SUBSCRIBER NOTE: Platts to launch Panamax North Pacific dry bulk TCE assessment

Singapore (Platts)--22Jul2018/1101 pm EDT/301 GMT Following a period of industry consultation and feedback, S&P Global Platts confirms it will launch a daily Time Charter Equivalent, or TCE, assessment for Panamax dry bulk vessels for North Pacific voyages, reflecting the market's growing interest in these prices, effective August 1, 2018.

The TCE assessments will reflect the $/day price derived from the respective voyage rates published on a $/mt basis in Dry Freight Wire.

Platts had proposed to launch the TCE assessment effective August 1, 2018 in a subscriber note published on June 25, 2018 (https://www.spglobal.com/platts/en/our-methodology/subscriber-notes/062518-p latts-proposes-panamax-north-pacific-dry-bulk-tce-assessment).

The TCE will be calculated using bunker prices published by Platts.

The port charges, vessel speed and consumption used in the TCE calculations are derived after extensive market survey and will reflect market practice.

All assessments will be basis loading and discharge on Sundays and holidays included per weather working day at both ends; sea margin of 7% and total commission at 5%.

The TCE assessment, including vessel description and route, is the following:

Panamax 81,000 dwt

Terms based on: Route Load/Discharge Turn-time Vessel Bunkering rates at Load/Discharge Delivery Port PPTCE44 scale/15,000 12/24 North South China Korea

Please send all comments or questions to shipping@spglobal.com and 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 those not marked as confidential available to the public upon request.