rotterdam $55000 daily - Swiss Marine 'Blazing River' SK Shipping
relet 1993 150809 dwt dely Rotterdam 11/13 June trip via Brazil redel China
$92000 daily - Transfield 'Hukanghai' Swiss Marine relet 1994 149680 dwt
dely Beliun 8/10 June trip via West Australia redel China $72500 daily - RTS
'Bellatrix' 2006 77053 dwt dely Jakarta spot trip via Australia redel
Taiwan $45000 daily - China Steel Express - 'Bahia' Sinochart relet 2004
76801 dwt dely retro Fuzhou 2 June 4/6 months trading redel worldwide
$46000 daily - BHP Billiton 'Eillivita' 1999 75522 dwt dely psg Aden 13/20
June trip via EC South America redel Singapore-Japan rge $52500 daily -
Cosbulk 'Yuan Hui Hai' Rizzo-Bottiglieri-De Carlini Armatori Spa relet 2006
74500 dwt dely Immingham ppt 2 laden legs redel worldwide $57000 daily -
Alfred C.Toepfer 'Lilian Z' Pratica relet 1999 74461 dwt dely Sines 8/10
June trip via EC South America redel Far East $55000 daly - Dreyfus
'Heinrich Oldendorff' 2001 73931 dwt dely Amsterdam 11/14 June trip via
Nouadhibou redel China $58000 daily - Cosco Europe 'Szare Szeregi' Hanjin
relet 1991 73505 dwt dely Port Kelang 10/15 June trip via Indonesia redel
Koper $41500 daily - Alfred C.Toepfer 'Alpha Future' Swiss Marine relet
1999 72893 dwt dely Immingham 12/14 June trip via St.Lawrence redel China
$56000 daily - Pacific Bulk 'Christina IV' 2000 72493 dwt dely Taiwan 10/12
June trip via EC Australia redel Japan $42000 daily - MOSK - 'Countess 1'
1986 70280 dwt dely Ravenna 11/13 June trip via EC South America redel
Skaw-Cape Passero $48250 daily - cnr 'Katrine Star' 2005 55838 dwt dely wwr
Kohsichang 10/12 June trip redel Dakar-Doula approx $42000 daily -
Oldendorff 'Delzoukre' 2006 53630 dwt dely Houston 15/25 June trip redel
Italy approx $60000 daily - Koch Carbon 'Anassa Ioanna' 2003 53123 dwt dely
worldwide in d/c August 2007 about 120/max 170 days trading redel worldwide
$43250 daily - TMT 'Josco Suzhou' 2004 49416 dwt dely Brownsville 12/18
June trip via USGulf redel Singapore-Japan $54000 daily - STX Pan Ocean
'Tango Glory' 2001 48193 dwt dely Japan 12/14 June trip via Australia
redel Singapore-Japan $36000 daily - cnr 'Moorgate' Clipper relet 1990 45875
dwt dely Barranquilla 20/22 June trip via North Coast South America redel
Continent $56500 daily - MUR 'Maria N.M.' 1982 41520 dwt dely Greece spot
trip via Black Sea redel West Africa $30500 daily - Contilines 'Epiphany'
1985 37722 dwt dely Casablanca ppt trip via Liverpool & Bandar Khomeini
redel PMO int scrap $32000 daily - Iranian chrtr - week> 'Federal Asahi'
2000 36563 dwt dely Vera Cruz spot trip redel Morocco $40000 daily -
Volcano

ORE

'Luigi D'Amato' 170000/10 Port Hedland/Qingdao 25 June/5 July $20.50 fio
scale/25000sc - BHP Billiton 'Aquabella' Swiss Marine relet 1995 150000/10
Dampier/Qingdao 20/30 June $19.00 fio scale/25000sc - Rio Tinto 'Star
Yantai' 1986 150000/10 Port Walcott/China 20/30 June $19.00 fio
scale/25000sc - Rio Tinto 'TMT TBN' 150000/10 Itaqui/Rizhao 25 June/3 July
$52.00 fio scale/CQD - Sinoceast - 'Kirmar' 2001 Swiss Marine relet
150000/10 Tubarao/Qingdao 18/25 June $49.00 fio scale/25000sc - Pioneer
Metals 'Joyous Land' 1994 58000/10 Kamsar/San Cyprian 20/26 June $23.20 fio
24000sc/15000sc - Cobelfret
'Cape Albatross' 2007 / - correct rate was $49.50 to North China
Shipping>

COAL

'Long Charity' ex Winner 1985 150000/10 Richards Bay/Rotterdam 1/10 July
$23.50 fio scale/25000sc - Cargill 'Docebay' 1986 150000/10 Richards
Bay/Rotterdam 20/30 June $23.625 fio scale/25000sc - Swiss Marine 'Yasa
Unity' 2006 70000/10 Richards Bay/Le Havre 5/15 July $29.00 fio scale/25000s
18/12 hours - CTP

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 06/06/07

The Daily Fixtures Report - 06/06/2007
-------------------------

BDI 5988 DOWN 35
BCI 8167 DOWN 199
BPI 5877 UP 79
BSI 4075 UP 4

TIMECHARTER
'Aquagace' 1997 167105 dwt dely S.China 15/17 June trip via West Australia
redel Japan $95000 daily - MOSK 'Ore Hansa' 2006 82295 dwt dely Huangpu
9/11 June 4/6 months trading redel worldwide $49000 daily - Oldendorff 'Iron
Bill' 2006 82191 dwt dely Rizhao 7/9 June abt 4/6 months trading redel
worldwide $48300 daily - CTP 'Belo Horizonte' 2004 76801 dwt dely El Ferrol
10/20 July abt 1 years trading redel worldwide $46000 daily - cnr 'Grain
Express' TMT relet 2004 76466 dwt dely retro Cape Passero 2 June trip via
EC South America redel China $58000 daily - cnr 'Danae' Rizzo-Bottiglieri-De
Carlini Armatori Spa relet 2005 75349 dwt dely Cape Passero ppt trip via EC
South America redel China $58000 daily - Kingdom 'Lilian Z' 1999 74461 dwt
dely Sines 8/10 June period up to 1 Dec/31 Jan redel worldwide $53000 daily
- Practica 'Calipso' Crgill relet 2005 74000 dwt dely PMO 10/12 June trip
via EC South America redel Far East $50000 daily - cnr 'Orchid Star' 1997
73981 dwt dely Pag Bilao 9/11 June 2 laden legs redel Singapore-Japan rge
$46500 daily - Norden 'Salmas' 1995 73506 dwt dely Kaohsiung 14/16 June
trip via Abbots Point redel Japan $42900 daily - Iino 'Global Challenger'
1996 73218 dwt dely dely S.Korea 9/11 June trip via NoPac redel
Singapore-Japan rge $42500 daily - cnr 'Aleslevada' 1990 70281 dwt dely
Rizhao 8/10 June trip via NoPac redel Singapore-Japan rge $42500 daily -
Alfred C.Toepfer 'Energy' 2003 69255 dwt dely retro Cape Passero 2 June
trip via Ponta da Madeira redel Continent int soyabeans $ 48500 daily -
Cargill 'Maritime Setoshio' 2004 55765 dwt dely Zhoushan 4/5 June trip
redel East Coast India $44000 daily - cnr 'Volme' 2004 52949 dwt dely
Worldwide Jan/March 2008 12 months trading redel worldwide approx $33000
daily - Navios 'Hawk' 1994 45111 dwt dely Philippines spot 3/5 months
trading redel worldwide approx $41500 daily - Oldendorff 'Noni' 1996 44382
dwt dely North China 8/10 June trip redel Persian Gulf $35000 daily +
$35000 bb - STX Pan Ocean 'Amanda C' 1984 41373 dwt dely Passero spot trip
redel USGulf $22000 daily - Oldendorff 'Ocean Lotus' 2004 28432 dwt dely
Port Klang prompt trip via Australia redel China $28000 daily - Oldendorff

ORE
'Cape Albatross' 2007 180000/10 Tubarao/Qingdao end June/ely July $49.00 fio
scale/30000sc

