BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1247 (Dec. 8, 1993) Previous day - 1248

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 11 routes listed below.Dollars/

Routes Commodity Weight Metric TonIndex

U.S. Gulf-N. Continent L. Grain 10% 11.500 1267

Trans-Atlantic Round Timecharter 10% 8,310 *1268

U.S. Gulf-Japan H. Grain 10% 22.000 1540

Skaw Passero-Taiwan/Japan Timecharter 10% 11,640 *1571

U.S. North Pacific-Japan H. Grain 10% 12.320 1335

Trans-Pacific Round Timecharter 10% 8,310 *1236

Hampton Roads/Richards Bay-Japan Coal 7.5% 11.900 1154

Hampton Roads-Rotterdam Coal 7.5% 4.850 0996

Queensland-Rotterdam Coal 7.5% 8,490 0772

Far East-Europe Timecharter 10% 6,070 *0801

Tubarao-Rotterdam Iron Ore 7.5% 4.890 0953

*Dollars per day.