Baltic Exchange introduces market reporting during Asian working day

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Aug 2010

The Baltic Exchange will report and publish a selection of its existing dry supramax routes during the Asian working day from 1 September 2010. The following routes will be reported at 1500 (Singapore) and will be known as Baltic Exchange Supramax - Asia (BESA) S6           South Korea/Japan range trip via Australia redelivery India
S7           Delivery EC India trip China
S8           Delivery China/Taiwan range trip via Indonesia redelivery EC India
S7 IV      Implied voyage Vizag to Qingdao
These routes do not form part of the Baltic Exchange Supramax Index which will continue to be published at 1300 (London).
The routes are based on the following vessel description:
Standard "Tess 52" type vessel with grabs as follows:
    52,454 mt dwt self trimming single deck bulkcarrier on 12.02 m ssw
    189.99 m LOA 32.26 m Beam 5ho/ha 67,756 cum.grain 65,600 cum.bale
    14L /14.5B on 30mt (380 cst) no mdo at sea
    Cr 4 x 30 mt with 12 cum grabs
    Maximum age - 10 years
The Asian routes will be reported on by a new panel of Asian shipbrokers and will be coordinated from the Baltic Exchange’s Singapore office. The Baltic has increased its resources in Singapore to provide the new service.
Announcing the move, Baltic Exchange Chief Executive Jeremy Penn said:
"We are determined to be effective in serving our members in Asia and this is an important step which recognises the reshaping of the global shipping market in recent years. By moving as far as we can in reporting the market during the Asian working day we believe we will stimulate more activity, both in the physical market and in the derivatives market, which in turn will allow us to go further in terms of when and what we report.
In making this move we believe we are also serving our members in all parts of the world by helping maintain the consensus around the Baltic Exchange and its route assessments and indices." 
Welcoming the news, Hong Kong based Raghu Raghunath, Senior Vice President, Chartering at Noble Group said:
“This is an important development and one which will deliver a welcome boost to the FFA market. I am delighted that the Baltic is launching this service.”
The Baltic Exchange already reports on four tanker routes and three Time Charter Equivalents during the Asian day.

Source: Baltic Exchange