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 05/06/07

The Daily Fixtures Report - 05/06/2007
-------------------------

BDI 6023 UP 12
BCI 8366 DOWN 55
BPI 5798 UP 94
BSI 4071 UP 4

TIMECHARTER
'Martzoukos A' 1995 161425 dwt dely Zhangjiang 5/7 June trip via E
Australia redel China $86000 daily - Nippon Steel Shipping 'Hebei Rainbow'
1983 83582 dwt dely retro Valencia 1 June trip via Orinoco redel China
$48500 daily - Armada 'Nordkap' 2002 77229 dwt dely Dunkirk 8/11 June trip
via Baltic redel China $58000 daily - Cosbulk 'Bergen Trader' 2005 76600 dwt
dely Tarragona 10/12 June 4/5 months trading redel worldwide $55000 daily -
TMT - 'Raffaele Iuliano' Norden relet 1995 75473 dwt dely Valencia 8/10
June balance of period up to 29 Oct/29 Nov redel worldwide $51000 daily -
Giuseppe Bottiglieri 'Grace Future' 2006 75376 dwt dely Gibraltar spot
trip via Maracaibo redel Gijon $50000 daily - Komrowski Bulk Shipping -
'Danae' Atlas Bulk Shipping relet 2005 75348 dwt dely Ghent 15/30 June
3/5
months trading redel worldwide $55000 daily - TMT - 'Alcyon' 2001 75247 dwt
dely Taiwan 10/20 June 6/8 months trading redel worldwide $45000 daily -
Sinochart 'North Friendship' Constellation relet 1999 74732 dwt dely El
Ferrol
12/14 June
2 laden legs redel Atlantic $54000 daily - Azure 'COS Intrepid' 2001 74119
dwt dely Taiwan 9/11 June trip via Indonesia redel Japan $49000 daily -
Japanese chrtr 'Calm Seas' 1999 74047 dwt dely Carboneras 6/10 June trip
via Bolivar redel Skaw-Cape Passero $53000 daily - EdF 'Zagora' Cargill
relet 2001 73435 dwt dely Tacoma 222/25 June trip via NoPac redel Far East
$43500 daily + $770000 bb - Dreyfus 'Waimea' 1997 73049 dwt dely N.China
20/30 June 5/7 months trading redel worldwide $43000 daily - Norden 'New
Herald' 1997 72875 dwt dely Qingdao 6/7 June trip via NoPac redel
Singapore-Japan rge $40000 daily - Dreyfus 'Morning Cloud' 1983 66754 dwt
dely Ploce 1/5 June 2 laden legs redel Skaw-Cape Passero $40000 daily -
Augustea - 'Armonikos' 1984 61748 dwt dely Liverpool 8/13 June trip via
Santarem redel Continent $42500 daily - Cargill 'Coral Globe' 1994 43284 dwt
dely Porto Vesme spot 2 laden legs redel Atlantic $38000 daily - Norden
'Aliki L' 1985 42592 dwt dely Rotterdam spot trip redel Turkey $39000
daily - EMR 'Gold Carrier' 1985 27601 dwt dely Port Klang 6/9 June trip via
SE Asia redel China $ 23000 daily - cnr

ORE
'TBN' 150000/10 Ponta da Madeira/Redcar + Immingham 10/15 June $28.60 fio 7
days sc - Corus 'KWK Providence' NCS relet 2004 or sub 150000/10
Tubarao/Qingdao 25/30 June $53.00 fio scale/25000sc - TMT

COAL
'Scope' 2006 160000/10 Puerto Bolivar/Gijon 17/25 June $25.00 fio
50000sc/25000sc - SK Shiipping 'Tian Sheng Hai' 1997 160000/10 Richards
Bay/Hadera 10/20 June $26.00 fio scale/30000sx - NCSC - 'Sanko Spark' 1996
150000/10 Richards Bay/Rotterdam 20/30 June $26.50 fio scale/25000sc - CTM

The Baltic Dry Index Dry cargo fixture summary - 05 June

Subject: Dry cargo fixture summary - 05 June 2007

Dry cargo fixture summary - 05 June 2007

==========================

BDI Baltic Dry Index 6023 UP 12

BCI Baltic Capesize Index 8366 DOWN 55

BPI Baltic Panamax Index 5798 UP 94

BSI Baltic Supramax Index 4071 UP 4

BHSI Baltic Handysize Index 1966 DOWN 4

Timecharter

-----------

'Martzoukos A' 1995 161425 dwt dely Zhangjiang 5/7 June trip via E

Australia redel China $86000 daily - Nippon Steel Shipping

'Hebei Rainbow' 1983 83582 dwt dely retro Valencia 1 June trip via

Orinoco redel China $48500 daily - Armada

'Nordkap' 2002 77229 dwt dely Dunkirk 8/11 June trip via Baltic redel

China $58000 daily - Cosbulk

'Bergen Trader' 2005 76600 dwt dely Tarragona 10/12 June 4/5 months

trading redel worldwide $55000 daily - TMT - <recent>

'Raffaele Iuliano' Norden relet 1995 75473 dwt dely Valencia 8/10 June

balance of period up to 29 Oct/29 Nov redel worldwide $51000 daily -

Giuseppe Bottiglieri

'Grace Future' 2006 75376 dwt dely Gibraltar spot trip via Maracaibo

redel Gijon $50000 daily - Komrowski Bulk Shipping - <recent>

'Danae' Atlas Bulk Shipping relet 2005 75348 dwt dely Ghent 15/30 June

3/5 months trading redel worldwide $55000 daily - TMT - <recent>

'Alcyon' 2001 75247 dwt dely Taiwan 10/20 June 6/8 months trading redel

worldwide $45000 daily - Sinochart

'North Friendship' Constellation relet 1999 74732 dwt dely El Ferrol

12/14 June 2 laden legs redel Atlantic $54000 daily - Azure

'COS Intrepid' 2001 74119 dwt dely Taiwan 9/11 June trip via Indonesia

redel Japan $49000 daily - Japanese chrtr

'Calm Seas' 1999 74047 dwt dely Carboneras 6/10 June trip via Bolivar

redel Skaw-Cape Passero $53000 daily - EdF

'Zagora' Cargill relet 2001 73435 dwt dely Tacoma 222/25 June trip via

NoPac redel Far East $43500 daily + $770000 bb - Dreyfus

'Waimea' 1997 73049 dwt dely N.China 20/30 June 5/7 months trading redel

worldwide $43000 daily - Norden

'New Herald' 1997 72875 dwt dely Qingdao 6/7 June trip via NoPac redel

Singapore-Japan rge $40000 daily - Dreyfus

'Morning Cloud' 1983 66754 dwt dely Ploce 1/5 June 2 laden legs redel

Skaw-Cape Passero $40000 daily - Augustea - <fixed end of last week>

'Armonikos' 1984 61748 dwt dely Liverpool 8/13 June trip via Santarem

redel Continent $42500 daily - Cargill

'Coral Globe' 1994 43284 dwt dely Porto Vesme spot 2 laden legs redel

Atlantic $38000 daily - Norden

'Aliki L' 1985 42592 dwt dely Rotterdam spot trip redel Turkey $39000

daily - EMR

'Gold Carrier' 1985 27601 dwt dely Port Klang 6/9 June trip via SE Asia

redel China $ 23000 daily - cnr

Ore

---

'TBN' 150000/10 Ponta da Madeira/Redcar + Immingham 10/15 June $28.60 fio

7 days sc - Corus

'KWK Providence' NCS relet 2004 or sub 150000/10 Tubarao/Qingdao 25/30

June $53.00 fio scale/25000sc - TMT

Coal

----

'Scope' 2006 160000/10 Puerto Bolivar/Gijon 17/25 June $25.00 fio

50000sc/25000sc - SK Shiipping

'Tian Sheng Hai' 1997 160000/10 Richards Bay/Hadera 10/20 June $26.00 fio

scale/30000sx - NCSC - <fixed mid last week>

'Sanko Spark' 1996 150000/10 Richards Bay/Rotterdam 20/30 June $26.50 fio

scale/25000sc - CTM

The Baltic Dry Index index as of 5.June.07

Subject: index as of 5.June.07

Daily Summary of Baltic Exchange Dry Indices

5 June 2007

Baltic Exchange Dry Index TM 6023 (UP 12)

Baltic Exchange Capesize Index TM 8366 (DOWN 55)

Baltic Exchange Panamax Index TM 5798 (UP 94)

Baltic Exchange Supramax Index TM 4071 (UP 4)

Baltic Exchange Handysize Index TM 1966 (DOWN 4)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $96956 (DOWN 793)

BPI Average of the T/C routes $46713 (UP 764)

BSI Average of the T/C routes $42568 (UP 39)

BHSI Average of the T/C routes $28767 (DOWN 52)

Baltic Exchange Capesize Index 8366 (DOWN 55)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 27.855 -0.159

C3 150000mt Tubarao - Beilun/Baoshan 15 51.454 -0.354

C4 150000mt Richards Bay - Rotterdam 5 25.764 0.000

C5 150000mt W Australia - Beilun/Baoshan 15 20.414 -0.218

C7 150000mt Bolivar - Rotterdam 5 28.436 -0.232

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 100873 -1150

C9_03 172000mt Continent/Mediterranean trip Far East 5 123821 -1404

C10_03 172000mt Pacific RV 20 91496 -129

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 71633 -492

C12 150000mt Gladstone - Rotterdam 10 37.250 -0.109

Average of the T/C Routes 96956 -793

Baltic Exchange Panamax Index 5798 (UP 94)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 51931 676

