Platts proposes to launch Capesize thermal coal, Panamax limestone voyage, TCE assessments

Platts, part of S&P Global Commodity Insights, proposes to launch a spot voyage assessment for Capesize coal exports from Indonesia to India, and a spot voyage assessment and time charter equivalent assessment for Panamax limestone exports from the Persian Gulf into India, effective Dec. 1, 2022, to reflect increasing spot shipments on these routes.

CAPESIZE INDONESIA TO WC INDIA COAL SPOT VOYAGE ASSESSMENT: The proposed PC25 assessment would reflect the value of chartering a Capesize vessel carrying a 150,000 mt (plus/minus 10%) thermal coal cargo from Samarinda in East Kalimantan, Indonesia to Mundra on west coast India, loading 7-20 days forward from the date of publication. The assessment would be basis a load and discharge rate of 15,000 mt/d and 40,000 mt/d, respectively. It will be on a Free In & Out basis, and will exclude port charges at the discharge port, in line with market practice.

Capesize shipments of thermal coal from Indonesia to India have surged 59.5% to 31.5 million mt over January-September 2022, compared with 19.77 million mt over the same period in 2021, according to ship tracking data available with S&P Global. Capesize shipments on this route have increased in recent months, compared with Supramax and Panamax shipments, as charterers look to maximize economies of scale amid rising freight rates.

Furthermore, Capesize thermal coal spot fixtures from Indonesia to India surged to 122 over January-September, compared with 22 over the whole of 2021, according to data compiled by S&P Global.

PANAMAX PG TO EC INDIA LIMESTONE SPOT VOYAGE ASSESSMENT: The proposed PP47 assessment would reflect the value of chartering a Panamax ship carrying a 75,000 mt (plus/minus 10%) limestone cargo from Mina Saqr in the UAE to Paradip on east coast India, loading 7-20 days forward from the date of publication. The assessment would be basis a load and discharge rate of 20,000 mt/d and 18,000 mt/d, respectively, and will be on a Free In & Out basis.

Limestone shipments from the Persian Gulf to India have seen a significant shift toward gearless ships like Panamaxes/Kamsarmaxes and Capesizes since the opening of two deep draft berths at the Mina Saqr port in 2019.

Indian imports of limestone from the Persian Gulf on Panamax ships totaled 8.55 million mt over January-September 2022, up almost 10% compared with the same period in 2021, according to ship tracking data available with S&P Global.

PANAMAX PG TO EC INDIA LIMESTONE TCE ASSESSMENT: Platts also proposes to publish two related time charter equivalent assessments on the Persian Gulf to east coast India limestone voyage, reflecting the $/d pricing on a standard Kamsarmax-class ship using 0.5%S marine bunker fuel and a scrubber-fitted Kamsarmax ship using 3.5%S marine bunker fuel. These will be derived from the proposed Panamax Persian Gulf to east coast India spot voyage rate for limestone shipments and will reflect bunkering at UAE's Fujairah port.

The port charges, ship speed, and bunker fuel consumption used in the TCE calculations are arrived at by extensive market survey and reflect market practice.

The proposed spot voyage and TCE assessments would reflect the value at the Asian market close at 5:30 pm Singapore time (0930 GMT) and follow the Singapore publishing schedule.

Please send all feedback, comments or questions to shipping@spglobal.com and pricegroup@spglobal.com by Oct. 27, 2022.

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