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

Platts, part of S&P Global Commodity Insights, will 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 will launch an additional daily Global Aframax TCE ton-miles weighted index, called GAFXI 10S, based on scrubber-fitted ships 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 ship types, including those with scrubbers and eco-designs, have emerged, resulting in different daily returns.

To support the launch of the GAFXI 10 and the GAFXI 10 S, Platts will also launch 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 Aframax TCE assessments and indexes will cover the following weight-assigned routes:

The GAFXI 10 and GAFXI 10 S indices will not be published on days when any of London, Singapore, Houston, or all three locations observe a public holiday.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 will 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 will follow the Singapore schedule and be published at 4:30 pm Singapore time.

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

The weightings for individual TCE assessments will be based on the volume of Aframax ship 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 will also launch of a Global Dirty Tanker Index, a combined wet bulk freight industry marker that will be derived from the weighted average time charter equivalent indices including the Platts Global VLCC Indices (GVI 7 and GVI 7S), the Global Suezmax Indices (GSI 10 and GSI 10S) and the Global Aframax Indices (GAFXI 10 and GAFXI 10S), effective Nov. 3, 2025.

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

The index assessments will not be published on days when either London, Houston, or Singapore or all locations have a public holiday.

Weighting for the individual indices within the Platts Global Dirty Tanker Index will be determined by the ton-days observed for VLCC, Suezmax, and Aframax tankers globally over the last three full years (2022-2024) from S&P Global Commodities at Sea.

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 weighting for the Platts Global Dirty Tanker Index will 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.

This change was first proposed here in a subscriber note published Sept. 22, 2025.

Please send any comments or questions to tankers@spglobal.com and pricegroup@spglobal.com.

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.