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55285 537

P3A_03 74000mt Japan-SK/Pacific/RV 25 41517 1127

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 38118 715

Average of the T/C Routes 46713 764

Baltic Exchange Supramax Index 4071 (UP 4)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 45364 -168

S1B Canakkale Trip Far East 12.5 43246 25

S2 Japan - SK / NOPAC or Australia rv 25 39575 148

S3 Japan - SK Trip Gib - Skaw range 25 40061 141

S4A US Gulf - Skaw-Passero 12.5 58130 15

S4B Skaw-Passero - US Gulf 12.5 34532 -141

Average of the T/C Routes 42568 39

Baltic Exchange Handysize Index 1966 (DOWN 4)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22264 -86

HS2 Skaw - Passero trip Boston - Galveston 12.5 22936 -107

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 38517 -266

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 38280 -450

HS5 SE Asia trip via Australia to Singapore - Japan 25 27807 193

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26264 57

Average of the T/C Routes 28767 -52

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 04/06/2007

The Daily Fixtures Report - 04/06/2007
-------------------------

BDI 6011 UP 28
BCI 8421 UP 39
BPI 5704 UP 64
BSI 4067 UNCHANGED

TIMECHARTER
'KWK Providence' EdF relet 2004 175531 dwt dely retro Beilun 28 May trip
via Brazil redel China $86000 daily - North China Shipping
'Front Climber' ETA relet 1991 169146 dwt - been fixed but not to
Glory Wealth or at the rate reported>
'Medi Lausanne' Golden Ocean relet 2006 83002 dwt dely Rotterdam 14/16 June
trip via Murmansk redel UKC $52000 daily - Transfield 'Michele Iuliano' EdF
relet 2006 82551 dwt dely Qingdao 3/5 June trip via NoPac & PG redel PMO
$42000 daily - ETA of Dubai 'Maritsa' 2005 76000 dwt dely Ulsan 7/10 June
min 5/max 7 months trading redel worldwide $45000 daily - Japanese chrtr
'Kavo Topaz' SK Shipping relet 2004 75499 dwt dely N.Spain end June min 100
days/max 5 months trading redel worldwide $53000 daily - CTP 'Yuan Hui Hai'
GMI relet 2006 74500 dwt dely Immingham ppt period upto
10/31
Dec 2007 redel worldwide $50000 daily - Rizzo-Bottiglieri-De Carlini
Armatori Spa 'Cymbeline' Rizzo-Bottiglieri-De Carlini Armatori Spa relet
2001 73601 dwt dely Chiwan 16/24 June 4/5 months trading redel worldwide
$46000 daily - TMT 'Cemtex Venture' 2006 73600 dwt dely Shanghai 15/17 June
3/5 months trading redel worldwide $41750 daily - STX Pan Ocean 'Myron N'
1990 70424 dwt dely La Coruna in d/c 1 June trip via EC South America
redel Skaw-Cape Passero $49000 daily - Bunge 'Iguana' 1996 70349 dwt dely
Busan 13/15 June min 4 months/max period
19 Nov
$42000 daily - cnr
'Hellenic Breeze' 1993 69601 dwt dely Mobile 10/15 July period 10 Jan/10
Mar
2008 redel Far East $47250 daily + $860000 bb - Practica 'Navios Gemini S'
1994 68636 dwt dely Mobile 10/15 June 2/3 laden legs redel Skaw-Cape
Passero $46000 daily + $740000 bb option $48000 daily redel Singapore-Japan
rge - CTP 'Syros' 1981 63325 dwt dely Montoir in d/c 6/10 June trip via EC
South America redel Skaw-Cape Passero $40000 daly - Bunge 'Santa Anna' 2006
56019 dwt dely Chennai spot trip redel Mumbai $53000 daily - Vikram Ispat
- 'Shamrock' 2006 52385 dwt dely Yantai 8/10 June 100/150 days trading
redel Atlantic approx $44000 daily - cnr 'Navios Achilles' Atlas relet 2001
52063 dwt dely Lianyungang 4/10 June 110/150 days trading redel worldwide
approx $42750 daily - Korean charterer 'Tai Harvest' 2002 51008 dwt dely
North China spot 3/5 months trading redel worldwide $42000 daily - Oceanbulk
- 'Ulcas' 1985 42244 dwt dely Charleston spot trip via US Gulf redel Italy
$ 46000 daily - Bulk Trading 'Leros' 1985 42083 dwt dely Nemrut 1/3 June
trip via Black Sea redel Yemen
$42625 daily - Glingrow
'Alam Selamat' 1992 39110 dwt dely Canakkale spot trip via Black Sea and
Arabian Gulf redel PMO $34000 daily - Fayette 'Gourniati' 1996 28387 dwt
dely Xangzhou 8/10 June trip via Australia redel Singapore-Japan $28000
daily - PCL 'Free Destiny' 1982 25321 dwt dely Caribbean spot trip via
North Coast America redel Black Sea $30500 daily - Oldendorff

ORE
'Hebei Tiger' 1992 170000/10 Guaiba/Qingdao 10/24 June $50.00 fio
scale/25000sc
- Pioneer Metals
'TBN' 70000/10 Sepetiba/Beilun & Haili 15/30 June $51.35 fio 72000sc/12000 -
Shagang

The Baltic Dry Index index as of 1.june.07

Daily Summary of Baltic Exchange Dry Indices

1 June 2007

Baltic Exchange Dry Index TM 5983 (UP 12)

Baltic Exchange Capesize Index TM 8382 (UP 23)

Baltic Exchange Panamax Index TM 5640 (UP 39)

Baltic Exchange Supramax Index TM 4067 (DOWN 10)

Baltic Exchange Handysize Index TM 1976 (DOWN 13)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $97091 (UP 312)

BPI Average of the T/C routes $45430 (UP 323)

BSI Average of the T/C routes $42528 (DOWN 99)

BHSI Average of the T/C routes $28895 (DOWN 175)

Baltic Exchange Capesize Index 8382 (UP 23)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 27.995 0.036

C3 150000mt Tubarao - Beilun/Baoshan 15 51.875 0.146

C4 150000mt Richards Bay - Rotterdam 5 25.527 -0.073

C5 150000mt W Australia - Beilun/Baoshan 15 20.455 0.155

C7 150000mt Bolivar - Rotterdam 5 28.591 0.050

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 101795 704

C9_03 172000mt Continent/Mediterranean trip Far East 5 124208 687

C10_03 172000mt Pacific RV 20 90817 42

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 71542 -187

C12 150000mt Gladstone - Rotterdam 10 37.300 -0.082

Average of the T/C Routes 97091 312

Baltic Exchange Panamax Index 5640 (UP 39)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 50876 9

P2A_03 74000mt SKAW-GIB/FAR EAST 25 54453 88

P3A_03 74000mt Japan-SK/Pacific/RV 25 39548 819

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 36842 376

Average of the T/C Routes 45430 323

Baltic Exchange Supramax Index 4067 (DOWN 10)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 45684 -161

S1B Canakkale Trip Far East 12.5 43244 -60

S2 Japan - SK / NOPAC or Australia rv 25 39283 133

S3 Japan - SK Trip Gib - Skaw range 25 39695 -35

S4A US Gulf - Skaw-Passero 12.5 58478 -485

S4B Skaw-Passero - US Gulf 12.5 34864 -277

Average of the T/C Routes 42528 -99

Baltic Exchange Handysize Index 1976 (DOWN 13)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22421 -136

