BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1373 (Oct. 19, 1993) Previous day - 1377

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% 11.492 1266

Trans-Atlantic Round Time Charter 10% 9,258* 1413

U.S. Gulf-Japan H. Grain 10% 23.900 1673

Skaw Passero-Taiwan-Japan Time Charter 10% 12,683* 1712

U.S. North Pacific-Japan H. Grain 7.5% 13.533 1467

Trans-Pacific Round Time Charter 7.5% 10,308* 1533

U.S. Gulf-Venezuela H. Grain 5% 17.433 1494

Skaw Passero-Far East Time Charter 5% 14,817* 1833

Hampton Roads-Richards Bay-Japan Coal 7.5% 12.450 1207

Hampton Roads-Rotterdam Coal 5% 5.183 1065

Queensland-Rotterdam Coal 5% 8.983 0817

Far East-Europe Time Charter 5% 7,533* 0994

Tubarao-Rotterdam Iron Ore 5% 5.225 1018

Casablanca-West Coast India Phosrock 2.5% 38.000 1064

Aqaba-West Coast India Phosrock 5% 18.417 1360

*Dollars per day.