CHARTER INDEX

CHARTER INDEX

The weekly freight index of Maritime Research Inc. (January-December 1972 equals 100 percent) is as follows:

Week Ending 4-9-88 4-11-87 4-2-88General Freight

Index 281.7 199.0 284.4

Time Charter Index

1 to 2 mos 325.8 199.4 330.1

2 to 3 mos 267.9 175.3 269.2

Over 6 mos 314.2 232.7 312.9

Grain

Freight Index 282.2 194.8 285.8

Misc.

Freight Index 280.6 208.1 281.2

The general freight, time charter, grain and misc. indexes are measurements of the relative increase/decrease in quoted freight rates for fixtures reported, weighted by importance as determined by a survey of the base year.