BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1424 (Sept. 27, 1993) Previous day - 1426

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% 12.500 1377

Trans-Atlantic Round Time Charter 10% 9,950* 1519

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

Skaw Passero-Taiwan-Japan Time Charter 10% 13,400* 1809

U.S. North Pacific-Japan H. Grain 7.5% 14.240 1544

Trans-Pacific Round Time Charter 7.5% 10,320* 1535

U.S. Gulf-Venezuela H. Grain 5% 17.510 1500

Skaw Passero-Far East Time Charter 5% 15,200* 1880

Hampton Roads-Richards Bay-Japan Coal 7.5% 12.660 1227

Hampton Roads-Rotterdam Coal 5% 5.400 1109

Queensland-Rotterdam Coal 5% 8.960 0815

Far East-Europe Time Charter 5% 7,850* 1036

Tubarao-Rotterdam Iron Ore 5% 5.360 1044

Casablanca-West Coast India Phosrock 2.5% 37.850 1060

Aqaba-West Coast India Phosrock 5% 18.550 1370

*Dollars per day.