BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

2068 (Sept. 6, 1995) Previous day - 2075

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% 18.379 2024

Trans-Atlantic Round Timecharter 10% 15,743 * 2403

U.S. Gulf-Japan H. Grain 10% 34.307 2401

Skaw Passero-Taiwan/Japan Timecharter 10% 20,407 * 2755

U.S. North Pacific-Japan H. Grain 10% 19.507 2114

Trans-Pacific Round Timecharter 10% 15,414 * 2292

Hampton Roads/Richards Bay-Japan Coal 7.5% 18.107 1756

Hampton Roads-Rotterdam Coal 7.5% 7.257 1490

Queensland-Rotterdam Coal 7.5% 12.286 1117

Far East-Europe Timecharter 10% 10,814 * 1427

Tubarao-Rotterdam Iron Ore 7.5% 7.436 1472

*Dollars per day.