BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1387.0 (May 8, 1988) Previous day - 1375.5

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 11.900 1311.0

U.S. Gulf-Japan Grain 20 percent 22.700 1589.5

U.S. North Pacific Japan Grain 15 percent 12.070 1308.5

U.S. Gulf-Venezuela Grain 5 percent 17.690 1515.5

Antwerp-Jeddah Grain 5 percent 22.480 2158.5

Hampton Roads-Richards Bay-Japan Coal 5 percent 14.590 1414.0

Hampton Roads-North Continent Coal 5 percent 7.670 1343.5

Queensland-Rotterdam Coal 5 percent 11.930 1054.5

Vancouver-San Diego-Rotterdam Petcoke 5 percent 12.980 987.0

Monrovia-Rotterdam Iron Ore 5 percent 6.340 1409.5

Vitoria-China Pig Iron 5 percent 35.150 1855.0

Hamburg-West Coast India Potash 2.5 percent 36.500 1261.0

Aqaba-West Coast India Phosrock 2.5 percent 22.200 1639.0