Platts to change weekly Middle East-India polymer freight assessments

S&P Global Platts has decided to incorporate several changes to its weekly Middle East to India polymer freight assessments, effective Feb. 9, 2022.

They include changes to the load and discharge ports, as well as calibration of the assessments against relevant container rates.

Platts first proposed changes to its weekly Middle East to India polymer freight assessments in a subscriber note published Dec. 1: https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/120121-platts-proposes-changes-to-weekly-middle-east-india-polymer-freight-assessments.

DISCHARGE PORTS: Platts will amend the basket of discharge ports to India's Mundra, Jawaharlal Nehru Port (JNPT) and Mumbai ports. Platts understands that a vast majority of polymer supply into India are delivered into JNPT and Mundra. India imported 1.043 mil mt of the major polymers (polyethylene, polypropylene, polyvinyl chloride) in 2019 and 0.9 mil mt in 2020, according to India customs statistics. Of these, 74%-79% are delivered into West Coast India, according to source estimates. The amendment to the discharge port basket will better reflect the current trade flow. Currently, the discharge ports are specified as Kolkata, Mumbai and Chennai.

LOAD PORTS: Platts will change the basket of load ports to Jebel Ali and Salalah to better reflect liquidity of the freight routes and streamline the assessments to reflect loadings from ports in the region. The current load ports used are Jebel Ali (Dubai), Khalifa (Abu Dhabi), Jubail and Rabigh (Saudi Arabia), Shuaiba (Kuwait), Mesaieed (Qatar), Assaluyeh and Bandar Imam Khomeini (Iran).

CONTAINER RATES: Platts will routinely calibrate its polymer freight assessments against the newly launched daily Middle East-West Coast India container box rates. Currently, the Middle East to India polymer freight assessments are published in $/mt at the close of Asian trade at 4:30 pm Singapore time (0830 GMT), every Wednesday.

From Feb. 9, 2022, Platts will compare the pricing information, received from market participants, with its daily 5:30 pm Singapore time (0930 GMT) container box rate assessments (https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/110121-platts-launches-west-coast-india-middle-east-container-rate-assessments).

The following conversion factors to derive a $/mt freight rate for polymers will be used:

Code Assessment MT in 1 container

PCR3400 Platts Container Rate 34 Middle East-West Coast India $/FEU 25 mt

TCR3400 Platts Container Rate 34 Middle East-West Coast India $/TEU 17 mt

The affected assessments can be found on Platts Petrochemical Alert fixed pages 628, 629, on the Petrochemicals service on Platts Dimensions Pro and Platts Market Center, in Polymerscan and Asia Dry Freight Wire publications and in the Platts database under the codes listed below:

Weekly code Monthly average Assessments

AAPRV00 AAPRV03 Middle East-India 25-100 mt Weekly

AAPSO00

Middle East-India 100 mt Weekly

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