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Shipping Intelligence Weekly - Sources, Methods & Definitions

Clarkson Research Services 1 February 2015

Sources & Methods for the

Shipping Intelligence Weekly

These Sources & Methods are part of the Clarksons Quality System registered under BS EN ISO 9002:1994 by BSI. Certificate no. FS 30573.

Updated: February 2015



Shipping Intelligence Weekly (SIW) is published on a Friday (or earlier if public holidays demand) fifty times a year (excluding Easter and Christmas weeks). Dedicated files are updated every week with the latest available data whether its frequency is weekly, monthly or longer. Sources of information are both internal and external. Internal data is gathered from Clarkson Research databases or from H. Clarkson brokers. External data is gathered from a variety of published sources. All data and infor-mation in this report is as reported up to noon on the date of publication. The data is being continually assessed, and changes may occur to historical time series. All the data in SIW is available through the Shipping Intelligence Network (www.clarksons.net) in Excel compatible time series. Cover ClarkSea Index: The ClarkSea Index is the only published weekly indicator of earnings for all the main commercial vessel types. It is weighted according to the number of vessels in each fleet sector. Clarksons Research collects rates direct from the Clarksons brokers on a daily and weekly basis and these are used to calculate the earnings that go to make up the ClarkSea Index. The sectors in the ClarkSea Index are oil tankers (VLCC, Suezmax, Aframax and clean product carriers), dry bulk carriers (Capesize, Panamax, Handymax and Handysize), gas carriers, and fully cellular containerships. The ClarkSea Index is published in graphical/numerical form on the front page of the Clarksons Shipping Intelligence Weekly (SIW) and as a downloadable time series and graph on SIN � Shipping Intelligence Network (www.clarksons.net). 1. Freight Rates (pp. 2-7,9) Spot rates (pp.2-5): Currently, information for 97 tanker and 63 bulkcarrier spot voyages (see Annex 2) are collected on a weekly basis and form a database stretching back, in some cases, over 30 years. This is done with the assistance of H. Clarkson & Co. brokers who fill in pro-formas prepared each week by Clarkson Research showing the previous week�s rates. Tripcharter rates for four routes for a 180,000 dwt and 172,000 dwt Capesize vessel, four routes for a 74,000 dwt Panamax vessel, nine routes for a 58,000 dwt Supramax vessel, five routes for a 52,000 dwt Supramax vessel, seven routes for a 34,000 dwt and six routes for a 28,000 dwt Handysize vessel, are also collected in this way, and are based on standard Baltic Exchange vessels where appropriate. Best estimates of likely fixing levels are provided where no market fixture is made. Currently, rates are expressed in Worldscale (WS) for tanker voyages; $/tonne for dry cargo spot voyages (historically, some rates were quoted in $/(long) ton); and $/day for dry cargo tripcharters. Spot rates (p.6): Spot gas and chemical voyage rates are also collected on a weekly basis with the assis-tance of H. Clarkson & Co. brokers who fill in pro-formas prepared each week by Clarkson Research showing the previous week�s rates. Although some rates have historically been quoted in $/(long) ton, they are all now expressed in $/metric tonne, as is the custom of the trade. Spot rates (p.7): Short Sea rates are provided by H.C. Shipping & Chartering Ltd in Hull, UK, a sub-sidiary of H. Clarkson & Co. Rates for offshore vessels (in £/day) are quoted by H. Clarkson & Co. offshore brokers. Liner market charter rates (in $/day) are provided on a monthly basis by H. Clarkson brokers who fill in pro-formas prepared each month by Clarkson Research showing the previous month�s rate. Earnings (pp.2-5): Earnings are estimated from voyage freight rates, and expressed in $/day for the voyage. In broad terms, earnings for each route are calculated by taking the total revenue, deducting current bunker costs based on prices at representative regional bunker ports, estimated port costs (after currency adjustments) and total commission and then dividing the result by the number of voyage days. Details of the calculations and their constituent parameters and assumptions are set out in more detail in Annexes 1-4.



