CHARTER INDEX

CHARTER INDEX

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

Week Ending 9-2-95 9-3-94 8-26-95

General Freight

Index 312.0 252.2 313.0

Time Charter Index

1 to 2 mos 333.4 250.6 335.1

2 to 3 mos 331.8 250.0 332.9

Over 6 mos 341.3 300.6 341.6

Grain

Freight Index 322.1 251.9 323.2

Misc.

Freight Index 289.7 252.6 290.3

The general freight, timecharter, 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.