BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1424 (Sept. 23, 1993) Previous day - 1421

The Baltic International Freight Futures Market in London offers 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 15 routes listed below.Dollars/

Routes Commodity Weight Metric Ton Index

U.S. Gulf-North Continent L. Grain 10% 12.575 1385

Trans-Atlantic Round Time Charter 10% 9,933* 1516

U.S. Gulf-Japan H. Grain 10% 24.500 1715

Skaw Passero-Taiwan-Japan Time Charter 10% 13,408* 1810

U.S. North Pacific-Japan H. Grain 7.5% 14.208 1540

Trans-Pacific Round Time Charter 7.5% 10,342* 1538

U.S. Gulf-Venezuela H. Grain 5% 17.558 1504

Skaw Passero-Far East Time Charter 5% 15,158* 1875

Hampton Roads-Richards Bay-Japan Coal 7.5% 12.683 1230

Hampton Roads-Rotterdam Coal 5% 5.408 1111

Queensland-Rotterdam Coal 5% 8.975 0816

Far East-Europe Time Charter 5% 7,775* 1026

Tubarao-Rotterdam Iron Ore 5% 5.367 1046

Casablanca-West Coast India Phosrock 2.5% 37.625 1054

Aqaba-West Coast India Phosrock 5% 18.583 1372

*Dollars per day.