HS2 Skaw - Passero trip Boston - Galveston 12.5 23107 -179

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 39100 -478

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 39285 -575

HS5 SE Asia trip via Australia to Singapore - Japan 25 27436 36

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26186 -56

Average of the T/C Routes 28895 -175

The Baltic Dry Index Dry cargo fixture summary - 01 June

Dry cargo fixture summary - 01 June 2007

==========================

BDI Baltic Dry Index 5983 UP 12

BCI Baltic Capesize Index 8382 UP 23

BPI Baltic Panamax Index 5640 UP 39

BSI Baltic Supramax Index 4067 DOWN 10

BHSI Baltic Handysize Index 1976 DOWN 13

Timecharter

-----------

'Beaufiks' 2004 180310 dwt dely Qingdao 13/15 June trip via West

Australia redel China $91000 daily - BHP Billiton

'Ina' 2003 176423 dwt dely Cape Passero 10/13 June trip via

Brazil redel South Korea $126000 daily - STX Pan Ocean

'Pompano' 2006 174000 dwt dely Bayuquan 1/2 June trip via Brazil

redel China $92000 daily - TMT

'CIC Pride' 2002 171870 dwt dely Kwangyang 10/12 June trip via

West Australia redel China $91000 daily - BHP Billiton

'Front Climber' ETA relet 1991 169146 dwt dely Worldwide December

2007 3 years trading redel worldwide $53500 daily - Glory Wealth

'Grand Spartounta' 1989 134895 dwt dely aps Madras 25 June/8 July

trip redel S.Korea $50000 daily + $800000 bb - STX Pan Ocean

'Yasa Pioneer' 2006 82787 dwt dely Cape Passero 6/8 June trip via

Brazil redel China $56500 daily - Pacific Bulk

'Apollo' Cargill relet 2006 77326 dwt dely Santos 14/16 June trip

redel China int ore $53000 daily + $1.00 million bb - Pioneer

Metals

'Bahia' 2004 76801 dwt dely Fuzhou spot 4/6 months trading redel

worldwide $43750 daily - Sinochart

'Million Trader II' Rizzo-Bottiglieri-De Carlini Armatori Spa relet

2004 76466 dwt dely ex dry dock Kudamatsu 19/20 June 4/5 months

trading redel worldwide $45500 daily - Golden Ocean

'Lietta' CTP relet 2002 76015 dwt - <reported 31/05 charterer

is Industrial Carriers>

'Avra' Hanjin relet 2001 75169 dwt dely Recalada 18/20 June trip

via EC South America redel Far East $50250 daily plus $1.15

million bb - Dreyfus

'Amazon' 2001 74910 dwt dely psg Singapore spot 3/5 months trading

redel worldwide $43000 daily - Swiss Marine

'Silver Dragon' Sinochart relet 2006 74748 dwt dely Mississippi

River 20/25 June trip via Egypt redel Cape Passero $48500 daily +

$800000 bb - National Navigation of Cairo

'Redondo' 2000 74716 dwt dely Recalada 19/25 June trip via PG

redel PMO $54000 daily + $1.20 million bb - ETA

'Alpha Melody' Hanjin relet 2002 74475 dwt dely Hadong 7/15 June

trip via EC Australia redel Japan $40000 daily - Japanese chrtr

'Tian Yu Feng' 2001 74272 dwt dely Shanghai 4/6 June trip via

Philippines redel Japan $38250 daily - 'K' Line

'Marigo P' 2001 73810 dwt dely Inchon spot trip via NoPac redel

Japan $38000 daily - Marubeni

'Baltia' relet 1996 73040 dwt dely Kamiiso 2/3 June trip via

Indonesia redel Hong Kong $27000 daily - BHP Billiton

'Capitano Giovanni' 1995 71119 dwt dely Black Sea ppt trip via

Saudi Arabia redel Aden-PMO rge $53000 daily - Alfred C.Toepfer

'Altair' 1981 64120 dwt dely Jeddah 10/15 June trip via Red Sea

redel China $32000 daily - cnr

'Dong Shen Ocean' 1981 61393 dwt dely aps Iran 5/15 June trip

redel China $31250 daily - Metchart - <corrects 31/05 report>

'Yuan Ning Sea' 2004 55000 dwt dely Fangcheng 10/12 June trip via

Philippines redel China $43000 daily - cnr

'Desert Harmony' 2006 53800 dwt dely USGulf 10/17 June trip redel

Singapore-Japan approx $54500 daily - STX Pan Ocean

'Evnia' 2003 53650 dwt dely Houston spot trip redel

Singapore-Japan approx $58000 daily - Tianjin Yuanhue Shipping

'Alitis' 2002 53094 dwt dely Fangcheng 3/4 June trip via

South-East Asia redel China $45000 daily - cnr

'Navios Achilles' 2001 52063 dwt dely Lianyungang 4/10 June 3/5

months trading redel worldwide $41500 daily - Atlas

'Navios Vector' 2002 50296 dwt dely USGulf 8/10 June trip redel

Singapore-Japan approx $54250 daily - TPC

'Yang Hai' 1999 47201 dwt dely USGulf 2/7 June trip redel West

Coast Mexico approx $50000 daily - Dreyfus

'Fonthida Naree' 1995 28484 dwt dely St.Lawrence spot trip redel

North Coast South America-North Brazil $29600 daily - Bunge -

<recent>

'Wave Bulker' 1994 27308 dwt dely Qingdao spot 2/3 laden legs

redel Singapore-Japan $25750 daily - Armada

ORE

---

'Norden TBN' 70000/10 Noaudhibou/Dunkirk 9/16 June $16.50 fio 4

days sc - Cetragpa

GRAIN

-----

'NNC TBN' 60000/10 US Gulf/El Dekheila 25 June/10 July $53.85 fio

10000sc/8000fx - Venus

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 01/06/2007

The Daily Fixtures Report - 01/06/2007
-------------------------

BDI 5983 UP 12
BCI 8382 UP 23
BPI 5640 UP 39
BSI 4067 DOWN 10

TIMECHARTER
'Beaufiks' 2004 180310 dwt dely Qingdao 13/15 June trip via West Australia
redel China $91000 daily - BHP Billiton 'Ina' 2003 176423 dwt dely Cape
Passero 10/13 June trip via Brazil redel South Korea $126000 daily - STX
Pan Ocean 'Pompano' 2006 174000 dwt dely Bayuquan 1/2 June trip via Brazil
redel China $92000 daily - TMT 'CIC Pride' 2002 171870 dwt dely Kwangyang
10/12 June trip via West Australia redel China $91000 daily - BHP Billiton
'Front Climber' ETA relet 1991 169146 dwt dely Worldwide December 2007
3 years
trading redel worldwide $53500 daily - Glory Wealth 'Grand Spartounta' 1989
134895 dwt dely aps Madras 25 June/8 July trip redel S.Korea $50000 daily
+ $800000 bb - STX Pan Ocean 'Yasa Pioneer' 2006 82787 dwt dely Cape
Passero 6/8 June trip via Brazil redel China $56500 daily - Pacific Bulk
'Apollo' Cargill relet 2006 77326 dwt dely Santos 14/16 June trip redel
China int ore $53000 daily + $1.00 million bb - Pioneer Metals 'Bahia' 2004
76801 dwt dely Fuzhou spot 4/6 months trading redel worldwide $43750 daily
- Sinochart 'Million Trader II' Rizzo-Bottiglieri-De Carlini Armatori Spa
relet 2004
76466
dwt dely ex dry dock Kudamatsu 19/20 June 4/5 months trading redel
worldwide $45500 daily - Golden Ocean
'Lietta' CTP relet 2002 76015 dwt - Carriers>
'Avra' Hanjin relet 2001 75169 dwt dely Recalada 18/20 June trip via EC
South America redel Far East $50250 daily plus $1.15 million bb - Dreyfus
'Amazon' 2001 74910 dwt dely psg Singapore spot 3/5 months trading redel
worldwide $43000 daily - Swiss Marine 'Silver Dragon' Sinochart relet 2006
74748 dwt dely Mississippi River
20/25
June trip via Egypt redel Cape Passero $48500 daily + $800000 bb - National
Navigation of Cairo 'Redondo' 2000 74716 dwt dely Recalada 19/25 June trip
via PG redel PMO $54000 daily + $1.20 million bb - ETA 'Alpha Melody' Hanjin
relet 2002 74475 dwt dely Hadong 7/15 June trip via EC Australia redel
Japan $40000 daily - Japanese chrtr 'Tian Yu Feng' 2001 74272 dwt dely
Shanghai 4/6 June trip via Philippines redel Japan $38250 daily - 'K' Line
'Marigo P' 2001 73810 dwt dely Inchon spot trip via NoPac redel Japan
$38000 daily - Marubeni 'Baltia' relet 1996 73040 dwt dely Kamiiso 2/3 June
trip via Indonesia redel Hong Kong $27000 daily - BHP Billiton 'Capitano
Giovanni' 1995 71119 dwt dely Black Sea ppt trip via Saudi Arabia redel
Aden-PMO rge $53000 daily - Alfred C.Toepfer 'Altair' 1981 64120 dwt dely
Jeddah 10/15 June trip via Red Sea redel China $32000 daily - cnr 'Dong
Shen Ocean' 1981 61393 dwt dely aps Iran 5/15 June trip redel China $31250
daily - Metchart - 'Yuan Ning Sea' 2004 55000 dwt dely Fangcheng 10/12 June
trip via Philippines redel China $43000 daily - cnr 'Desert Harmony' 2006
53800 dwt dely USGulf 10/17 June trip redel Singapore-Japan approx $54500
daily - STX Pan Ocean 'Evnia' 2003 53650 dwt dely Houston spot trip redel
Singapore-Japan approx $58000 daily - Tianjin Yuanhue Shipping 'Alitis' 2002
53094 dwt dely Fangcheng 3/4 June trip via South-East Asia redel China
$45000 daily - cnr 'Navios Achilles' 2001 52063 dwt dely Lianyungang 4/10
June 3/5 months trading redel worldwide $41500 daily - Atlas 'Navios Vector'
2002 50296 dwt dely USGulf 8/10 June trip redel Singapore-Japan approx
$54250 daily - TPC 'Yang Hai' 1999 47201 dwt dely USGulf 2/7 June trip
redel West Coast Mexico approx $50000 daily - Dreyfus 'Fonthida Naree' 1995
28484 dwt dely St.Lawrence spot trip redel North Coast South America-North
Brazil $29600 daily - Bunge - 'Wave Bulker' 1994 27308 dwt dely Qingdao
spot 2/3 laden legs redel Singapore-Japan $25750 daily - Armada

