Baltic Exchange Retains ME Gulf-Singapore Tanker Route

The Baltic Exchange will continue to make daily Worldscale assessments on its ME Gulf to Singapore tanker route (TD2) and will not be withdrawing the route on 30 June 2005 as previously announced (23 June 2004).

Following representations from Baltic Exchange members who rely on an accurate independent marker based on 260,000 mt tankers carrying crude oil from the Middle East to Singapore, the Baltic board has decided to not implement the proposed change.

Baltic Exchange Chief Executive Jeremy Penn said:

“As an international membership organisation the Baltic always listens to its members’ views and it is gratifying to know that members rely so heavily on our panelist assessments.”

Since 1 September TD2 has risen over 320% and currently stands at 292.86 Worldscale points.

Route TD2 is based on the following description:

• Middle East Gulf to Singapore. Ras Tanura to Singapore with laydays/cancelling 20/30 days in advance. Maximum age 20 years.