BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1339.0 (May 3, 1988) Previous day - 1345.0

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 11.425 1258.0

U.S. Gulf-Japan Grain 20 percent 21.225 1485.5

U.S. North Pacific Japan Grain 15 percent 11.633 1261.0

U.S. Gulf-Venezuela Grain 5 percent 17.675 1514.5

Antwerp-Jeddah Grain 5 percent 22.117 2123.5

Hampton Roads-Richards Bay-Japan Coal 5 percent 14.292 1385.5

Hampton Roads-North Continent Coal 5 percent 7.483 1295.5

Queensland-Rotterdam Coal 5 percent 11.725 1035.5

Vancouver-San Diego-Rotterdam Petcoke 5 percent 12.717 967.0

Monrovia-Rotterdam Iron Ore 5 percent 6.208 1379.5

Vitoria-China Pig Iron 5 percent 34.850 1839.5

Hamburg-West Coast India Potash 2.5 percent 36.417 1259.5

Aqaba-West Coast India Phosrock 2.5 percent 21.958 1621.0