ORE
'Norden TBN' 70000/10 Noaudhibou/Dunkirk 9/16 June $16.50 fio 4 days sc
-
Cetragpa

GRAIN
'NNC TBN' 60000/10 US Gulf/El Dekheila 25 June/10 July $53.85 fio
10000sc/8000fx
- Venus

The Baltic dry Index index as of 31.may.07

Daily Summary of Baltic Exchange Dry Indices

31 May 2007

Baltic Exchange Dry Index TM 5971 (DOWN 52)

Baltic Exchange Capesize Index TM 8359 (DOWN 118)

Baltic Exchange Panamax Index TM 5601 (DOWN 19)

Baltic Exchange Supramax Index TM 4077 (DOWN 20)

Baltic Exchange Handysize Index TM 1989 (DOWN 18)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $96779 (DOWN 1379)

BPI Average of the T/C routes $45107 (DOWN 146)

BSI Average of the T/C routes $42627 (DOWN 216)

BHSI Average of the T/C routes $29070 (DOWN 240)

Baltic Exchange Capesize Index 8359 (DOWN 118)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 27.959 -0.191

C3 150000mt Tubarao - Beilun/Baoshan 15 51.729 -0.734

C4 150000mt Richards Bay - Rotterdam 5 25.600 -0.400

C5 150000mt W Australia - Beilun/Baoshan 15 20.300 -0.314

C7 150000mt Bolivar - Rotterdam 5 28.541 -0.232

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 101091 -136

C9_03 172000mt Continent/Mediterranean trip Far East 5 123521 -1875

C10_03 172000mt Pacific RV 20 90775 -2308

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 71729 -1196

C12 150000mt Gladstone - Rotterdam 10 37.382 -0.432

Average of the T/C Routes 96779 -1379

Baltic Exchange Panamax Index 5601 (DOWN 19)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 50867 -415

P2A_03 74000mt SKAW-GIB/FAR EAST 25 54365 -371

P3A_03 74000mt Japan-SK/Pacific/RV 25 38729 253

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 36466 -50

Average of the T/C Routes 45107 -146

Baltic Exchange Handysize Index 1989 (DOWN 18)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 22557 -443

HS2 Skaw - Passero trip Boston - Galveston 12.5 23286 -443

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 39578 -739

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 39860 -645

HS5 SE Asia trip via Australia to Singapore - Japan 25 27400 14

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26242 163

Average of the T/C Routes 29070 -240

Baltic Exchange Supramax Index 4077 (DOWN 20)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 45845 -262

S1B Canakkale Trip Far East 12.5 43304 -175

S2 Japan - SK / NOPAC or Australia rv 25 39150 -60

S3 Japan - SK Trip Gib - Skaw range 25 39730 -38

S4A US Gulf - Skaw-Passero 12.5 58963 -895

S4B Skaw-Passero - US Gulf 12.5 35141 -202

Average of the T/C Routes 42627 -216

S6 Jpn-SK trip via Aus/India 0 40511 -89

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

S5 Trial-W.Africa via ECSA to FarEast 0 48802 -336

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 31/05/07

The Daily Fixtures Report - 31/05/2007
-------------------------

BDI 5971 DOWN 52
BCI 8359 DOWN 118
BPI 5601 DOWN 19
BSI 4077 DOWN 20

TIMECHARTER
'Fantastiks' 2005 180265 dwt dely China spot trip via Roberts Bank redel
UK $80000 daily - Corus - 'Ocean Confidence' Sinochart relet 2005 174332 dwt
dely Shanghai 10/20 June trip via West Australia redel China $89500 daily -
BHP Billiton 'Aquabeauty' Korea Line relet 2003 171014 dwt dely Le Havre
8/10 June transatlantic round redel Skaw-Cape Passero $102500 daily ? SK
Shipping 'Formosabulk Energy' SK Shipping relet 2002 170089 dwt dely
Shanghai 5/10 June trip via West Australia redel China $91000 daily - BHP
Billiton 'Orange Truth' 2006 83051 dwt dely Redcar 30 May/5 June trip via
EC South America redel Singapore-Japan rge $58000 daily - TMT 'Medi Hong
Kong' 2006 82790 dwt dely Taiwan 7/9 June trip via EC Australia redel
Japan $45000 daily - 'K' Line 'Matilde' 1993 79000 dwt dely Hunterston 3/5
June trip via Kokkola redel UK $48000 daily - BHP Billiton 'Mega Wisdom'
2001 76397 dwt dely Huangpu 1/4 June trip via E Australia redel
Philippines $40000 daily - PCL 'Lietta' CTP relet 2002 76015 dwt dely
Constanza 13/15 June trip via Black Sea redel China $60000 daily - cnr
'Nordems' 2001 75253 dwt dely Worldwide Jan/Feb 2008 2 years trading redel
worldwide $31500 daily - Norden 'Fortune Lady' 1998 74694 dwt dely
Guangzhou 4/6 June trip via Queensland redel EC India $37250 daily - Hanjin
'Alpha Happiness' 1999 72893 dwt dely Cape Passero spot 2 laden legs 1st
leg via Bolivar/Mobile redel Atlantic $50000 daily - Bunge 'Vogetrader'
Golden Ocean relet 1996 72171 dwt dely Taichung 7/9 June trip via Australia
redel Japan $41000 daily - Shinwa 'Maratha Messenger' 1995 71252 dwt dely
Taiwan 31 May/3 June 35/40 days trading redel Singapore-Japan rge $35500
daily - Daebo 'Full Strong' 1994 70171 dwt dely Shanghai 5/10 June 4/6
months trading redel worldwide $41500 daily - Norden 'President G' SInochart
relet 1988 69344 dwt dely Jorf Lasfar 8/10 June trip via Kamsar redel UKC
$52250 daily - Baurmarine 'Heraklia' 1982 65159 dwt dely Inchon 4/6 June
trip via NoPac redel China $31500 daily - Dreyfus 'Popi S' 1982 64916 dwt
dely Cape Passero 8/10 June trip via US Gulf redel Far East $43500 daily -
Dreyfus 'Dong Shen Ocean' 1981 61393 dwt dely PMO 5/15 June trip via WC
India redel China $32500 daily - cnr 'Marjatta P' 2006 56023 dwt dely North
China 3/12 June 4/6 months trading redel worldwide approx $42500 daily -
Norden 'Jin Yuan' 2007 55400 dwt dely Oshima 15/30 June 4/6 months trading
redel worldwide $45000 - TMT 'CMB Biwa' 2002 53505 dwt dely Lianyungang
1/10 June 12 months trading redel worldwide approx $40900 daily - Cosco
'Port Victoria' 2005 52000 dwt dely Lianyungang 2/4 June trip redel India
approx $41000 daily - cnr
'Shao Shan 1' 1984 37180 dwt -
'C.S.Green' 2003 32395 dwt dely Tianjin spot trip via Australia redel
Singapore-Japan approx $30000 daily - BHP Billiton

