SUBSCRIBER NOTE: Platts to launch Ultramax dry bulk TCE assessments Jan 2, 2018

Following a period of industry consultation and feedback, S&P Global Platts has decided to launch daily Time Charter Equivalent, or TCE, assessments for Ultramax dry bulk vessels reflecting the market's growing interest in these prices, effective January 2, 2018.

Platts first proposed this new launch in a subscriber note published October 13 (https://www.platts.com/subscriber-notes-details/27879053).

The TCE assessments will reflect the $/day pricing derived from the respective voyage rates published on a $/mt basis in Dry Freight Wire.

The TCEs 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 will 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 TCE assessments, including vessel descriptions and routes, will be launched:

ULTRAMAX 63,000 dwt

1. PUTCE01 South Kalimantan, Indonesia/Paradip, India 55,000 mt (plus/minus 10%) 2. PUTCE02 South Kalimantan, Indonesia/Navlakhi, India 55,000 mt (plus/minus 10%) 3. PUTCE03 Richards Bay, South Africa/Paradip, India 55,000 mt (plus/minus 10%) 4. PUTCE04 Richards Bay, South Africa/Kandla , India 55,000 mt (plus/minus 10%)

Terms based on: Route Load/Discharge Turn-time at Vessel Delivery Bunkering Port rates Load/Discharge Port PUTCE01 8,000/12,000 mt 12/12 hours Singapore Singapore PUTCE02 8,000/12,000 mt 12/12 hours Singapore Singapore PUTCE03 Scale/12,000 mt 18/12 hours east coast India Durban PUTCE04 Scale/12,000 mt 18/12 hours east coast India Durban

Please send all comments and feedback to shipping@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.