BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1648.5 (March 23, 1988) Previous day - 1647.5

The Baltic International Freight Futures Exchange in London and the International Futures Exchange (Bermuda) Ltd. offer 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 13 routes listed below. *DollarsCom- Metric

Routes modity Weight Ton Index

U.S. Gulf-North Continent Grain 20 percent 15.000 1652.0

U.S. Gulf-Japan Grain 20 percent 28.167 1971.5

U.S. North Pacific Japan Grain 15 percent 16.917 1833.0

U.S. Gulf-Venezuela Grain 5 percent 18.600 1593.0

Antwerp-Jeddah Grain 5 percent 23.192 2226.0

Hampton Roads-Richards Bay-Japan Coal 5 percent 15.725 1524.0

Hampton Roads-North Continent Coal 5 percent 9.317 1612.0

Queensland-Rotterdam Coal 5 percent 13.100 1157.5

Vancouver-San Diego-Rotterdam Petcoke 5 percent 15.325 1166.5

Monrovia-Rotterdam Iron Ore 5 percent 7.000 1555.5

Vitoria-China Pig Iron 5 percent 35.358 1866.5

Hamburg-West Coast India Potash 2.5 percent 36.525 1262.0

Aqaba-West Coast India Phosrock 2.5 percent 17.008 1256.0