Earnings are calculated on the basis of standard ship types (listed in Annex 3). For all crude oil and dry bulk routes, earnings are estimated for a modern and an older standard ship. Earnings for both are cal-culated based on a single freight rate (for modern tonnage). Only earnings based on the most modern vessel are published in full in the SIW. For tankers and bulkers, average earnings for each ship type (�Ave. Earnings�) are averages of the voy-ages earnings for selected routes. The constituent routes of these �Average Earnings� figures are listed in Annex 4 (b). Certain factors are not accounted for in the earnings calculations. These include: (i) other voyage-related costs. (ii) vessel waiting time at port. (iii) time the vessel is off-hire. Voyage earnings are also collected for the benchmark Arabian Gulf to Japan spot LPG voyage. These rates are quoted in $ �000/month by the brokers, but are converted into $/day for publication on page 6. It is important to note that these earnings calculations are only intended as benchmark indicators of the direction of the market. As such, they should not be taken to represent the precise earnings of specific vessels. However, it is possible discuss tailored statistics; For more information, please contact our Re-search Services team by email at [email protected]. The assumptions and standard ship types used in the voyage earnings calculations are reviewed on a regular basis by Clarkson Research and H. Clarkson brokers, and updates are made available in this document. Comments on these assumptions and the resultant earnings calculation are welcome from users of the data, although it is important to note that the assumptions used in the calculations are just one of a range of possible assumptions, that other sources of earnings information may use alternative assumptions, and that the use of different assumptions can potentially make a significant difference to the results of earnings calculations. For the tanker, bulk carrier and chemical markets, rates are collected and earnings calculated for routes that are not published in SIW. All this additional data is available through the Shipping Intelligence Network in Excel compatible time series. Baltic Exchange Indices (p.5): The daily Baltic Freight Indices published every week are from the preceding Thursday, or from the nearest available date. For details of the Baltic Exchange Indices (BDI, BCI, BPI, BSI, BHSI etc.) see www.balticexchange.com. FFA Indications (p.5): FFA Indications are as reported by Clarksons Securities Ltd. at the close of business the preceding Thursday, or the nearest available date. Timecharters (p.9): Timecharter data is collected in two primary ways: (i) One year, three year and five year tanker rates, expressed in $/day, are collected on a weekly basis for standard ship types. In the dry bulk sector, data is additionally collected for a six month rate as well. The ship types for which rates are collected are specified on page 9 of SIW. Specifications of these ship types are based on guideline standard �modern� vessels. With respect to timecharter rates, data is collected in the same way as for spot market rates; namely, by requesting brokers to fill in a weekly pro-forma with the latest rate for each ship type or by estimating the likely rate acceptable to an owner in the absence of any fixtures. Capesize and Panamax bulkcarrier timecharter rates are the average of quotations for Atlantic and Pacific delivery, redelivery worldwide.



Timecharter rates are cross checked with the timecharter matrices that both the tanker and bulk carrier broker desks publish each week. 13 timecharter rates are also collected for LPG vessels. These rates are quoted in $ �000/month by the brokers, but are converted into $/day for publication on page 6. (ii) Details of all reported tanker, bulk carrier, containership and gas timecharter fixtures are recorded in the Clarkson Research commercial database. This data is sourced from available published sources and cross checked with information gathered by H. Clarkson brokers in the course of their business. Activi-ty in the tanker and bulker timecharter markets, recorded as the number of fixtures for periods of one year or more, is generated from this and reported alongside average timecharter rates for tankers and bulkcarriers on page 9 of SIW. 2. Ship Prices (pp.8, i-ii, 10-11) Secondhand Sales & Prices (pp.8, i-ii): Prices for secondhand vessels are collated in conjunction with H. Clarkson & Co. sale and purchase brokers who fill in pro-formas prepared by Clarkson Re-search showing the previous week�s levels. Prices are collected for various sizes and ages of vessels for the main vessel types and relate to market sales where these have taken place and to brokers� best esti-mates when no sale has occurred. Prices are for standard ships of the types described in average condi-tion, built at �first class competitive� Far East/European shipyards but with no account taken for survey status or condition which could affect values. All data is collected on a weekly basis, with monthly timeseries based on end month data. Time series of these prices stretch back over 30 years for some vessels. In general, prices are expressed in US$ mil-lion, but for individual sales maintained in the Clarkson Research Ship Sales Database other currencies may be specified. In SIW, this is particularly relevant to Ro-Ro vessels, where sales and benchmark timeseries are quoted in Euros. This sales data is sourced from market information provided by H. Clarkson brokers and from published material. An extract of the most recent of these sales by vessel type, including the latest sale of each ship type/size is displayed on page ii of SIW. In recent years, numerous changes/updates have been made to the existing time series, all of which have been noted on page 8. Please note that because the vessel sizes assigned to each type are repre-sentative benchmarks, they are adjusted in accordance with variances in the market, most usually to reflect vessel upsizing over time. Generally, these changes will be amalgamated into existing time se-ries. The Clarkson 5-year-old Secondhand Price Indices are calculated by averaging the $ per dwt values of the various 5-year-old ships. The base of 100 is taken as the average index value as of January 2000. Between October 2008 and January 2010, CRSL did not publish benchmark values and users should be aware that this was a period of transition in the Sale and Purchase markets, characterised by spells of rapidly changing price levels, low levels of sales activity and a wide spread of price ideas. During this period, the data should be treated with caution as confidence limits will vary over time and between sectors. See Annex 5 for more details. The Clarkson Ship Sales Database provides the source data for establishing the monthly volume of sales activity by ship type/size and by buyer and the value of sales which is set out on page i of SIW. Newbuilding Contracts & Prices (p.10): The procedures for collecting and collating newbuilding pric-es are the same as those for secondhand prices. They are collated on a weekly basis in conjunction with H. Clarkson & Co. sale and purchase brokers who fill in pro-formas prepared by Clarkson Research showing the previous week�s levels. Prices are collected for various sizes of newbuildings for the main



