BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1997 (Sept. 19, 1995) Previous day - 1999

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% 16.914 1863

Trans-Atlantic Round Timecharter 10% 14,671 * 2239

U.S. Gulf-Japan H. Grain 10% 33.886 2372

Skaw Passero-Taiwan/Japan Timecharter 10% 19,729 * 2663

U.S. North Pacific-Japan H. Grain 10% 19.029 2063

Trans-Pacific Round Timecharter 10% 15,100 * 2246

Hampton Roads/Richards Bay-Japan Coal 7.5% 17.836 1729

Hampton Roads-Rotterdam Coal 7.5% 7.071 1452

Queensland-Rotterdam Coal 7.5% 11.914 1084

Far East-Europe Timecharter 10% 10,643 * 1404

Tubarao-Rotterdam Iron Ore 7.5% 7.107 1407

*Dollars per day.