BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

960 (April 1, 1998) Previous day - 966

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% 5,725 * 756

U.S. Gulf-Japan H. Grain 10% 16.950 1186

Skaw Passero-Taiwan/Japan Timecharter 10% 7,450 * 908

U.S. North Pacific-Japan H. Grain 10% 11.750 1274

Trans-Pacific Round Timecharter 10% 7,475 * 947

Hampton Roads/Richards Bay-Japan Coal 7.5% 9.619 933

Hampton Roads-Rotterdam Coal 7.5% 4.069 836

Queensland-Rotterdam Coal 7.5% 7.581 689

Far East-Europe Timecharter 10% 6,619 * 757

Tubarao-Rotterdam Iron Ore 7.5% 4,050 802

*Dollars per day.