The new service is based on assessments made by independent third-party ship management companies Anglo Eastern, Fleet Management and V-Ships. Using the full suite of independent Baltic Exchange indices, investors are now able to benchmark daily vessel earnings, running costs, sale & purchase and recycling prices. The same vessel descriptions are used across all the datasets.
For the new tanker assessments, each panel member submits four numbers, expressed in USD per day:
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Crew (USD per day, including all fees)
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Technical ((USD per day, including all fees)
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Insurance (USD per day, including all fees and rebates)
The fourth, an assessment of a five year Drydock cost, is amortised over five years to give a USD/day price, but published separately and does not contribute to the headline OPEX calculation.
The Baltic Exchange now publishes two sets of assessments: BOPEX-D and BOPEX-T.
Launched in September 2019, BOPEX-D covers dry bulk carriers (Capesize, Panamax, Supramax, Handysize).
For tankers, the newly launched BOPEX-T is based on the following specifications:
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Aframax: 115,000 mt dwt built in "first class competitive yard", first-class main engine maker. LOA about 248m, beam about 44m. Non coated tanks. Not ice classed. 5 years old. Special survey passed.
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MR Product Tanker: 51,000 mt dwt, built in "first class competitive yard", first class main engine maker. LOA about 183m, beam about 32.2m, draft about 13.2m. Coated tanks, IMO 2/3, Deep Well pumps. Not ice classed. 5 years old Special Survey passed.
The panellists use the following assumptions when submitting their assessments:
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20 crew on Aframax, 21 crew on MR
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Flag of Convenience with International Transport Federation-approved agreement
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Standard to maintain full Oil Companies International Marine Forum SIRE vetting
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Vessel trading to US, Certificate Of Financial Responsibility in place
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Vessel on a 5 year drydock regime otherwise In-Water Surveys, well-maintained steel and coating, being maintained to retain sale price
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380 CST fuel oil or equivalent compliant with MARPOL specifications at any time when not burning Gas.
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International Group P&I, first class Hull & Machinery, Class with an IACS member. No breaches of International Warranty Limits or Additional War Risks covered.
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Lubricant oil and spares included under Technical
Assessments are provided quarterly with data from Q3 2019 available following a recent trial. The assessments are available on www.balticexchange.com to subscribers to Baltic Exchange market information services.