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SUBSCRIBER NOTE: Platts launches weighted average Capesize TCE rate on Oct 1

S&P Global Platts has launched the CapeT4 Index, a new daily weighted average Capesize time charter equivalent (TCE) rate reflecting ton-mile demand on four key TCE assessments, from October 1, 2019.

Based on observed trade flow volume, the new CapeT4 Index will help represent the spot market accurately by capturing the movement of widely consumed commodities such as iron ore and coal.

Platts first announced the decision to publish a new daily weighted average Capesize TCE on September 4 ( http://plts.co/IfNv30pDmr4 ).

The CapeT4 Index assessment is derived by applying an allocated weightage to the daily TCE assessments of four key round voyages, published at the 5:30 pm Singapore (0930 GMT) close.

Weightage for the individual TCE assessments is determined by the volume of Capesize vessel movement observed between the related geographical regions associated with the respective voyages in the previous year from Platts trade flow software cFlow. It is calculated in ton-miles.

Ton-mile demand is calculated by multiplying the volume of cargo moved in metric tons by distance traveled in miles.

From October 1, 2019, the weightage for the average TCE assessment will be as follows, based on flows observed over December 1, 2017 to November 30, 2018:

Route Voyage Symbol code Weightage(%)

PCTCE5 N China Australia Round Voyage MRYAA00 46

PCTCE8 N China S Africa Round Voyage MRYBA00 6

PCTCE3A N China Atlantic Round Voyage MRYCA00 45

PCTCE7 Trans-Atlantic Round Voyage CRYAA00 3

Based on market feedback received, Platts has decided not to revise the weightages annually. Instead, Platts may review the weightage in the event of a substantial change in the observed trade flows.

Please send all comments or questions 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.