vessel types. These relate to concluded contracts when possible and to brokers� best estimates when none have occurred. Prices are for ships of a �European Spec�, 5x 20% payments and �first class com-petitive yards� quotations. It is also important to note that these newbuilding prices are benchmark val-ues and prices will vary according to country of build, delivery and ship specification. All data is collected on a weekly basis, with monthly timeseries based on end month data. Time series of these prices stretch back over 30 years for some vessels. In general, prices are expressed in US$ mil-lion, but for individual sales maintained in the Clarkson Research Ship Sales Database other currencies may be specified. Note, that for newly delivered vessels, the originally reported contract price is quoted where available (see page iii of SIW). Details of actual newbuilding contracts and overall activity are maintained in the Clarkson Research Newbuilding Database, either as unconfirmed orders, options or confirmed orders along with the re-ported price level and currency when this is available. Data is also sourced from external published ma-terial. However, only confirmed contracts are published in the SIW. The Clarkson Newbuilding Price Index is calculated by averaging the $ per dwt values of the various ship types. The base of 100 is taken as the average index value as of January 1988. Demolition Sales & Prices (p. 11): The procedures for collecting scrap prices are the same as those for secondhand and newbuilding prices. They are collated on a weekly basis in conjunction with H. Clarkson & Co. sale and purchase brokers who fill in pro-formas prepared by Clarkson Research show-ing the previous week�s levels. Prices are collected for a range of ship types and scrapping locations (e.g. �China�, �India� and �Bangladesh�). The prices that are quoted are related to market sales where they have taken place and to brokers� best estimates when no sale has occurred. All data is collected on a weekly basis, with monthly timeseries based on end month data. Time series of these prices stretch back over 40 years in some instances. 21 separate prices expressed in terms of $ per lightweight ton (ldt) are collected every week for a range of ship types and scrapping locations (i.e. the �Far East� and the �Indian sub-Continent�). The values published in SIW are based on prices on the Indian sub-Continent for both tankers (based on a VLCC) and dry cargo vessels (based on a Handy dry bulkcarrier of around 8,000 ldt). The additional values are available through the Shipping Intelligence Network in Excel compatible time series. Information on actual demolition sales is based on market information provided by H. Clarkson brokers and is checked and validated by reference to a range of published sources. It is stored in the Clarkson Ship Database. It includes data such as the vessels� lightweights, the buyer and eventual breaker, its reported sale price in $/ldt and its estimated value in $ million. Latest sales are listed in the table on page 11 of SIW. The Database is used as the source material for the tables of demolition activity, by buyer and by ship type/size. 3. Economic & Financial Data (p.12) Economic and financial data e.g. GDP (historical and forecast), industrial production growth rates, ex-change rates, forward buying rates, interest rates, inflation rates and commodity prices are sourced from recognised business, governmental and international organisations as well as the financial and com-modity press on a weekly, monthly, quarterly or annual basis depending on availability. Our sources include the Financial Times, The Economist, OECD, the IMF, the International Energy Agency, the US Energy Information Association, the International Grains Council, MySteel and the TEX Report.



4. Trade Data (p.13) Data on the main oil and dry cargo trades is sourced from a multitude of recognised business, commod-ity, governmental and international organisations on a monthly, quarterly or annual basis depending on availability. It is published as soon as it becomes available. (i) Sources of information used for oil and oil related data include: Petroleum Intelligence Weekly, IEA Oil Market Report, Reuters Inside Oil, Monthly Energy Review of the IEA, Oil Market Intelligence, OPEC Monthly Report and Downstream Today. (ii) Sources of data for the dry cargo trades include: World Steel Association, TEX Report, Global Trade Atlas, International Grains Council and US De-partment of Agriculture publications. Statistics are taken only from published data and no use is made of confidential information obtained by Clarkson Research in the course of its business. Data are compiled into time series which are used to project future trade flows on an annualised basis. 5. Fleet Data (p.14-15) All historical and current data on the fleet, changes in the fleet and the orderbook for tankers, bulkcarri-ers, combined carriers, gas vessels, cellular containerships, multi-purpose vessels, general cargo, ro-ro vessels, car carriers, reefer vessels, offshore vessels and �other cargo� vessels are compiled by the Clarkson Research Statistics Department. Information is continuously updated through consultation with the H. Clarkson broking network and through questionnaires and direct contacts with shipowners and shipyards. Checking and validation is carried out with reference to a range of published sources. Regular follow-up surveys ensure the quality and completeness of data is continuously improved. Data collection and validation is carried out in accordance with the Clarkson Procedure CR/OPR/301. Clarkson�s quality systems are ISO 9002 compliant. The system provides for monthly validations of the data, with closure at the end of each month and output reported correct as at the beginning of the fol-lowing month. These procedures provide for one of the only sources of regular monthly updates of fleet data. Fleet data for tankers, combos and bulkcarriers are measured in metric tonnes. All fleet data is adjusted retrospectively for minor miscellaneous changes in the fleet when necessary. 6. Fleet Activity (p.14) Combined Carriers: An analysis of the trading activity of combined carriers is made each month. Movements of all combined carriers are checked and an assessment made of the trades in which the vessels are operating as at the first of each month based on their ports of call. A vessel is assumed to be in a particular trade from the time it loads a cargo until it reached another load port. The trades to which a vessel is allocated are either oil or one of four categories of dry bulk trades i.e. iron ore, coal, grain or others. If a vessel is laid-up or otherwise inactive this is also recorded. If there is ambiguity concerning which cargo a vessel is carrying based on its ports of call, the market knowledge of H. Clarkson brokers and their access to owner information is relied upon. Once the data for each vessel has been recorded it is linked with data from the Clarkson Research Ships Database and a routine analysis is carried out that demarcates the trading activity of the fleet into trades by ship type and size in terms of both numbers of ships and deadweight. A monthly historical record of the trading pattern of the fleet is maintained.



