Platts changes weekly Middle East-India polymer freight assessments

S&P Global Platts is incorporating several changes into its weekly Middle East to India polymer freight assessments effective Feb. 9, 2022.

These 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, 2021: 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 has amended 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 is delivered into JNPT and Mundra. India imported 1.043 million mt of the major polymers (polyethylene, polypropylene, polyvinyl chloride) in 2019 and 0.9 million mt in 2020, according to India customs statistics. Of this, 74%-79% was delivered to West Coast India, according to source estimates. The amendment to the discharge port basket is to better reflect the current trade flow. Previously, the discharge ports were specified as Kolkata, Mumbai and Chennai.

LOAD PORTS: Platts has changed 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. Platts previously specified load ports as Jebel Ali (Dubai), Khalifa (Abu Dhabi), Jubail and Rabigh (Saudi Arabia), Shuaiba (Kuwait), Mesaieed (Qatar), Assaluyeh and Bandar Imam Khomeini (Iran).

CONTAINER RATES: Platts has started to routinely calibrate its polymer freight assessments against the newly launched daily Middle East-West Coast India container box rates. 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 are used:

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:

Please send any comments and questions to petchems@spglobal.com with a copy to pricegroup@spglobal.com.

For written comments, please provide a clear indication if they 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.