BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1997 (July 25, 1995) Previous day - 1988

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 Ton Index

U.S. Gulf-N. Continent L. Grain 10% 16.957 1868

Trans-Atlantic Round Timecharter 10% 15,500 * 2366

U.S. Gulf-Japan H. Grain 10% 32.979 2308

Skaw Passero-Taiwan/Japan Timecharter 10% 19,286 * 2604

U.S. North Pacific-Japan H. Grain 10% 18.764 2034

Trans-Pacific Round Timecharter 10% 14,729 * 2191

Hampton Roads/Richards Bay-Japan Coal 7.5% 17.493 1696

Hampton Roads-Rotterdam Coal 7.5% 7.471 1534

Queensland-Rotterdam Coal 7.5% 12.043 1095

Far East-Europe Timecharter 10% 10,743 * 1417

Tubarao-Rotterdam Iron Ore 7.5% 7.271 1417

*Dollars per day.