Platts proposes to launch Global Aframax Index, Global Dirty Tanker Index Nov. 3

Platts, part of S&P Global Commodity Insights, proposes to launch a daily Global Aframax time charter equivalent (TCE) ton-miles weighted index, called GAFXI 10, based on non-scrubber vessels using 0.5% sulfur bunker fuel starting Nov. 3, 2025.

Simultaneously, Platts also proposes launching an additional daily Global Aframax TCE ton-miles weighted index, called GAFXI 10S, based on scrubber-fitted vessels using 3.5% sulfur bunker fuel and eco-class design.

Given the major changes in global seaborne crude oil trade, marked by new crude oil production and consumption areas, the Aframax market currently lacks a comprehensive weighted TCE index that accurately reflects trade flow volume.

As the global Aframax fleet evolves to improve fuel efficiency, various vessel types, including those with scrubbers and eco-designs, have emerged, resulting in different daily returns.

To support the proposed launch of the GAFXI 10 and the GAFXI 10 S, Platts also proposes launching two series of 10 calculated TCE Aframax assessments, with each series serving non-scrubber and scrubber-fitted eco-vessels, respectively. The introduction of these two TCE rate series for both non-eco, non-scrubber and scrubber-fitted eco-vessels aims to capture the market's upper and lower earnings ranges, providing clearer insight into TCE earnings across different Aframax categories. The proposed Aframax TCE assessments and indexes would cover the following weight-assigned routes:

The GAFXI 10 and GAFXI 10 S indexes would not be published on days when any of London, Singapore, Houston, or all three locations observe a public holiday.

The TCE assessments for the routes Teesport-Rotterdam, Mongstad-Genoa, CPC-Augusta, and Ceyhan-Trieste would follow the London schedule and be published at 4:30 pm London time.

The assessments for the routes Fujairah-Ulsan, Kimanis-Geelong, and Dampier-Daesan would follow the Singapore schedule and be published at 4:30 pm Singapore time.

The assessments for the routes Corpus Christi-Rotterdam, Dos Bocas-Houston, Vancouver-Long Beach, and Houston-Canaport would follow the Americas schedule and be published at 1:30 pm Houston time.

The weightings for individual TCE assessments would be based on the volume of Aframax vessel movements, as observed by data from S&P Global Commodities at Sea, converted to ton-miles. The ton-mile demand estimate is derived from the cargo volume in metric tons during 2022-24 between regions, multiplied by the distance travelled in nautical miles for the specified routes, following the shortest route.

Platts Global Dirty Tanker Index

Platts is also proposing the launch of a Global Dirty Tanker Index, a combined wet bulk freight industry marker that would be derived from the weighted average TCE indexes, including the Platts Global VLCC Index, the Global Suezmax Index and the proposed Global Aframax Index, effective Nov. 3, 2025.

The Platts Dirty Tanker Index would be published in dollars per day ($/day) for both non-eco, non-scrubber vessels and eco-class, scrubber-fitted ships, following the logic of capturing the market's upper and lower earnings ranges.

The index assessments would not be published on days when either London, Houston, or Singapore or all locations have a public holiday.

Weighting for the individual indexes within the proposed Platts Global Dirty Tanker Index would be determined by the ton-days observed for VLCC, Suezmax, and Aframax tankers globally over the last three full years (2022-2024) from CAS.

Ton-days demand is calculated by multiplying the volume of cargo moved in metric tons by the duration of each tracked shipment in days.

The proposed weighting for the Platts Global Dirty Tanker Index would be as follows, based on ton-days observed over Jan. 1, 2022, to Dec. 31, 2024:

Platts may review the weightage in the event of a substantial change in observed trade flows.

Please send any comments or questions to tankers@spglobal.com and pricegroup@spglobal.com by Oct. 3, 2025.

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 to the public upon request.