As of Monday 3 March, the Baltic Exchange, the world's leading maritime market place, will be expanding its range of freight market assessments with the trial of two new tanker routes and introduction of a liquified petroleum gas (LPG) route.
The new tanker route assessments will be based on the following criteria:
- (TC5) 55000 mt Middle East /Japan (CPP/UNL naphtha condensate). Ras Tanura to Yokohama with laydays/cancelling 30/35 days in advance. Maximum age 15 years.
- (TD11) 80000 mt Cross Mediterranean. Banias to Lavera with laydays/cancelling 10/15 days in advance. Maximum age 20 years.
The two new route assessments will not contribute to the Baltic Clean Tanker and Baltic Dirty Tanker indices until fully tested.
The Baltic LPG route (LPG1) is a stand alone individual assessment and based on the following criteria:
- 44000 mt 5 per cent, 1 to 2 grades fully refrigerated Liquid Petroleum Gas. Ras Tanura to Chiba, laydays 10/40 days in advance. Laytime 96 hours total. Maximum age 20 years.
Explaining the reasons for the introduction of the new routes, Baltic Exchange chairman Peter Kitching said: "Following consultation with the users of Baltic freight market information, we have decided to introduce the tanker routes on a trial basis. We are launching the LPG route following a successful three month trial. We have listened carefully to the shipping community, and hope that these assessments will help kick-start the trading of FFAs in these arenas."
