Baltic Exchange Launches New Tanker Assessments

As of Monday 11 October 2004, the Baltic Exchange will be expanding its range of tanker market assessments with the launch of two new routes. This follows a successful 14 week trial.

The new tanker route assessments will be based on the following criteria:

• TC6: 30,000 mt CPP/UNL Algeria/Euromed Skikda/Lavera with laydays cancelling 7/14 days in advance. Max age: 15 years.

• TD12: 55,000 mt fuel oil ARA to US Gulf. Antwerp to Houston with laydays cancelling 15/20 days in advance. Double hulled vessels.

The Baltic has also given 12 months notice that it will also be increasing the size of vessel used as the basis for its panellists’ assessments on tanker route TC3 from 30,000 mt to 37,000 mt.

This change will take effect on 11 October 2005 with the Baltic making assessments on both 30,000 mt and 37,000 mt vessels between 1 July and 8 October 2005. This period of dual reporting will enable the market to establish a differential between the two assessments for settlement purposes.

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 500 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.
Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels. Commissions from chartering and sale and purchase in 2002 (latest available figures) amounted to more than US$½ billion.
All Baltic market information is available to Baltic members and subscribers on www.balticexchange.com.