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 30/05/07

The Daily Fixtures Report - 30/05/2007
=========================

BDI 6023 DOWN 100
BCI 8477 DOWN 241
BPI 5620 DOWN 44
BSI 4097 DOWN 25

TIMECHARTER
'Metrostar TBN' 180000 dwt dely ex yard Imabari Feb 2008 5 years trading
redel worldwide $53750 daily - Cosco Hong Kong
'Andros Warrior' Swiss Marine relet 1986 171931 dwt - business
failed>
'Alpha Era' 2000 170387 dwt dely Luojing 2/4 June trip via West Australia
redel China $92500 daily - BHP Billiton 'Billion Trader II' 2007 82014 dwt
dely Cape Passero 28 May/1 June 2/3 laden legs redel Skaw-Cape Passero
$51500 daily - Cobelfret 'Ruby Indah' 1998 77755 dwt dely Kosichang 24/28
May trip via Southeast Asia redely Skaw-Cape Passero $40000 daily - Cargill
-
'Nordmosel' 2001 75323 dwt - C.Toepfer>
'Solana' 1995 75275 dwt dely Taiwan 1/5 June trip via Gladstone redel
Taiwan $37000 daily - STX Pan Ocean 'Cinzia D'Amato' CTP relet 2000 74716
dwt dely Praia Mole 9/11 June trip via Saudi Arabia redel PMO $57000 daily
+ $1.00 million bb - ETA Dubai 'Maddalena D'Amato' 2001 74710 dwt dely
China 10/15 June 4/6 months trading redel worldwide $43000 daily - Atlas
Bulk Shipping 'Lucia Bulker' CTP relet 1999 73807 dwt dely CJK 29/31 May
trip via EC Australia redel Taiwan $36500 daily - China Steel Express 'Toro'
1995 73035 dwt dely Muroran 30 May/2 June trip via NoPac redel Far East
$41500 daily - Crownland 'Christina IV' 2000 72493 dwt dely Dalian 31 May/2
June trip N.China redel Philippines $38000 daily - Daeyang
'Vogetrader' Golden Ocean relet 1996 72171 dwt - the business
failed>
'Gerasimos' 1996 70296 dwt dely Kunsan 28 May/1 June trip via NoPac redel
Aden-PMO $38500 daily - Medmar 'Yerotsakos' 1993 69220 dwt dely psg
Singapore ppt trip via EC India redel China $35000 daily - Benemar 'Maple
Grove' 2006 53556 dwt dely Qingdao spot trip via Philippines redel
Singapore-Japan approx $40500 daily - cnr 'Marylisa V' 2003 52428 dwt dely
USGulf spot 2 to 3 laden legs redel worldwide $49000 daily - Oceanbulk 'Cos
Lucky' 2003 52341 dwt dely Houston 1/5 June trip via USGulf redel India
$58000 daily - Cargill 'Rainbow' 2004 52000 dwt dely Shanghai 30 May/3 June
trip redel Skaw-Passero $43500 daily - Med Asia 'Luhai' 1998 46702 dwt dely
Xingang 1/2 June 4/6 months trading redel worldwide $38750 daily -
Oldendorff 'Shao Shan 1' 37000 dwt dely Gdansk 6/8 June trip via Continent
redel E Mediterranean approx $38000 daily - cnr 'Global Escort' 1998 28412
dwt dely Zhoushan spot trip via Australia redel Singapore-Japan $28500
daily - cnr - 'Hanjin Brisbane' 1997 27362 dwt dely Dumai spot 2 laden
legs $27750 daily option 1 laden leg $27250 daily - Austbulk

ORE
STX Pan Ocean TBN' 150000/10 Madras/Kwangyang and/or Pohang 25 June/8 July
$21.05 fio 65000sc/55000sc - POSCO

COAL
'Cape Mercury' Swiss Marine relet 1997 150000/10 Richards Bay/Rotterdam
1/10 July $25.50 fio scale/25000sc - BHP Billiton

The Baltic Dry Index index as of 29.may.07

Daily Summary of Baltic Exchange Dry Indices

29 May 2007

Baltic Exchange Dry Index TM 6123 (DOWN 89)

Baltic Exchange Capesize Index TM 8718 (DOWN 117)

Baltic Exchange Panamax Index TM 5664 (DOWN 117)

Baltic Exchange Supramax Index TM 4122 (DOWN 34)

Baltic Exchange Handysize Index TM 2031 (DOWN 30)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $101645 (DOWN 2017)

BPI Average of the T/C routes $45606 (DOWN 962)

BSI Average of the T/C routes $43104 (DOWN 350)

BHSI Average of the T/C routes $29657 (DOWN 437)

Baltic Exchange Capesize Index 8718 (DOWN 117)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 28.800 -0.368

C3 150000mt Tubarao - Beilun/Baoshan 15 53.392 -0.471

C4 150000mt Richards Bay - Rotterdam 5 27.523 -0.945

C5 150000mt W Australia - Beilun/Baoshan 15 21.118 -0.200

C7 150000mt Bolivar - Rotterdam 5 29.423 -0.282

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 103573 -1768

C9_03 172000mt Continent/Mediterranean trip Far East 5 130463 -3912

C10_03 172000mt Pacific RV 20 96392 -775

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 76154 -1613

C12 150000mt Gladstone - Rotterdam 10 38.541 -0.427

Average of the T/C Routes 101645 -2017

Baltic Exchange Panamax Index 5664 (DOWN 117)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 51633 -605

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55047 -533

P3A_03 74000mt Japan-SK/Pacific/RV 25 38906 -1339

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 36836 -1375

Average of the T/C Routes 45606 -962

Baltic Exchange Handysize Index 2031 (DOWN 30)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23243 -207

HS2 Skaw - Passero trip Boston - Galveston 12.5 24036 -300

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 41367 -1300

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 41530 -1000

HS5 SE Asia trip via Australia to Singapore - Japan 25 27500 -179

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26039 -168

Average of the T/C Routes 29657 -437

Baltic Exchange Supramax Index 4122 (DOWN 34)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46402 -289

