CHARTER INDEX

CHARTER INDEX

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

Week Ending 4-16-88 4-9-88 4-18-87General Freight

Index 275.0 281.7 199.4

Time Charter Index

1 to 2 mos 320.2 325.8 212.9

2 to 3 mos 267.1 267.9 172.6

Over 6 mos 311.9 314.3 231.0

Grain

Freight Index 274.2 282.2 194.5

Misc.

Freight Index 276.3 280.6 209.8

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.