ROUTE FOR 23 JUNE 2009

Baltic Exchange Capesize Index - 23 June 2009: 7441 (DOWN 468)

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Route Description Size Weighting Average Movement

No. mt in USD in USD

C2 160000lt Tubarao -Rotterdam 160,000 10% 26.805 -1.263

C3 160000mt Tubarao - Qingdao 160,000 15% 45.325 -2.675

C4 150000mt Richards Bay - Rotterdam 150,000 5% 20.136 -0.964

C5 160000mt W Australia - Qingdao 160,000 15% 18.936 -1.359

C7 150000mt Bolivar - Rotterdam 150,000 5% 27.873 -1.218

C8_03 172000mt Gibraltar/Hamburg trans Atlantic RV 172000 10% 95364 -5863

C9_03 172000mt Continent/Med trip Far East 172000 5% 109577 - 7038

C10_03 172000mt Pacific RV 172000 20% 80462 -6942

C11_03 172000mt China/Japan trip Mediterranean/Cont 172000 5% 47625 -2875

C12 150000mt Gladstone - Rotterdam 150000 10% 29.970 -0.750

Time Charter Average - 23 June 2009: $83257 (DOWN $5680)

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Baltic Exchange Panamax Index - 23 June 2009: 3021 (DOWN 47)

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Route Description Size Weighting Average Movement

No. mt in USD in USD

P1A_03 74000mt Transatlantic RV 74000 25% 28750 -373

P2A_03 74000mt SKAW-GIB/FAR EAST 74000 25% 33736 -240

P3A_03 74000mt Japan-SK/Pacific/RV 74000 25% 22709 -541

P4_03 74000mt FAR EAST/NOPAC-AUST/SK-PASS 74000 25% 11749 -376

Time Charter Average - 23 June 2009: $24236 (DOWN $382)

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Baltic Exchange Supramax Index - 23 June 2009: 1757 (DOWN 1)

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Route Description Weighting Average Movement

No. in USD in USD

S1A Antwerp - Skaw Trip Far East 12.5% 29775 +47

S1B Canakkale Trip Far East 12.5% 30503 -122

S2 Japan - SK / NOPAC or Australia rv 25% 14777 +108

S3 Japan - SK Trip Gib - Skaw range 25% 7683 +47

S4A US Gulf - Skaw-Passero 12.5% 29903 -275

S4B Skaw-Passero - US Gulf 12.5% 11911 -33

S5 W.Africa via ECSA to FarEast 0% 24783 +183

S6 Jpn-SK trip via Aus/India 0% 14565 +85

S7 EC India - China 0% 19254 +275

Time Charter Average - 23 June 2009: $18377 (DOWN $8)

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Baltic Exchange Handysize Index - 23 June 2009: 774 (DOWN 3)

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Route Description Weighting Average Movement

No. in USD in USD

HS1 Skaw - Passero trip Recalada - Rio de Janeiro 12.5% 9693 -36

HS2 Skaw - Passero trip Boston - Galveston 12.5% 9686 -35

HS3 Recalada - Rio de Janeiro trip Skaw - Passero 12.5% 14256 -11

HS4 US Gulf trip via US Gulf or NCSA to Skaw - Passero 12.5% 17500 -50

HS5 SE Asia trip via Australia to Singapore - Japan 25% 10000 -34

HS6 S Korea - Japan via NOPAC to Singapore-Japan 25% 9079 -57

Time Charter Average - 23 June 2009: $11161 (DOWN $40)

BALTIC EXCHANGE INDICES FOR 23RD JUNE

BALTIC EXCHANGE INDICES FOR 23RD JUNE

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BDI 3874 (DOWN 155)

BCI 7441 (DOWN 468)

BPI 3021 (DOWN 47)

BSI 1757 (DOWN 1)

BHSI 774 (DOWN 3)

Daily Fixture List 23/06/2009

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TIMECHARTER

'Alpha Millennium' Cosbulk relet 2000 170415 dwt dely Taranto 29/30 June transatlantic round redel Skaw-Cape Passero $92000 daily - Cargill

'Anna S' 2001 75966 dwt dely Fujairah 29 June/6 July 1/2 laden legs via EC South America redel Singapore-Japan rge $25000 daily - GMI

'Boreal' 2002 74181 dwt dely Nantong 2/4 July trip via Indonesia redel Japan $22000 daily - NYK

'Elly' 1999 74001 dwt dely Shanghaiguan spot trip via NoPac redel China $19500 daily - Alfred C.Toepfer -

'Themis P' 1994 70165 dwt dely Tuticorin 29/30 June trip via Indonesia redel Japan $22000 daily - NYK

'Trans Emirates' 1993 68876 dwt dely Tuticorin 25/30 June trip via EC South America redel Singapore-Japan rge $21000 daily - Glencore

'Jia Yong Shan' 2005 57094 dwt dely Rizhao 1/5 July trip via South east Asia redel China $16000 daily - Seawin

'Jin Gang' 2009 56968 dwt dely Shanghai 24/26 June trip via Australia redel India $15300 daily - Daiichi

'Lorentzos' 2005 53688 dwt dely USGulf end June trip redel Skaw-Passero $29000 daily - ED&F Man Shipping

'Maria Th' 1996 45622 dwt dely retro Guangzhou 21 June trip via Indonesia redel China $15000 daily - Norden

PERIOD

'Ince Atlantic' 2001 45608 dwt dely Montoir 25/27 June min 4/abt 5 months trading redel worldwide approx $20000 daily - Norden -

ORE

'Madeira' Classic Maritime relet 2007 170000/10 Port Hedland/Qingdao 15/25 July $19.35 fio scale/30000sc - BHP Billtion

'Lowlands Sunrise' 2003 170000/10 Port Hedland/Qingdao 15/20 July $19.35 fio scale/30000sc - BHP Billiton

'Cargill TBN' 170000/10 Port Hedland/Qingdao 20/30 July $19.40 fio scale/30000sc - BHP Billiton -

'China Steel Responsibility' 2003 160000/10 Tubarao/Qingdao 20/30 July $47.50 fio scale/30000sc - Vale

'TMT TBN' 70000/10 Puerto Ordaz & Boca Grande/Ghent lightening at Ternuezen 1/15 July $26.00 fio scale/25000 sc - Vale

'Ocean President' 2001 50000/10 Paradip/China spot $15.00 fio 8000sc/10000sc - Benemar

GRAIN

'TBN' 60000/10 grain Brazil/China 1/15 Aug $49.00 fio 8000 shex bends - Marubeni