BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

966 (March 31, 1998) Previous day - 973

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% 7.614 839

Trans-Atlantic Round Timecharter 10% 5,800 * 766

U.S. Gulf-Japan H. Grain 10% 16.979 1188

Skaw Passero-Taiwan/Japan Timecharter 10% 7,500 * 915

U.S. North Pacific-Japan H. Grain 10% 11.807 1280

Trans-Pacific Round Timecharter 10% 7,450 * 944

Hampton Roads/Richards Bay-Japan Coal 7.5% 9.675 938

Hampton Roads-Rotterdam Coal 7.5% 4.100 842

Queensland-Rotterdam Coal 7.5% 7.619 693

Far East-Europe Timecharter 10% 6,713 * 768

Tubarao-Rotterdam Iron Ore 7.5% 4,084 809

*Dollars per day.