SUBSCRIBER NOTE: Platts to launch dry bulk TCE assessments

Following a period of industry consultation and feedback, S&P Global Platts has decided to launch daily Time-Charter Equivalent, or TCE, assessments for dry bulk vessels to reflect the market's growing interest in these prices.

Platts will launch these assessments with effect from January 3, 2017.

These assessments were first proposed in a subscriber note published November 7, 2016 (http://www.platts.com/subscriber-notes-details/27705450).

Each TCE assessment for Supramax, Panamax and Capesize vessels will reflect the $/day pricing derived from the respective voyage rates published on a $/mt basis in the Dry Freight Wire.

The TCE will be calculated using bunker prices published by Platts.

The port charges, vessel speed and consumption used in the TCE calculation are arrived at by extensive market survey and reflect market practice.

All assessments will be basis loading and discharge on Sundays and Holidays Included per weather working day at both ends; sea margin of 5% and total commission at 5%.

The following are the TCE assessments, including vessel descriptions and routes:

CAPESIZE 181,000 dwt

1.PCTCE19 Port Hedland, Western Australia/Qingdao, China 170,000 mt (plus/minus 10%)

2.PCTCE20 Saldanha Bay, South Africa/Qingdao, China 170,000 mt (plus/minus 10%)

3.PCTCE21A Tubarao, Brazil/Qingdao, China 170,000 mt (plus/minus 10%) Pacific Round Voyage

4.PCTCE22B Tubarao, Brazil/Qingdao, China 170,000 mt (plus/minus 10%) Front Haul

5.PCTCE23 Puerto Bolivar, Colombia/Rotterdam, Netherlands 150,000 mt (plus/minus 10%)

Terms based on: Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PCTCE19 Scale/30,000 mt 6/24 hours China-Japan range Shanghai PCTCE20 Scale/30,000 mt 18/24 hours China-Japan range Singapore PCTCE21A Scale/30,000 mt 6/24 hours China-Japan range Singapore PCTCE22B Scale/30,000 mt 6/24 hours ARA range/passing Passero Singapore PCTCE23 50,000/25,000 mt 12/12 hours ARA range/passing Passero Rotterdam

PANAMAX 81,000 dwt

1. PPTCE42 South Kalimantan, Indonesia/Paradip, India 75,000 mt (plus/minus 10%)

2. PPTCE43 South Kalimantan, Indonesia/Mundra, India 75,000 mt (plus/minus

10%)

3. PPTCE44 Richards Bay, South Africa/Paradip, India 75,000 mt (plus/minus 10%)

4. PPTCE45 Richards Bay, South Africa/Mundra, India 75,000 mt (plus/minus 10%)

5. PPTCE46 Hay Point, Australia/Paradip, India 75,000 mt (plus/minus 10%)

6. PPTCE47 Hay Point, Australia/Qingdao, China 75,000 mt (plus/minus 10%)

Terms based on: Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PPTCE42 15,000/12,000 mt 12/12 hours south China Singapore PPTCE43 15,000/20,000 mt 12/12 hours south China Singapore PPTCE44 Scale/12,000 mt 18/12 hours Passing Muscat Outbound Fujairah PPTCE45 Scale/20,000 mt 18/12 hours Passing Muscat Outbound Fujairah PPTCE46 Scale/12,000 mt 12/12 hours north China Singapore PPTCE47 Scale/15,000 mt 12/24 hours north China Shanghai

SUPRAMAX 57,000 dwt

1.PSTCE17 South Kalimantan, Indonesia/Paradip, India 50,000 mt (plus/minus 10%)

2.PSTCE18 South Kalimantan, Indonesia/Navlakhi, India 50,000 mt (plus/minus 10%)

3.PSTCE19 Richards Bay, South Africa/Paradip, India 50,000 mt (plus/minus 10%)

4.PSTCE20 Richards Bay, South Africa/Navlakhi, India 50,000 mt (plus/minus 10%)

5.PSTCE21 Mina Saqr, UAE/Paradip, India 50,000 mt (plus/minus 10%)

Terms based on: Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PSTCE17 8,000/12,000 mt 12/12 hours Singapore Singapore PSTCE18 8,000/12,000 mt 12/12 hours Singapore Singapore PSTCE19 Scale/12,000 mt 18/12 hours Passing Muscat Outbound Fujairah PSTCE20 Scale/12,000 mt 18/12 hours Passing Muscat Outbound Fujairah PSTCE21 15,000/12,000 mt 12/12 hours west coast India Fujairah

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