BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1441.5 (April 21, 1988) Previous day - 1475.0

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 12.358 1361.0

U.S. Gulf-Japan Grain 20 percent 24.500 1715.0

U.S. North Pacific Japan Grain 15 percent 12.658 1372.5

U.S. Gulf-Venezuela Grain 5 percent 17.767 1522.0

Antwerp-Jeddah Grain 5 percent 22.708 2180.0

Hampton Roads-Richards Bay-Japan Coal 5 percent 14.975 1452.0

Hampton Roads-North Continent Coal 5 percent 8.092 1400.0

Queensland-Rotterdam Coal 5 percent 12.225 1080.5

Vancouver-San Diego-Rotterdam Petcoke 5 percent 13.667 1040.5

Monrovia-Rotterdam Iron Ore 5 percent 6.708 1490.0

Vitoria-China Pig Iron 5 percent 35.208 1858.0

Hamburg-West Coast India Potash 2.5 percent 36.525 1262.5

Aqaba-West Coast India Phosrock 2.5 percent 19.800 1462.0