S1B Canakkale Trip Far East 12.5 43675 -46

S2 Japan - SK / NOPAC or Australia rv 25 39362 -319

S3 Japan - SK Trip Gib - Skaw range 25 39784 -198

S4A US Gulf - Skaw-Passero 12.5 60928 -1137

S4B Skaw-Passero - US Gulf 12.5 35539 -288

Average of the T/C Routes 43104 -350

S6 Jpn-SK trip via Aus/India 0 40789 -170

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

S5 Trial-W.Africa via ECSA to FarEast 0 49588 -375

The Baltic Dry Index Dry cargo fixture summary - 29 May 2007

Dry cargo fixture summary - 29 May 2007

==========================

BDI Baltic Dry Index 6123 DOWN 89

BCI Baltic Capesize Index 8718 DOWN 117

BPI Baltic Panamax Index 5664 DOWN 117

BSI Baltic Supramax Index 4122 DOWN 34

BHSI Baltic Handysize Index 2031 DOWN 30

Timecharter

-----------

'Quorn' 1996 179869 dwt dely retro Beilun 13 May trip via Brazil redel

S.Korea $94000 daily - STX Pan Ocean

'Gran Trader' Cargill relet 2001 172529 dwt dely retro Xingang 26 May 2/4

months trading redel worldwide $101250 daily - TMT

'Andros Warrior' Swiss Marine relet 1986 171931 dwt dely China early June

trip via West Australia redel China $85000 daily - Noble

'Mineral Azalea' 1999 171199 dwt dely Worldwide Oct/Nov 2008 5 years

trading redel worldwide $50000 daily - Glory Wealth

'Billion Trader II' 2007 82014 dwt - <reported 25/05 to Mittal failed>

'Nordmosel' 2001 75323 dwt dely Toyama 28 May/2 June trip via NoPac redel

Singapore-Japan rge $38000 daily - grain house

'Little Prince' 2001 74133 dwt dely Taiwan 3/5 June trip via Indonesia

redel Taiwan $40000 daily - OBS

'Coal Pride' 1999 72493 dwt dely Portbury 28/30 May trip via Orinoco

redel China $55000 daily - Transfield

'Vogetrader' Golden Ocean relet 1996 72171 dwt dely Taichung 7/9 June

trip via Australia redel Japan $40000 daily - MOSK

'Fu Da' 1997 71300 dwt dely Cape Passero 28/30 May trip via Rio Grande

redel China $55000 daily - Transgrain

'Full Sources' 1994 69573 dwt dely Santos 13/23 June via Jebel Ali redel

PMO int sugar $55000 daily $1.1 million bb - SK Shipping

'Jupiter Applause' 1997 69123 dwt dely Innoshima 29 May/1 June trip via

Newcastle redel Philippines $37000 daily - OBS

'Pearl C' Clipper relet 1987 65622 dwt dely Japan 28/30 May trip via

NoPac redel China int sulphur $31500 daily - Sinotrans Vancouver

'Natalie' 1981 64911 dwt dely N.China 3/12 June trip redel Med $40000

daily - China Ocean Transport - <fixed 24/05>

'Talisman' 2006 56019 dwt dely North China spot trip redel West Africa

approx $43000 daily - cnr

'Genco Wisdom' 1997 47000 dwt dely USGulf 10/15 June trip redel

Singapore-Japan $47000 daily - STX Pan Ocean

'UBC Svea' 1999 31828 dwt dely Pt Lisas spot trip via Venezuela redel

Cont $48500 daily - Bulk Trading - <fixed mid last week>

'Mathawee Naree' 1996 28364 dwt dely S.Korea 9/11 June 40/80 days trading

redel Singapore-Japan $28000 daily - Oldendorff

'Adventurer' 1984 27622 dwt dely West Africa spot trip via Brazil redel

West Med $27000 daily - Bunge - <recent>

Ore

---

'Taunton' 1986 160000/10 Ubu/Maji + Baoshan 9/15 June $53.00 fio

scale/30000sc - Baotrans

'Front Leader' 1991 160000/10 Esperance/Qingdao 5/15 June $26.00 fio

scale/25000sc - North China Shipping

'Swiss Marine TBN' 150000/10 Ponta da Madeira/Qingdao 1/10 July $54.15

fio scale/30000sc - Armada - <recent>

Coal

----

'Salandi' 1999 70000/10 Dalrymple/Rotterdam 10/20 June $44.00 fio 5 days

sc - Mittal

'Great Luck' 1998 70000/10 Hampton Roads/Eregli 16/23 June $35.50 fio

25000sc/15000sc - AGN Bulk Transport

'Grand Spartounta' CTM relet / - <reported 25/05 to China Steel Express

failed>

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 29/05/07

The Daily Fixtures Report - 29/05/2007
-------------------------

BDI 6123 DOWN 89
BCI 8718 DOWN 117
BPI 5664 DOWN 117
BSI 4122 DOWN 34

TIMECHARTER
'Quorn' 1996 179869 dwt dely retro Beilun 13 May trip via Brazil redel
S.Korea $94000 daily - STX Pan Ocean 'Gran Trader' Cargill relet 2001 172529
dwt dely retro Xingang 26 May
2/4
months trading redel worldwide $101250 daily - TMT 'Andros Warrior' Swiss
Marine relet 1986 171931 dwt dely China early June trip via West Australia
redel China $85000 daily - Noble 'Mineral Azalea' 1999 171199 dwt dely
Worldwide Oct/Nov 2008 5 years trading redel worldwide $50000 daily - Glory
Wealth
'Billion Trader II' 2007 82014 dwt -
'Nordmosel' 2001 75323 dwt dely Toyama 28 May/2 June trip via NoPac redel
Singapore-Japan rge $38000 daily - grain house 'Little Prince' 2001 74133
dwt dely Taiwan 3/5 June trip via Indonesia redel Taiwan $40000 daily -
OBS 'Coal Pride' 1999 72493 dwt dely Portbury 28/30 May trip via Orinoco
redel China $55000 daily - Transfield 'Vogetrader' Golden Ocean relet 1996
72171 dwt dely Taichung 7/9 June trip via Australia redel Japan $40000
daily - MOSK 'Fu Da' 1997 71300 dwt dely Cape Passero 28/30 May trip via
Rio Grande redel China $55000 daily - Transgrain 'Full Sources' 1994 69573
dwt dely Santos 13/23 June via Jebel Ali redel PMO int sugar $55000 daily
$1.1 million bb - SK Shipping 'Yerotsakos' 1993 69220 dwt dely Passing
Singapore 30/31 May trip via EC India redel China $35000 daily - Benemar
'Jupiter Applause' 1997 69123 dwt dely Innoshima 29 May/1 June trip via
Newcastle redel Philippines $37000 daily - OBS 'Pearl C' Clipper relet 1987
65622 dwt dely Japan 28/30 May trip via NoPac redel China int sulphur
$31500 daily - Sinotrans Vancouver 'Natalie' 1981 64911 dwt dely N.China
3/12 June trip redel Med $40000 daily - China Ocean Transport - 'Talisman'
2006 56019 dwt dely North China spot trip redel West Africa approx $43000
daily - cnr 'Genco Wisdom' 1997 47000 dwt dely USGulf 10/15 June trip
redel Singapore-Japan $47000 daily - STX Pan Ocean 'UBC Svea' 1999 31828 dwt
dely Pt Lisas spot trip via Venezuela redel Cont $48500 daily - Bulk
Trading - 'Mathawee Naree' 1996 28364 dwt dely S.Korea 9/11 June 40/80
days trading redel Singapore-Japan $28000 daily - Oldendorff 'Adventurer'
1984 27622 dwt dely West Africa spot trip via Brazil redel West Med $27000
daily - Bunge -

ORE
'Taunton' 1986 160000/10 Ubu/Maji + Baoshan 9/15 June $53.00 fio
scale/30000sc - Baotrans 'Front Leader' 1991 160000/10 Esperance/Qingdao
5/15 June $26.00 fio scale/25000sc - North China Shipping 'Swiss Marine TBN'
150000/10 Ponta da Madeira/Qingdao 1/10 July $54.15 fio scale/30000sc -
Armada -

COAL
'Salandi' 1999 70000/10 Dalrymple/Rotterdam 10/20 June $44.00 fio 5 days sc
- Mittal 'Great Luck' 1998 70000/10 Hampton Roads/Eregli 16/23 June $35.50
fio 25000sc/15000sc - AGN Bulk Transport
'Grand Spartounta' CTM relet / - failed>

The Baltic Dry Index Dry cargo fixture summary - 25 May

Dry cargo fixture summary - 25 May 2007

==========================

BDI Baltic Dry Index 6212 DOWN 92

BCI Baltic Capesize Index 8835 DOWN 137

BPI Baltic Panamax Index 5781 DOWN 114

BSI Baltic Supramax Index 4156 DOWN 31

BHSI Baltic Handysize Index 2061 DOWN 30

Timecharter

-----------

'Mineral Tianjin' 2004 176000 dwt - <reported 24/05 failed>

'Cape Pioneer' Cargill relet 2005 170012 dwt dely Dunkirk 30/31 May trip

via Brazil redel China $132000 daily - Transfield

'Billion Trader II' 2007 82014 dwt dely Cape Passero 27/30 May trip via

Nouadhibou redel Dunkirk $54750 daily - Mittal

'Centurion' 2006 76838 dwt dely Kosichang 1/5 June trip via Dampier redel

Pakistan $48500 daily - Shadab

'Red Jasmine' CTP relet 2002 76596 dwt dely Zhoushan 26/28 May trip via

Indonesia redel Med $39500 daily - Cargill

'CMB Laetitia' 2006 76000 dwt - <reported 24/05 failed>

'Medi Rotterdam' 2002 75735 dwt dely ex drydock Shanghai 30/31 May NoPac

round redel Far East $40000 daily - cnr

'Century Star' CTP relet 2003 75316 dwt dely Shekou 28/30 May trip via

Indonesia redel Singapore-Japan rge approx $39000 daily - Cargill

'Amira' 2001 74400 dwt dely Taichung 24/28 May trip via Weipa redel Porto

Vesme $38500 daily - Cargill

'Anangel Enosis' 1995 73556 dwt dely Bilbao 28/30 May in d/c trip via

Kamsar redel San Ciprian $52000 daily - Cobelfret

'Bergen Max' Bunge relet 1994 73496 dwt dely San Nicolas 12/15 Jun trip

redel Spain $52000 daily + $1.15 million bb - Transgrain

'Vogevoyager' 1996 72171 dwt dely Worldwide Oct/Dec 2007 2 years trading

redel worldwide $35000 daily - Daeyang

'Edfu' 1997 71572 dwt dely Huelva 28/30 May trip via EC South America

redel China $55000 daily - Wilmar

'Double Fortune' 1997 69118 dwt dely Lumut 29 May/1 June trip via EC

India redel Singapore-Japan rge $48500 daily - Noble

'Aquitania' 2006 55932 dwt dely New Mangalore 1/5 June trip redel China

$42000 daily - cnr

'Nord Whale' 2004 50345 dwt dely North France spot trip via Continent

redel South-East Asia $49000 daily - Daewoo Logistics

'Katerina' 1983 49674 dwt - <reported 24/05 - the vessel has not fixed

and is still open>

'Ken Unity' 1999 48913 dwt - <reported 23/05 fixture failed>

'Shinyo Integrity' 1996 45653 dwt dely Kaohsiung spot 100/150 days

trading redel Singapore-Japan approx $38500 daily - Oldendorff

'Addu Star' 1996 24034 dwt - <reported 24/05 - the rate was incorrect>

Ore

---

'Cape Venus' 1996 160000/10 Port Hedland/Qingdao 10/20 June $22.00 fio

scale/25000sc - BHP Billiton - <amends from 24/05 report>

'Ferosa' 1992 150000/10 Port Hedland/14/23 June Qingdao $20.75 fio

scale/25000sc - BHP Billiton

Coal

----

'TMT TBN' 150000/10 Roberts Bank/Redcar 15/22 June $22.00 fio 6 days sc -

Corus - <amends from 24/05 report>

'Grand Spartounta' 1989 CTM relet 120000/10 Roberts Bank/Kaohsiung 22/30

June $25.20 fio scale/38000sc - China Steel Express

The Baltic Dry Index as of 25.may.07

Daily Summary of Baltic Exchange Dry Indices

25 May 2007

Baltic Exchange Dry Index TM 6212 (DOWN 92)

Baltic Exchange Capesize Index TM 8835 (DOWN 137)

Baltic Exchange Panamax Index TM 5781 (DOWN 114)

Baltic Exchange Supramax Index TM 4156 (DOWN 31)

Baltic Exchange Handysize Index TM 2061 (DOWN 30)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $103662 (DOWN 1632)

BPI Average of the T/C routes $46568 (DOWN 935)

BSI Average of the T/C routes $43454 (DOWN 325)

BHSI Average of the T/C routes $30094 (DOWN 437)

