BALTIC FREIGHT INDEX

BALTIC FREIGHT INDEX

893 (June 8, 1998) Previous day - 900

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 WeightMetric TonIndex

U.S. Gulf-N. Continent L. Grain 10% 7.831 863

Trans-Atlantic Round Timecharter 10% 5,261 * 695

U.S. Gulf-Japan H. Grain 10% 14.263 1032

Skaw Passero-Taiwan/Japan Timecharter 10% 5,694 * 694

U.S. North Pacific-Japan H. Grain 10% 10.819 1224

Trans-Pacific Round Timecharter 10% 6,839 * 867

Hampton Roads/Rotterdam Coal 7.5% 3.833 787

Far East-Europe Coal 10% 7.150 818

Tubarao-Rotterdam Iron Ore 7.5% 3.806 753

Tubarao-China Iron Ore 7.5% 5,911 * 836

Richards Bay-Rotterdam Coal 7.5% 4,906 926

*Dollars per day.