BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1102 (March 10, 1998) Previous day - 1105

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% 9.100 1002

Trans-Atlantic Round Timecharter 10% 7,088 * 936

U.S. Gulf-Japan H. Grain 10% 19.214 1345

Skaw Passero-Taiwan/Japan Timecharter 10% 9,319 * 1136

U.S. North Pacific-Japan H. Grain 10% 12.286 1332

Trans-Pacific Round Timecharter 10% 9,100 * 1153

Hampton Roads/Richards Bay-Japan Coal 7.5% 11.900 1154

Hampton Roads-Rotterdam Coal 7.5% 4.681 961

Queensland-Rotterdam Coal 7.5% 7.994 727

Far East-Europe Timecharter 10% 6,875 * 786

Tubarao-Rotterdam Iron Ore 7.5% 4,544 900

*Dollars per day.