Platts to launch two Global Suezmax Indexes, 20 Suezmax TCE assessments Dec 2

Platts, part of S&P Global Commodity Insights, will launch a daily Global Suezmax time charter equivalent (TCE) ton-miles weighted index, designated as GSI 10, based on vessels utilizing 0.5% sulfur bunker fuel effective Dec. 2, 2024. Simultaneously, Platts will also launch an additional daily Global Suezmax TCE ton-miles weighted index, designated as GSI 10S, based on scrubber-fitted vessels, utilizing 3.5% S bunker fuel and eco-class design. The proposal note for the assessment launch, first published Oct. 21, can be found here.

Considering the significant transformations in global seaborne crude oil trade, characterized by the emergence of new production and consumption regions, the Suezmax market currently lacks a comprehensive weighted TCE index that accurately represents trade flow volume.

As the global Suezmax fleet evolves to enhance fuel efficiency, various vessel types, including those with scrubbers and eco-designs, have emerged, leading to differentiated daily returns. To support the launch of the GSI 10 and the GSI 10S, Platts will also launch two series of 10 calculated TCE Suezmax assessments, with each series catering to non-scrubber, non-eco and scrubber-fitted eco-vessels respectively. The launch of two series of TCE rates for both non-scrubber, non-eco and scrubber-fitted, ecovessels will encapsulate the market's upper and lower earnings thresholds, thus providing enhanced clarity regarding TCE earnings across diverse Suezmax categories. Following market feedback, the discharge port in the West Africa-Mediterranean route has been changed from Marseille to Fos, France. The Suezmax TCE assessments and indexes include the following routes: