S&P Global Platts is set to roll out time charter equivalent (TCE) assessments for 209,000 dwt newcastlemax bulkers using LNG as bunker fuel on six key routes and a ton-mile weighted average index named NMAX GT4.
Starting next month, the new TCE assessments will reflect the $/day pricing derived from the respective voyage rates published on a $/mt basis in Platts Dry Freight Wire and will be calculated using LNG bunker fuel prices published by Platts. The new NMAX GT4 Index assessment will be derived by applying an allocated weighting to the daily TCE assessments of four key round voyages.
The TCE assessments and the NMAX GT4 Index will be assessed based on the Asia market’s closing at 17.30 hrs Singapore time and will follow the Singapore publishing schedule.
Two LNG-powered capesize vessels are currently in operation, while the first of the larger newcastlemax ships is expected to be commissioned in early 2022. According to Platts, there are 20 LNG-powered newcastlemaxes on order, with several shipowners considering the purchase of this class of LNG-fuelled bulkers in the future.