Inactive Tonnage: The Clarkson Research Statistics Department make weekly checks on the activity status of the tanker, combined carrier and bulkcarrier fleets. Non-trading codes are allocated to the rele-vant vessels within the Clarkson Research Ships Database, indicating whether it is: (i) damaged and out of service. (ii) idle and awaiting orders in the Arabian Gulf (4 weeks or more). (iii) idle for more than six weeks. (iv) laid-up. (v) in long term storage (more than 60 days). (vi) being repaired. Information on ships that are damaged, scrapped or sent for repair is sourced primarily from publicly available industry reports, such as the shipping press, and is subsequently checked and validated. Infor-mation on tonnage that is idle, laid-up or in storage is sourced primarily from broker information, fix-ture records and other industry sources/publications.

Note: Clarkson Research is registered for ISO 9002. All data collection and processing is carried out in accordance with documented procedures on database maintenance, publication and infor-mation handling contained in the Clarkson Research Operating Handbook.



The purpose of the voyage earnings series is to provide readers with an estimate of the daily earnings of ships implied by the current level of spot freight rates. The calculated earnings relate to voyages only. They take no account of any waiting or off-hire time. For both tankers and bulkcarriers, different voy-age patterns are assumed depending on the route (see Annex 2). For all crude oil and dry bulk routes earnings are estimated for more than one standard ship, though only those for the most modern vessel are published in full in the SIW. 1. Routes Covered: Voyage earnings estimates are currently prepared each week by Clarkson Research for 243 tanker and bulkcarrier voyage/ship combinations. This information is laid out in detail in Annex 2(a) and 2(e). Annex 2 also outlines and tracks the development of the routes that were used prior to the current selection. 2. Ship Types Covered: The voyage earnings calculations are based on a set of 22 representative ships. The representative ship types were selected, after consultation with H. Clarkson brokers, to provide a fair indication of �typical� vessels being chartered on each route. A range of these �typical vessels�, extracted from the Clarkson Research ship database, were then analysed to provide average ship char-acteristics. Details of the representative ships are listed in Annex 3. Annex 3 also outlines and tracks the development of the vessel assumptions that were used prior to the current selection. 3. Voyage Earnings Calculation: Each week, the voyage earnings are calculated using a voyage esti-mating system. Annex 4 outlines the calculations. The key parameters in the equations are: (i) Freight rates: although freight rates for some dry cargo routes have historically been quoted in $/long ton, all dry cargo rates are currently expressed in $/tonne, as is the custom of the trade. Tanker rates are converted from Worldscale using the Worldscale flat rate taken from the Worldscale website, as published on 1st January of each calendar year. Please note that the Worldscale flat rates are subject to revision as noted in the periodic distribution of Worldscale circulars. (ii) Cargo loaded: these are predetermined and where relevant are based on the restrictions of the vessel (e.g. cubic capacity), the load and/or discharge ports (draft restrictions) or canal restrictions (draft, beam). Cargo quantity is shown in Annex 2, column 5. The cargo sizes are intended to represent the most common quantity currently prevalent on that particular route. (iii) Port costs: the total port cost for each voyage is calculated as the sum of loading and discharge costs for the specified cargo size and ship type. The sources used to determine these figures range from the ports themselves via questionnaires, owners via Clarkson brokers, and the Global Ports and Inter-tanko websites. The costs are then converted from the local currency to US dollars at the current ex-change rate and updated at the start of every month. (iv) Canal costs: when a voyage involves passage through a canal, the costs are added. (v) Sea Time: calculated from the voyage distance (taken from BP distance tables and Worldscale) and the vessel speed, plus a sea margin of 5% and any additional time for a canal transit. (vi) Port time: is calculated as an average of two days loading and two days discharging for tanker voy-ages. For the bulk trades, the total port time is determined by the actual experiences of the trade as ad-vised by the H. Clarkson & Co. brokers. Turn time is also added when relevant, see Annex 2. (vii) Bunker prices: these are taken from prices reported each Thursday. For each geographical region, a representative bunker port has been selected and one or more is allocated to each route as appropriate.