Baltic Exchange Capesize Index 8835 (DOWN 137)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.168 -0.387

C3 150000mt Tubarao - Beilun/Baoshan 15 53.863 -0.572

C4 150000mt Richards Bay - Rotterdam 5 28.468 -0.567

C5 150000mt W Australia - Beilun/Baoshan 15 21.318 -0.662

C7 150000mt Bolivar - Rotterdam 5 29.705 -0.435

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 105341 -1559

C9_03 172000mt Continent/Mediterranean trip Far East 5 134375 -2675

C10_03 172000mt Pacific RV 20 97167 -1033

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 77767 -1258

C12 150000mt Gladstone - Rotterdam 10 38.968 -0.482

Average of the T/C Routes 103662 -1632

Baltic Exchange Panamax Index 5781 (DOWN 114)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 52238 -433

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55580 -395

P3A_03 74000mt Japan-SK/Pacific/RV 25 40245 -1726

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 38211 -1184

Average of the T/C Routes 46568 -935

Baltic Exchange Handysize Index 2061 (DOWN 30)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23450 -271

HS2 Skaw - Passero trip Boston - Galveston 12.5 24336 -271

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 42667 -1227

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 42530 -1065

HS5 SE Asia trip via Australia to Singapore - Japan 25 27679 -200

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26207 -129

Average of the T/C Routes 30094 -437

Baltic Exchange Supramax Index 4156 (DOWN 31)

Route Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46691 -93

S1B Canakkale Trip Far East 12.5 43721 -10

S2 Japan - SK / NOPAC or Australia rv 25 39681 -296

S3 Japan - SK Trip Gib - Skaw range 25 39982 -229

S4A US Gulf - Skaw-Passero 12.5 62065 -1253

S4B Skaw-Passero - US Gulf 12.5 35827 -196

Average of the T/C Routes 43454 -325

S6 Jpn-SK trip via Aus/India 0 40959 -216

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

S5 Trial-W.Africa via ECSA to FarEast 0 49963 -204

THE BALTIC DRY INDEX THE DAILY FIXTURES REPORT 25/05/07

The Daily Fixtures Report - 25/05/2007
-------------------------

BDI 6212 DOWN 92
BCI 8835 DOWN 137
BPI 5781 DOWN 114
BSI 4156 DOWN 31

TIMECHARTER
'Mineral Tianjin' 2004 176000 dwt -
'Cape Pioneer' Cargill relet 2005 170012 dwt dely Dunkirk 30/31 May trip
via Brazil redel China $132000 daily - Transfield 'Billion Trader II' 2007
82014 dwt dely Cape Passero 27/30 May trip via Nouadhibou redel Dunkirk
$54750 daily - Mittal 'Centurion' 2006 76838 dwt dely Kosichang 1/5 June
trip via Dampier redel Pakistan $48500 daily - Shadab 'Red Jasmine' CTP
relet 2002 76596 dwt dely Zhoushan 26/28 May trip via Indonesia redel Med
$39500 daily - Cargill
'CMB Laetitia' 2006 76000 dwt -
'Medi Rotterdam' 2002 75735 dwt dely ex drydock Shanghai 30/31 May NoPac
round redel Far East $40000 daily - cnr 'Century Star' CTP relet 2003 75316
dwt dely Shekou 28/30 May trip via Indonesia redel Singapore-Japan rge
approx $39000 daily - Cargill 'Amira' 2001 74400 dwt dely Taichung 24/28
May trip via Weipa redel Porto Vesme $38500 daily - Cargill 'Anangel
Enosis' 1995 73556 dwt dely Bilbao 28/30 May in d/c trip via Kamsar redel
San Ciprian $52000 daily - Cobelfret 'Bergen Max' Bunge relet 1994 73496 dwt
dely San Nicolas 12/15 Jun trip redel Spain $52000 daily + $1.15 million bb
- Transgrain 'Vogevoyager' 1996 72171 dwt dely Worldwide Oct/Dec 2007 2
years trading redel worldwide $35000 daily - Daeyang 'Edfu' 1997 71572 dwt
dely Huelva 28/30 May trip via EC South America redel China $55000 daily -
Wilmar 'Double Fortune' 1997 69118 dwt dely Lumut 29 May/1 June trip via
EC India redel Singapore-Japan rge $48500 daily - Noble 'Aquitania' 2006
55932 dwt dely New Mangalore 1/5 June trip redel China $42000 daily - cnr
'Nord Whale' 2004 50345 dwt dely North France spot trip via Continent
redel South-East Asia $49000 daily - Daewoo Logistics
'Katerina' 1983 49674 dwt - is still open>
'Ken Unity' 1999 48913 dwt -
'Shinyo Integrity' 1996 45653 dwt dely Kaohsiung spot 100/150 days trading
redel Singapore-Japan approx $38500 daily - Oldendorff
'Addu Star' 1996 24034 dwt -

ORE
'Cape Venus' 1996 160000/10 Port Hedland/Qingdao 10/20 June $22.00 fio
scale/25000sc - BHP Billiton - 'Ferosa' 1992 150000/10 Port Hedland/14/23
June Qingdao $20.75 fio scale/25000sc - BHP Billiton

COAL
'TMT TBN' 150000/10 Roberts Bank/Redcar 15/22 June $22.00 fio 6 days sc
- Corus
-
'Grand Spartounta' 1989 CTM relet 120000/10 Roberts Bank/Kaohsiung 22/30
June $25.20 fio scale/38000sc - China Steel Express

The Baltic Dry Index 24.may.07

Subject: index as of 24.may.07

Daily Summary of Baltic Exchange Dry Indices

24 May 2007

Baltic Exchange Dry Index TM 6304 (DOWN 118)

Baltic Exchange Capesize Index TM 8972 (DOWN 209)

Baltic Exchange Panamax Index TM 5895 (DOWN 145)

Baltic Exchange Supramax Index TM 4187 (DOWN 18)

Baltic Exchange Handysize Index TM 2091 (DOWN 22)

Daily Summary of the Baltic Exchange Time Charter Routes

Rate($/Day) Change

BCI Average of the T/C routes $105294 (DOWN 2599)

BPI Average of the T/C routes $47503 (DOWN 1203)

BSI Average of the T/C routes $43779 (DOWN 189)

BHSI Average of the T/C routes $30531 (DOWN 316)

Baltic Exchange Capesize Index 8972 (DOWN 209)

Route Number Description Weighting Average Movement

C2 160000lt Tubarao -Rotterdam 10 29.555 -0.372

C3 150000mt Tubarao - Beilun/Baoshan 15 54.435 -0.978

C4 150000mt Richards Bay - Rotterdam 5 29.035 -0.674

C5 150000mt W Australia - Beilun/Baoshan 15 21.980 -0.643

C7 150000mt Bolivar - Rotterdam 5 30.140 -0.528

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 10 106900 -2100

C9_03 172000mt Continent/Mediterranean trip Far East 5 137050 -2971

C10_03 172000mt Pacific RV 20 98200 -3142

C11_03 172000mt China/Japan trip Mediterranean/Cont 5 79025 -2183

C12 150000mt Gladstone - Rotterdam 10 39.450 -0.845

Average of the T/C Routes 105294 -2599

Baltic Exchange Panamax Index 5895 (DOWN 145)

Route Number Description Weighting Average Movement

P1A_03 74000mt Transatlantic RV 25 52671 -341

P2A_03 74000mt SKAW-GIB/FAR EAST 25 55975 -430

P3A_03 74000mt Japan-SK/Pacific/RV 25 41971 -2372

P4_03 74000mt FAR EAST/NOPAC/SK-PASS 25 39395 -1671

Average of the T/C Routes 47503 -1203

Baltic Exchange Handysize Index 2091 (DOWN 22)

Route

Number Description Weighting Average Movement

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5 23721 -350

HS2 Skaw - Passero trip Boston - Galveston 12.5 24607 -222

HS3 Recalada - Rio de Janeiro trip Skaw - Passero. 12.5 43894 -928

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5 43595 -575

HS5 SE Asia trip via Australia to Singapore - Japan 25 27879 -89

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25 26336 -139

Average of the T/C Routes 30531 -316

Baltic Exchange Supramax Index 4187 (DOWN 18)

Route

Number Description Weighting Average Movement

S1A Antwerp - Skaw Trip Far East 12.5 46784 -50

S1B Canakkale Trip Far East 12.5 43731 6

S2 Japan - SK / NOPAC or Australia rv 25 39977 -100

S3 Japan - SK Trip Gib - Skaw range 25 40211 -116

S4A US Gulf - Skaw-Passero 12.5 63318 -960

S4B Skaw-Passero - US Gulf 12.5 36023 -77

Average of the T/C Routes 43779 -189

S6 Jpn-SK trip via Aus/India 0 41175 -73

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

S5 Trial-W.Africa via ECSA to FarEast 0 50167 -166