BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1191 (Jan. 15, 1998) Previous day - 1204

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% 11.430 1259

Trans-Atlantic Round Timecharter 10% 8,000 * 1056

U.S. Gulf-Japan H. Grain 10% 20.833 1458

Skaw Passero-Taiwan/Japan Timecharter 10% 10,907 * 1330

U.S. North Pacific-Japan H. Grain 10% 11.942 1294

Trans-Pacific Round Timecharter 10% 7,864 * 996

Hampton Roads/RichardsBay-JapanCoal 7.5% 14,114 1368

Hampton Roads-Rotterdam Coal 7.5% 6.050 1243

Queensland-Rotterdam Coal 7.5% 8.436 767

Far East-Europe Timecharter 10% 4,921 * 563

Tubarao-Rotterdam Iron Ore 7.5% 6.150 1217

*Dollars per day.