Annex 1 - Earnings Calculations



The voyage estimating system first calculates the time the voyage takes in days. It then computes the net revenue earned on the voyage, after deducting total fuel/bunker costs, port costs and canal charges, and commission from the total freight revenue. The average earnings in $ per day is computed by divid-ing this net earnings by days for the voyage. The calculated earnings are for a single voyage only and do not include any allowance for waiting time, delays or off-hire time. 4. Speed: No attempt is made to optimise earnings by adjusting speed in response to movement in bun-ker prices or freight rates. See Annex 3. 5. Consumption: For each vessel type, standard consumption values for laden and ballast voyages and time in port have been used. See Annex 3. Consumption at sea accounts for consumption of LS fuel within ECAs and consumption in port accounts for MGO fuel consumption in EU ports since start 2010, and LS fuel consumption in all other ports in ECAs. Dirty products voyage calculations include allowance for heating consumption at sea and in port. 6. Ballast Voyages: For many tanker and dry cargo routes, the vessel is assumed to return to its loading port in ballast after discharge. However for some routes, a shorter ballast voyage is used where this is considered to be realistic. A list of the laden and ballast distances used in the calculation is contained in Annex 2. 7. Commission: Commission is deducted from total freight revenue at a rate of 2.5% for tanker voyag-es and 3.75% for bulkcarrier voyages. 8. Procedure for Updating Freight Rates: Tanker and dry cargo freight rates on 143 routes are updated on Thursday afternoon/Friday morning each week by the H. Clarkson & Co. brokers. Where there has been no actual fixture on a particular route, an estimate is provided. For each market sector updating is carried out by the H. Clarkson & Co. desk trading in that specific ship size. 9. Updating Procedure: The updated freight rates are entered into the database on Thursday evening/Friday morning each week. Estimates are then checked by the editor of SIW. 10. Voyage Earnings Calculations: A summary of the basic voyage estimating equation for tankers and bulk carriers is contained in Annex 4. 11. Validation of System: All possible measures have been taken to ensure that the opportunity of any inadvertent corruption to our production process has been minimised. There are also numerous safe-guards in place to prevent persistent errors. 12. Other Freight Information: In addition to the freight rates for the 168 voyages, data for 40 bulkcar-rier tripcharter routes, 56 bulkcarrier period timecharters and 19 tanker period timecharters are collect-ed. Clarksons brokers provide on a weekly basis all the period timecharter rates and the rates for the tripcharter routes. Freight rates for other specialised markets are also collected including: spot rates, earnings and timecharter rates for LPG routes and vessels; spot freight rates for chemical cargoes; spot freight rates for short sea cargoes, spot daily charter hire rates for offshore service vessels; daily hire rates and period charter rates for a variety of liner vessels. 13. Stem Sizes: Sometimes the quoted cargo size moves slightly out of line with accepted practice. In order to avoid constantly changing the cargo size, and unnecessarily disturb the time series, we ask the brokers to continue to quote on a rate but as a pro rata.

Annex 1 - Earnings Calculations, continued�

Note: Clarkson Research is registered for ISO 9002. All data collection and processing is carried out in accordance with documented procedures on database maintenance, publication and infor-mation handling contained in the Clarkson Research Operating Handbook.



Annex 2(a) - Tanker Voyage Details (January 2009 Onwards)

Continued on Page 11. ^Voyage earnings based on loading at Es Sider prior to 20th February 2015.

CRS Voyages Cargo CRS Voyage Dist. Voyage Time - Days Total Oper.No. Load Discharge Size Ship Miles Sea Sea Port Turn Canal Voyage Speed

Tonnes No. Laden Ballast Time Margin Time Time Transit Time Knots (L/B)

