The Baltic Exchange is to start publishing the port costs used to calculate its daily time charter equivalent (TCE) assessments for the tanker market from 9th March.
The service already provides average dollar pricing conversions for VLCCs, Suezmaxes and Aframaxes 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. A complete list can be found under the main Baltic Dirty Tanker Index and Clean Tanker Index pages on www.balticexchange.com.
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 ceo 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.”
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