BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1345.0 (May 2, 1988) Previous day - 1358.0

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 11.610 1279.0

U.S. Gulf-Japan Grain 20 percent 21.350 1494.5

U.S. North Pacific Japan Grain 15 percent 11.550 1252.0

U.S. Gulf-Venezuela Grain 5 percent 17.620 1509.0

Antwerp-Jeddah Grain 5 percent 22.340 2144.5

Hampton Roads-Richards Bay-Japan Coal 5 percent 14.320 1388.0

Hampton Roads-North Continent Coal 5 percent 7.580 1311.0

Queensland-Rotterdam Coal 5 percent 11.760 1038.5

Vancouver-San Diego-Rotterdam Petcoke 5 percent 12.760 971.0

Monrovia-Rotterdam Iron Ore 5 percent 6.240 1386.5

Vitoria-China Pig Iron 5 percent 34.900 1841.0

Hamburg-West Coast India Potash 2.5 percent 36.400 1258.0

Aqaba-West Coast India Phosrock 2.5 percent 21.360 1577.0