T120 Ras Tanura Rotterdam Gulf-Europe 280,000 23 11,170 4,475 50.0 2.5 4.0 0 0 56.5 13.5/12.0T121 Ras Tanura Chiba Gulf-Japan 265,000 23 6,654 6,654 43.6 2.2 4.0 0 0 49.8 13.5/12.0T122 Ras Tanura Ain Sukna Gulf-Red Sea 280,000 23 3,121 3,121 20.5 1.0 4.0 0 0 25.5 13.5/12.0T123 Sidi Kerir Rotterdam 280,000 23 3,159 3,159 20.7 1.0 4.0 0 0 25.8 13.5/12.0T124 Ras Tanura Ulsan Gulf-S.Korea 265,000 23 6,216 6,216 40.8 2.0 4.0 0 0 46.8 13.5/12.0T125 Ras Tanura LOOP Gulf-US Gulf 280,000 23 12,225 6,011 58.6 2.9 4.0 0 0 65.5 13.5/12.0T126 Ras Tanura Singapore Gulf-Sing 270,000 23 3,702 3,702 24.3 1.2 4.0 0 0 29.5 13.5/12.0T127 Bonny Offshore LOOP WAF-US Gulf 260,000 23 5,912 5,912 38.8 1.9 4.0 0 0 44.7 13.5/12.0T128 Bonny Offshore Kaohsiung 260,000 23 9,440 9,440 61.9 3.1 4.0 0 0 69.0 13.5/12.0T129 Bonny Offshore Jamnagar WAF-WC India 260,000 23 7,075 7,075 46.4 2.3 4.0 0 0 52.7 13.5/12.0T130 Rotterdam Singapore 275,000 23 11,866 3,730 49.6 2.5 4.0 0 0 56.1 13.5/12.0T131 Bonaire Singapore Caribs - Singapore 275,000 23 10,767 3,730 46.2 2.3 4.0 0 0 52.5 13.5/12.0T132 Mongstad LOOP 280,000 23 4,707 6,011 35.4 1.8 4.0 0 0 41.2 13.5/12.0T133 Bonny Offshore Ningbo WAF - China 260,000 23 10,196 10,196 66.9 3.3 4.0 0 0 74.2 13.5/12.0T134 Ras Tanura Jamnagar 265,000 23 1,184 1,184 7.8 0.4 4.0 0 0 12.2 13.5/12.0

T39 Ras Tanura Rotterdam 280,000 2 11,170 4,475 43.5 2.2 4.0 0 0 49.6 15.0/15.0T40 Ras Tanura Chiba 265,000 2 6,654 6,654 37.0 1.8 4.0 0 0 42.8 15.0/15.0T41 Ras Tanura Ain Sukna 280,000 2 3,121 3,121 17.3 0.9 4.0 0 0 22.2 15.0/15.0T42 Sidi Kerir Rotterdam 280,000 2 3,159 3,159 17.6 0.9 4.0 0 0 22.4 15.0/15.0T43 Ras Tanura Ulsan 265,000 2 6,216 6,216 34.5 1.7 4.0 0 0 40.3 15.0/15.0T44 Ras Tanura LOOP 280,000 2 12,225 6,011 50.7 2.5 4.0 0 0 57.2 15.0/15.0T45 Ras Tanura Singapore 270,000 2 3,702 3,702 20.6 1.0 4.0 0 0 25.6 15.0/15.0T46 Bonny Offshore LOOP 260,000 2 5,912 5,912 32.8 1.6 4.0 0 0 38.5 15.0/15.0T47 Bonny Offshore Kaohsiung 260,000 2 9,440 9,440 52.4 2.6 4.0 0 0 59.1 15.0/15.0T79 Bonny Offshore Jamnagar 260,000 2 7,075 7,075 39.3 2.0 4.0 0 0 45.3 15.0/15.0T80 Rotterdam Singapore 275,000 2 11,866 3,730 43.3 2.2 4.0 0 0 49.5 15.0/15.0T81 Bonaire Singapore 275,000 2 10,767 3,730 40.3 2.0 4.0 0 0 46.3 15.0/15.0T104 Mongstad LOOP 280,000 2 4,707 6,011 29.8 1.5 4.0 0 0 35.3 15.0/15.0T109 Bonny Offshore Ningbo 260,000 2 10,196 10,196 56.6 2.8 4.0 0 0 63.5 15.0/15.0T110 Ras Tanura Jamnagar 265,000 2 1,184 1,184 6.6 0.3 4.0 0 0 10.9 15.0/15.0

T135 Sidi Kerir Lavera Med-Med 130,000 24 1,420 1,420 9.3 0.5 4.0 0 0 13.8 13.5/12.0T136 Bonny Offshore Philadelphia WAF-USAC 130,000 24 5,184 5,184 34.0 1.7 4.0 0 0 39.7 13.5/12.0T137 Bonny Offshore Lavera WAF-Med 130,000 24 4,070 4,070 26.7 1.3 4.0 0 0 32.0 13.5/12.0T138 Ras Tanura Huizhou 130,000 24 5,159 5,159 33.8 1.7 4.0 0 0 39.5 13.5/12.0T139 Sullom Voe Wilhelmshaven 135,000 24 600 600 3.9 0.2 4.0 0 0 8.1 13.5/12.0T140 Sullom Voe LOOP 135,000 24 4,531 6,011 34.9 1.7 4.0 0 0 40.6 13.5/12.0T141 Puerto La Cruz LOOP 130,000 24 1,888 1,888 12.4 0.6 4.0 0 0 17.0 13.5/12.0T142 Novorossisyk Augusta Black Sea - Med 140,000 24 1,269 1,269 8.3 0.4 4.0 0 2 14.7 13.5/12.0T143 Ras Tanura Jamnagar 130,000 24 1,184 1,184 7.8 0.4 4.0 0 0 12.2 13.5/12.0T144 Ras Tanura Trieste 130,000 24 4,461 1,215 18.0 0.9 4.0 0 1 23.9 13.5/12.0T145 Marsa El Hariga Ningbo 130,000 24 7,612 5,897 44.0 2.2 4.0 0 1 51.2 13.5/12.0

