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Change To Baltic Panamax Index

Date 01/11/2001

The Baltic Exchange announces that, commencing 1 November 2001, route 2A of the Baltic Panamax Index will be altered.

The duration of the trip will be extended to 60/65 days and reference to the US Gulf deleted. These revisions take into account the increasing non-seasonal Panamax trade from the east coast of South America.

The amended route description now reads:

"Basis a Baltic Panamax 70,000 mt dwt not aged over 15 years with 3 million cuft grain, LOA maximum 230m and capable of about 14 knots laden on 30 fuel oil and no diesel at sea, basis delivery Skaw-Gibraltar range, for a trip to the Far East, redelivery Taiwan-Japan range, duration 60/65 days. Loading 15-20 days ahead in the loading area. Cargo basis grain, ore, coal, or similar. 3.75 per cent total commission. Nominal weighting = 12.5%."

The Baltic Panamax Index comprises seven timecharter and voyage routes, each weighted to take account of their importance. The index is produced daily by the Exchange from the assessments of 14 independent shipbrokers and is widely viewed as the most accurate barometer of the panamax vessel market available to the shipping industry.