The Baltic Exchange will begin publishing the port costs used to calculate its daily time charter equivalent (TCE) assessments for the tanker market from 9 March. The service already provides average dollar pricing conversions for Very Large Crude Carriers (VLCCs), Suezmax and Aframax tankers derived from a range of Baltic Exchange routes expressed in Worldscale Based on data provided by port agents Cory Brothers Shipping, the enhancement to the service will cover 30 ports.
The costs will be updated on the first working day of each month and the published rate will then be used routinely in the calculation for the full month.
Commenting on the new service, Baltic Exchange Chief Executive Jeremy Penn said:
“The addition of this data will improve the transparency of the calculation and ensure that market participants can replicate the process with a high degree of accuracy. Other third party data used in the calculations are bunker rates provided by Argus Media and foreign exchange rates obtained from xe.com.”
The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 550 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.
The costs will be updated on the first working day of each month and the published rate will then be used routinely in the calculation for the full month.
Commenting on the new service, Baltic Exchange Chief Executive Jeremy Penn said:
“The addition of this data will improve the transparency of the calculation and ensure that market participants can replicate the process with a high degree of accuracy. Other third party data used in the calculations are bunker rates provided by Argus Media and foreign exchange rates obtained from xe.com.”
The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 550 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.