T49 Sidi Kerir Lavera 130,000 4 1,420 1,420 7.9 0.4 4.0 0 0 12.3 15.0/15.0T50 Bonny Offshore Philadelphia 130,000 4 5,184 5,184 28.8 1.4 4.0 0 0 34.2 15.0/15.0T83 Bonny Offshore Lavera 130,000 4 4,070 4,070 22.6 1.1 4.0 0 0 27.7 15.0/15.0T51 Ras Tanura Huizhou 130,000 4 5,159 5,159 28.7 1.4 4.0 0 0 34.1 15.0/15.0T105 Sullom Voe Wilhelmshaven 135,000 4 600 600 3.3 0.2 4.0 0 0 7.5 15.0/15.0T106 Sullom Voe LOOP 135,000 4 4,531 6,011 29.3 1.5 4.0 0 0 34.7 15.0/15.0T107 Puerto La Cruz LOOP 130,000 4 1,888 1,888 10.5 0.5 4.0 0 0 15.0 15.0/15.0T111 Novorossisyk Augusta 140,000 4 1,269 1,269 7.1 0.4 4.0 0 2 13.4 15.0/15.0T112 Ras Tanura Jamnagar 130,000 4 1,184 1,184 6.6 0.3 4.0 0 0 10.9 15.0/15.0T113 Ras Tanura Trieste 130,000 4 4,461 1,215 15.8 0.8 4.0 0 1 21.6 15.0/15.0T114 Marsa El Hariga Ningbo 130,000 4 7,612 5,897 37.5 1.9 4.0 0 1 44.4 15.0/15.0

T146 Arzew Philadelphia Med-USAC 80,000 25 3,604 3,604 23.6 1.2 4.0 0 0 28.8 13.5/12.0T147 Curacao Hamburg 80,000 25 4,500 1,797 20.1 1.0 4.0 0 0 25.1 13.5/12.0T148 Ras Tanura Singapore Gulf-East 80,000 25 3,702 3,702 24.3 1.2 4.0 0 0 29.5 13.5/12.0T149 Sidi Kerir Trieste Sidi Kerir - Trieste 80,000 25 1,191 1,191 7.8 0.4 4.0 0 0 12.2 13.5/12.0T150 Sullom Voe Bayw ay UKC-USAC 80,000 25 3,025 3,025 19.8 1.0 4.0 0 0 24.8 13.5/12.0T151 Curacao Texas City Carib-US Gulf 70,000 25 1,797 1,797 11.8 0.6 4.0 0 0 16.4 13.5/12.0T152 Jakarta Chiba Indo-Japan 80,000 25 3,434 3,434 22.5 1.1 4.0 0 0 27.6 13.5/12.0T153 Sullom Voe Wilhelmshaven UKC-UKC 80,000 25 600 600 3.9 0.2 4.0 0 0 8.1 13.5/12.0T154 Sullom Voe Trieste 80,000 25 3,531 3,531 23.2 1.2 4.0 0 0 28.3 13.5/12.0T155 Novorossisyk Trieste Black Sea-Med 80,000 25 1,654 1,654 10.8 0.5 4.0 0 2 17.4 13.5/12.0T156 Seria Sydney 80,000 25 4,187 4,187 27.5 1.4 4.0 0 0 32.8 13.5/12.0T157 Primorsk Wilhelmshaven Baltic-UKC 100,000 25 1,371 1,371 9.0 0.4 4.0 0 0 13.4 13.5/12.0T158 Arzew Trieste 80,000 25 1,485 1,485 9.7 0.5 4.0 0 0 14.2 13.5/12.0T159 Mellitah^ Fos Mellitah - Fos 80,000 25 945 945 6.2 0.3 4.0 0 0 10.5 13.5/12.0T160 Bonny Offshore Fos 80,000 25 4,069 4,069 26.7 1.3 4.0 0 0 32.0 13.5/12.0T161 Bonny Offshore Houston 80,000 25 6,258 6,258 41.0 2.1 4.0 0 0 47.1 13.5/12.0T162 Kozmino Ulsan 100,000 25 489 489 3.2 0.2 4.0 0 0 7.4 13.5/12.0T163 Zuetina Singapore 80,000 25 5,800 5,800 38.0 1.9 4.0 0 2 45.9 13.5/12.0

