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Price Assessment

Platts Time Charter Equivalent Weighted Averages Indexes — Cape T4 | KMAX 9 | APSI 5

  • What are Platts Time Charter Equivalent Weighted Average Indexes?
  • How does Platts assess Time Charter Equivalent Weighted Average Indexes?
  • Global Capesize Dry Bulk Daily Commentary

What are Platts Time Charter Equivalent Weighted Average Indexes?

Platts TCE indexes are the most accurate, independent and transparent measure of the daily revenue of dry bulk vessels. The three indices are the Cape T4, the KMAX9 and the APSI 5. They represent global averages for both Capesize and Kamsarmax vessels, while the APSI 5 is the Asia-Pacific Supramax Index. For each vessel size, values for both scrubber-fitted and non-scrubber-fitted tonnage are published each day.

More information:

Press Release - KMAX 9 Index >

How does Platts assess Time Charter Equivalent Weighted Average Indexes?

Platts TCEs are derived from Platts $/mt voyage rate assessments by dividing the net revenue, minus the costs for port charges and bunkers consumed, by the voyage duration. The weights are then applied are based on actual ton-mile demand observed for each sector using Platts trade flow software cFlow, over a three-year period from Jan 1, 2017 to Dec 31, 2019. These weights are then assigned to the TCE rates to arrive at the weighted average index. You can find more details with regards to the methodology in our subscriber notes and specifications guide for global freight.

Subscriber Note - Cape T4 Index >

Subscriber Note - KMAX 9 Index >

Subscriber Note - APSI 5 >

Dry Freight TCEs Explained >

Global Capesize Dry Bulk Daily Commentary

  • Capesize tonnages digested by Panamax cargoes
  • Pacific rates inch down due to slim cargo list



Capesize markets in the Pacific and Atlantic regions ended the week on a quiet note amid limited fresh shipping demand. Overall, market sentiment for the March window was firmer on the back of the improving Capesize FFA segment. Though the bunker market fell, the bunker price remained at a decent level to support shipping freight rates, market players said.

Meanwhile, Capesize ships were observed trying to load Panamax stem cargoes for commercial benefits with Panamax freight rates still costly.

“The Capesize market still sees support from a robust Panamax market, which helps digest some Capesize tonnage supply,” a ship-operating source said.

Pacific market

In the Pacific region, freight rates inched down due to a slim cargo list.

“Tonnage list is quite tight, so I am quite surprised to hear that Rio Tinto fixed at $7.25/wmt on the Dampier-to-Qingdao route for March 14-16 laycan,” said a shipbroker, adding that CJK was closed due to strong wind.

After the above fixture, the same charterer was heard taking another Capesize ship at $7.15/wmt.

The indicative freight heard on the west coast Australia-to-Qingdao route was in the $7.15/wmt to $7.25/wmt range.

The freight rate for a Capesize ship to move 170,000 mt (plus/minus 10%) of iron ore on the Port Hedland-Qingdao route was assessed at $7.20/mt, down 20 cents/wmt from Feb. 25.

Atlantic market

The Atlantic freight market moved sideways without much seen across the basin during the Asian trading hours.

Out of Brazil and West Africa, owner resistance was observed.

on the Key Tubarao to Qingdao route, a Singapore-based shipbroker said that for the second-half March loading window, offers were at $16s/wmt. Fixture wise, RWE was heard fixing a Newcastlemax ship for mid-March laycan at $15.25/wmt.

The freight indicated on the Brazil-to-China route was in the $15/wmt to $15.80/wmt range.

The freight rate for a Capesize ship to move 170,000 mt (plus/ minus 10%) of iron ore from Tubarao to Qingdao was assessed at $15.50/wmt, up 60 cents/wmt day on day.

Out of South Africa, the story was quite similar with thin liquidity.

The freight rate for a Capesize ship to move 170,000 mt (plus/minus 10%) of iron ore from Saldanha Bay to Qingdao was assessed at $11.95/wmt, up 35 cents/wmt from Feb. 25.


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