Platts proposes to launch Global Clean Tanker TCE Indices Nov. 3

Platts, part of S&P Global Commodity Insights, proposes to launch three daily Global Clean Tanker time charter equivalent (TCE) ton-miles weighted indices, for Medium Range, Long Range 1 and Long Range 2 tankers, based on non-scrubber, non-eco class vessels using 0.5% sulfur bunker fuel, effective Nov. 3, 2025.

Simultaneously, Platts also proposes launching three Global Clean Tanker time charter equivalent ton-miles weighted indices, for Medium Range, Long Range 1 and Long Range 2 tankers, based on scrubber-fitted, eco-class design vessels using 3.5% sulfur bunker fuel.

Given the major changes in global seaborne refined products trade, marked by new production and consumption areas, the clean tanker freight market currently lacks a comprehensive weighted TCE index that accurately reflects trade flow volume.

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

To support the proposed launch of the Global Medium Range Clean Tanker Indices, the Global Long Range 1 Clean Tanker Indices, and the Global Long Range 2 Clean Tanker Indices, Platts also proposes launching two series of calculated TCE clean tanker assessments for each vessel class, 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 clean tanker categories.

The proposed clean tanker TCE assessments and indices would cover the following weight-assigned routes:

The Global Clean Tanker indices would not be published on days when any of London, Singapore, Houston, or all three locations observe a public holiday.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 UKC-West Africa, UKC-USAC, UKC-ECSA, Med-USAC, and Med-Far East would follow the London schedule and be published at 4:30 pm London time.

The TCE assessments for the routes AG-East Africa, Far East-Far East, Far East-Southeast Asia, AG-Far East, and AG-UKC would follow the Singapore schedule and be published at 4:30 pm Singapore time.

The assessments for the routes USGC-Caribbean, USGC-Chile, and USGC-UKC 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 clean tanker 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 2022-2024 between regions, multiplied by the distance travelled in nautical miles for the specified routes, following the shortest route.

Platts Global Clean Tanker Index

Platts is also proposing the launch of a Global Clean Tanker Index, a combined wet bulk freight industry marker derived from the proposed weighted average time charter equivalent indices, namely the Global LR2 Index, the Global LR1 Index and the Global MR Index, effective Nov. 3, 2025.

The Platts Clean 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 earning ranges.

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

The proposed Platts Global Clean Tanker Index would weigh the individual indices based on the ton-days observed for LR2, LR1, and MR tankers globally over the last three full years -- 2022-2024 -- from CAS.

Ton-day 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 Clean 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.