BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1415.5 (April 22, 1988) Previous day - 1441.5

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 12.183 1342.5

U.S. Gulf-Japan Grain 20 percent 24.000 1680.0

U.S. North Pacific Japan Grain 15 percent 12.042 1305.0

U.S. Gulf-Venezuela Grain 5 percent 17.708 1517.0

Antwerp-Jeddah Grain 5 percent 22.517 2161.0

Hampton Roads-Richards Bay-Japan Coal 5 percent 14.783 1433.0

Hampton Roads-North Continent Coal 5 percent 8.050 1393.5

Queensland-Rotterdam Coal 5 percent 12.183 1076.0

Vancouver-San Diego-Rotterdam Petcoke 5 percent 13.250 1008.0

Monrovia-Rotterdam Iron Ore 5 percent 6.617 1470.5

Vitoria-China Pig Iron 5 percent 35.125 1853.0

Hamburg-West Coast India Potash 2.5 percent 36.433 1259.5

Aqaba-West Coast India Phosrock 2.5 percent 19.800 1462.0