CHARTER INDEX

CHARTER INDEX

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

Week Ending 9-30-95 10-1-94 9-23-95

General-Freight

Index 305.2 264.5 308.4

Time-Charter Index

1 to 2 mos. 316.0 266.9 321.6

2 to 3 mos. 322.4 265.0 323.9

Over 6 mos. 336.0 308.6 333.7

Grain

Freight Index 316.6 266.2 319.9

Misc.

Freight Index 279.9 260.6 283.1

The general-freight, time-charter, grain and miscellaneous 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.