London's Baltic Exchange Redefines Capesize Terms

MarineLink.com
Friday, December 13, 2013
Capesize Bulk Carrier: Wiki CCL photo

The Baltic Exchange inform it will be making significant amends to the Baltic Capesize Index including a change to its vessel description, amends to the route weightings and the addition of three new routes, as follows:  



The move follows a formal consultation process with the dry bulk market which began on 11 October 2013. Trial reporting on the new routes and vessel description will begin in late January/early February with a lifting of the trial anticipated by the end of March 2014. The existing routes and new routes will be published side-by-side until there is no further open interest in either Forward Freight Agreements (FFAs) or options to be settled. This vessel will routinely be referred to as the 'Baltic Capesize 2014'.



The basis of the new Baltic Exchange capesize vessel description will be:


  • 180,000mt dwt on 18.2m SSW draft
  • 
Max age 10 years
198,000cbm grain
  • 
LOA 290m Beam 45m
  • 
15 knots ballast/14 knots laden on 62mt fuel oil (380 cst), no diesel at sea. 

  • When considering the prevailing timecharter market rate for the Baltic Capesize 2014 vessel, panellists should assume that, if steaming at 12 knots laden or 13 knots ballast, the vessel will consume 43mt fuel oil, no diesel at sea.



At the same time Baltic Exchange launched new standard routings for the Capesize.

Baltic Exchange Chief Executive Jeremy Penn said: 

“These are significant alterations which will impact traders, owners and charterers and are designed to reflect the realities of a changed dry bulk marketplace. We have received a large number of written comments, held open meetings with members and stakeholders in Singapore and Geneva as well as held face to face meetings with key market participants.”


The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 600 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.

www.balticexchange.com


Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

C. Raymond Hunt Associates Celebrates 50 Years

C. Raymond Hunt Associates, a boat design firm that continues to expand on the legacy of its founder, C. Raymond Hunt, to produce innovative boats with rugged seaworthiness,

GAC Russia Expands Eastwards

GAC Russia said it is expanding eastwards with the opening of new branches at Nakhodka and Yuzhno-Sakhalinsk to meet demand for shipping services as opportunities open up in Far East.

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

Contracts

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

Eni Cancels Vessel Deal with Viking Supply Ships

Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for

Bulk Carrier Trends

How to Avoid Claims for Self-cooking Cargo

North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they do not get blamed for cargoes that start ‘cooking’ at sea.

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

Finance

Funding Approved for Georgia’s New Inland Terminal

At its July board meeting, the Georgia Ports Authority (GPA) approved a spending package of $19.7 million to construct the Appalachian Regional Port in Chatsworth, Murray County, Ga.

Baltic Index Falls on Weak Freight Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Monday due to weaker rates across all segments, except handysizes.

As Market Sours, LPG Tankers Anchor off Singapore

Record U.S. LPG exports to Asia flip market into a glut. Last year, liquefied petroleum gas (LPG) supplied to Asia was being snapped up by petrochemical makers.

News

Port of Rotterdam Throughput Dips in 2016

Compared to the first half of 2015, which saw throughput increased by 6.8 percent, the Port of Rotterdam handled 3 percent less cargo in the first six months of 2016,

Libyan Deal to End Oil Ports Blockade Needs Signing

Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government

GAC Russia Expands Eastwards

GAC Russia said it is expanding eastwards with the opening of new branches at Nakhodka and Yuzhno-Sakhalinsk to meet demand for shipping services as opportunities open up in Far East.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1418 sec (7 req/sec)