BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

932 (Feb. 11, 1998) Previous day - 935

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% 8.555 942

Trans-Atlantic Round Timecharter 10% 5,943 * 785

U.S. Gulf-Japan H. Grain 10% 17.083 1196

Skaw Passero-Taiwan/Japan Timecharter 10% 8,121 * 990

U.S. North Pacific-Japan H. Grain 10% 8.992 975

Trans-Pacific Round Timecharter 10% 5,643 * 715

Hampton Roads/RichardsBay-JapanCoal 7.5% 11.964 1160

Hampton Roads-Rotterdam Coal 7.5% 4.957 1018

Queensland-Rotterdam Coal 7.5% 8.079 735

Far East-Europe Timecharter 10% 3,257 * 372

Tubarao-Rotterdam Iron Ore 7.5% 5.114 1012

*Dollars per day.