BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1099 (Jan. 23, 1998) Previous day - 1116

The Baltic International Freight Futures Market in London offers owners and charterers in the bulk shipping community a forum for futures trading of a freight rate index. The contracts are based on the Baltic Freight Index, announced daily, of 11 routes listed below.

Dollars/

Routes Commodity Weight Metric Ton Index

U.S. Gulf-N. Continent L. Grain 10% 10.333 1138

Trans-Atlantic Round Timecharter 10% 7,421 * 980

U.S. Gulf-Japan H. Grain 10% 19.500 1365

Skaw Passero-Taiwan/Japan Timecharter 10% 10,014 * 1221

U.S. North Pacific-Japan H. Grain 10% 10.633 1153

Trans-Pacific Round Timecharter 10% 6,893 * 873

Hampton Roads/RichardsBay-JapanCoal 7.5% 13.750 1333

Hampton Roads-Rotterdam Coal 7.5% 5.821 1196

Queensland-Rotterdam Coal 7.5% 8.243 750

Far East-Europe Timecharter 10% 4,079 * 466

Tubarao-Rotterdam Iron Ore 7.5% 5.914 1171

*Dollars per day.