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 Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

Bestobell Bags Hat Trick Order in China

Bestobell Marine, part of the President Engineering Group, has received its third order in the past 12 months from Hudong Zhonghua shipyard in China. The deal

Panama Accredits Maritime Security Firm

The Panama Maritime Authority has accredited ESC Global Security personnel to offer protection aboard Panamanian-registered vessels, in what is thought to mark

Contracts

Maersk Oil Hires Ampelmann Gangway System

After having performed a walk to work (W2W) campaign in the summer of 2014, Motion Compensation Gangways (MCG) developer Ampelmann has again been awarded a contract

Lamprell Delivers Jackup Rig to Greatship

Lamprell announced it has completed construction on jackup drilling rig Greatdrill Chaaru, delivering the rig to Greatship Global Energy Services Pte. Ltd.    Greatdrill

Food Handling Products Ordered for Ovation of the Seas

ALMACO informs it has been contracted to deliver food handling products for the Royal Caribbean International’s Ovation of the Seas, the third Quantum-class ship

Finance

Stronger Panamaxes Boost Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments.

Egypt: Suez Canal Zone to Make Up 30-35% of Economy

Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt's economy, the country's investment minister said on Thursday.

Australia Announces Patrol Boat Tender

Tender announced for Pacific Patrol Boat Replacement Project   The Australian Government announced a Request for Tender (RFT) to replace the Pacific Patrol Boats

News

Stronger Panamaxes Boost Baltic Sea Freight Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, made minor gains on Thursday on higher rates for the panamax and smaller vessel segments.

Egypt: Suez Canal Zone to Make Up 30-35% of Economy

Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt's economy, the country's investment minister said on Thursday.

Maersk Oil Hires Ampelmann Gangway System

After having performed a walk to work (W2W) campaign in the summer of 2014, Motion Compensation Gangways (MCG) developer Ampelmann has again been awarded a contract

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3325 sec (3 req/sec)