BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

1026 (Feb. 2, 1998) Previous day - 1039

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% 9.107 1003

Trans-Atlantic Round Timecharter 10% 6,731 * 889

U.S. Gulf-Japan H. Grain 10% 18.521 1296

Skaw Passero-Taiwan/Japan Timecharter 10% 9,225 * 1125

U.S. North Pacific-Japan H. Grain 10% 9.450 1024

Trans-Pacific Round Timecharter 10% 6,194 * 785

Hampton Roads/RichardsBay-JapanCoal 7.5% 13.631 1322

Hampton Roads-Rotterdam Coal 7.5% 5.713 1173

Queensland-Rotterdam Coal 7.5% 8.244 750

Far East-Europe Timecharter 10% 3,606 * 412

Tubarao-Rotterdam Iron Ore 7.5% 5.775 1143

*Dollars per day.