SUBSCRIBER NOTE: Platts launches dry bulk TCE assessments

Following a period of industry consultation and feedback, S&P Global Platts has launched daily Time-Charter Equivalent, or TCE, assessments for dry bulk vessels reflecting the market's growing interest in these prices.

These assessments were first proposed in a subscriber note published November 7, 2016 (http://platts.com/subscriber-notes-details/27705450).

Each TCE assessment for Supramax, Panamax and Capesize vessels reflects the $/day pricing derived from the respective voyage rates published on a $/mt basis in the Dry Freight Wire.

The TCE is calculated using bunker prices published by Platts.

The port charges, vessel speed and consumption used in the TCE calculation are arrived at by extensive market survey and reflect market practice.

All assessments are basis loading and discharge on Sundays and holidays included per weather working day at both ends; sea margin of 5% and total commission at 5%.

Based on the feedback to the decision note, Platts is amending the calculation terms for some of these assessments, as follow:

* Supramax 57,000 dwt

Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PSTCE19 Scale/12,000 mt 18/12 hours Passing Muscat Outbound Fujairah To PSTCE19 Scale/12,000 mt 18/12 hours East Coast India Durban

PSTCE20 Scale/12,000 mt 18/12 hours Passing Muscat Outbound Fujairah To PSTCE20 Scale/12,000 mt 18/12 hours East Coast India Durban

* Panamax 81,000 dwt

Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PPTCE44 Scale/12,000 mt 18/12 hours Passing Muscat Outbound Fujairah To PPTCE44 Scale/12,000 mt 18/12 hours East Coast India Durban

PPTCE45 Scale/20,000 mt 18/12 hours Passing Muscat Outbound Fujairah To PPTCE45 Scale/20,000 mt 18/12 hours East Coast India Durban

* The Durban and Rotterdam bunker prices, which are assessed out of London, will be normalized to Singapore time for the use in the respective TCE assessments.

The new TCE assessments, including vessel descriptions, and their respective codes are as follows:

CAPESIZE 181,000 dwt

MRYAA00 - PCTCE19 Port Hedland, Western Australia/Qingdao, China 170,000 mt (plus/minus 10%)

MRYBA00 - PCTCE20 Saldanha Bay, South Africa/Qingdao, China 170,000 mt (plus/minus 10%)

MRYDA00 - PCTCE21A Tubarao, Brazil/Qingdao, China 170,000 mt (plus/minus 10%) Pacific Round Voyage

MRYCA00 - PCTCE22B Tubarao, Brazil/Qingdao, China 170,000 mt (plus/minus 10%) Front Haul

CRYAA00 - PCTCE23 Puerto Bolivar, Colombia/Rotterdam, Netherlands 150,000 mt (plus/minus 10%)

Terms based on: Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PCTCE19 Scale/30,000 mt 6/24 hours China-Japan range Shanghai PCTCE20 Scale/30,000 mt 18/24 hours China-Japan range Singapore PCTCE21A Scale/30,000 mt 6/24 hours China-Japan range Singapore PCTCE22B Scale/30,000 mt 6/24 hours ARA range/passing Passero Singapore PCTCE23 50,000/25,000 mt 12/12 hours ARA range/passing Passero Rotterdam

PANAMAX 81,000 dwt

CRYBA00 - PPTCE42 South Kalimantan, Indonesia/Paradip, India 75,000 mt (plus/minus 10%)

CRYCA00 - PPTCE43 South Kalimantan, Indonesia/Mundra, India 75,000 mt (plus/minus 10%)

CRYDA00 - PPTCE44 Richards Bay, South Africa/Paradip, India 75,000 mt (plus/minus 10%)

CRYEA00 - PPTCE45 Richards Bay, South Africa/Mundra, India 75,000 mt (plus/minus 10%)

MRYEA00 - PPTCE46 Hay Point, Australia/Paradip, India 75,000 mt (plus/minus 10%)

MRYFA00 - PPTCE47 Hay Point, Australia/Qingdao, China 75,000 mt (plus/minus 10%)

Terms based on: Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PPTCE42 15,000/12,000 mt 12/12 hours south China Singapore PPTCE43 15,000/20,000 mt 12/12 hours south China Singapore PPTCE44 Scale/12,000 mt 18/12 hours East Coast India Durban PPTCE45 Scale/20,000 mt 18/12 hours East Coast India Durban PPTCE46 Scale/12,000 mt 12/12 hours north China Singapore PPTCE47 Scale/15,000 mt 12/24 hours north China Shanghai

SUPRAMAX 57,000 dwt

CRYFA00 - PSTCE17 South Kalimantan, Indonesia/Paradip, India 50,000 mt (plus/minus 10%)

CRYGA00 - PSTCE18 South Kalimantan, Indonesia/Navlakhi, India 50,000 mt (plus/minus 10%)

CRYHA00 - PSTCE19 Richards Bay, South Africa/Paradip, India 50,000 mt (plus/minus 10%)

CRYIA00 - PSTCE20 Richards Bay, South Africa/Navlakhi, India 50,000 mt (plus/minus 10%)

MRYGA00 - PSTCE21 Mina Saqr, UAE/Paradip, India 50,000 mt (plus/minus 10%)

Terms based on: Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PSTCE17 8,000/12,000 mt 12/12 hours Singapore Singapore PSTCE18 8,000/12,000 mt 12/12 hours Singapore Singapore PSTCE19 Scale/12,000 mt 18/12 hours East Coast India Durban PSTCE20 Scale/12,000 mt 18/12 hours East Coast India Durban PSTCE21 15,000/12,000 mt 12/12 hours west coast India Fujairah

The assessments are published on a dollar per day basis and appear in Platts Dry Freight Wire and Dry Freight Wire Monthly.

Any further feedback or questions should be directed to shipping@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.