T62 Arzew Philadelphia 80,000 6 3,604 3,604 20.7 1.0 4.0 0 0 25.7 14.5/14.5T66 Curacao Hamburg 80,000 6 4,500 1,797 18.1 0.9 4.0 0 0 23.0 14.5/14.5T60 Ras Tanura Singapore 80,000 6 3,702 3,702 21.3 1.1 4.0 0 0 26.3 14.5/14.5T61 Sidi Kerir Trieste 80,000 6 1,191 1,191 6.8 0.3 4.0 0 0 11.2 14.5/14.5T64 Sullom Voe Bayw ay 80,000 6 3,025 3,025 17.4 0.9 4.0 0 0 22.3 14.5/14.5T65 Curacao Texas City 70,000 6 1,797 1,797 10.3 0.5 4.0 0 0 14.8 14.5/14.5T67 Jakarta Chiba 80,000 6 3,434 3,434 19.7 1.0 4.0 0 0 24.7 14.5/14.5T63 Sullom Voe Wilhelmshaven 80,000 6 600 600 3.4 0.2 4.0 0 0 7.6 14.5/14.5T87 Sullom Voe Trieste 80,000 6 3,531 3,531 20.3 1.0 4.0 0 0 25.3 14.5/14.5T88 Novorossisyk Trieste 80,000 6 1,654 1,654 9.5 0.5 4.0 0 2 16.0 14.5/14.5T89 Seria Sydney 80,000 6 4,187 4,187 24.1 1.2 4.0 0 0 29.3 14.5/14.5T97 Primorsk Wilhelmshaven 100,000 6 1,371 1,371 7.9 0.4 4.0 0 0 12.3 14.5/14.5T108 Arzew Trieste 80,000 6 1,485 1,485 8.5 0.4 4.0 0 0 13.0 14.5/14.5T115 Mellitah^ Fos 80,000 6 945 945 5.4 0.3 4.0 0 0 9.7 14.5/14.5T116 Bonny Offshore Fos 80,000 6 4,069 4,069 23.4 1.2 4.0 0 0 28.6 14.5/14.5T117 Bonny Offshore Houston 80,000 6 6,258 6,258 36.0 1.8 4.0 0 0 41.8 14.5/14.5T118 Kozmino Ulsan 100,000 6 489 489 2.8 0.1 4.0 0 0 7.0 14.5/14.5T119 Zuetina Singapore 80,000 6 5,800 5,800 33.3 1.7 4.0 0 2 41.0 14.5/14.5

Aframax - 2000-built (Crude)

Route Name in SIW (Issue No. 1067 onwards)

VLCC - Modern c.2010-built (Crude)

VLCC - 2000-built (Crude)

Suezmax - Modern c.2010-built (Crude)

Suezmax - 2000-built (Crude)

Aframax - Modern c.2010-built (Crude)



Annex 2(a) - Tanker Voyage Details (January 2009 Onwards - Continued)



T181 Ras Tanura Singapore 80,000 30 3,702 3,702 24.3 1.2 4.0 0 0 29.5 13.5/12.0T68 St Eustatius Houston Caribs - US Gulf 50,000 31 2,061 2,061 13.5 0.7 4.0 0 0 18.2 13.5/12.0T69 Antw erp Houston UKC - US Gulf 55,000 31 5,100 5,100 33.4 1.7 4.0 0 0 39.1 13.5/12.0T71 Skikda Houston Med - US Gulf 55,000 31 5,446 5,446 35.7 1.8 4.0 0 0 41.5 13.5/12.0T182 Cap Limbe Houston 55,000 31 6,362 6,362 41.7 2.1 4.0 0 0 47.8 13.5/12.0T90 Ras Lanuf Amsterdam 45,000 32 2,827 2,827 18.5 0.9 4.0 0 0 23.5 13.5/12.0T183 Ras Lanuf Milazzo 45,000 32 516 516 3.4 0.2 4.0 0 0 7.6 13.5/12.0T184 Ras Lanuf Houston 45,000 32 6,197 6,197 40.6 2.0 4.0 0 0 47.7 13.5/12.0T185 Amsterdam Houston 45,000 32 5,142 5,142 33.7 1.7 4.0 0 0 39.4 13.5/12.0T97 Odessa Agioi Theodoroi Black Sea - Med 30,000 33 743 743 4.9 0.2 4.0 0 2 11.1 13.5/12.0T98 Lavera Augusta 30,000 33 699 699 4.6 0.2 4.0 0 0 8.8 13.5/12.0T99 Faw ley Rotterdam 30,000 33 279 279 1.8 0.1 4.0 0 0 5.9 13.5/12.0T186 Sillamae Amsterdam 30,000 33 1,381 1,381 9.1 0.5 4.0 0 0 13.5 13.5/12.0

T72 Ras Tanura Chiba Gulf - Japan 75,000 26 6,654 6,654 43.6 2.2 4.0 0 0 49.8 13.5/12.0T93 Mina Al Ahmadi Rotterdam 90,000 26 6,558 8,232 48.8 2.4 4.0 0 1 56.3 13.5/12.0T164 Yanbu Chiba 75,000 26 7,493 7,493 49.1 2.5 4.0 0 0 55.6 13.5/12.0T165 Rotterdam Chiba 80,000 26 11,284 6,654 57.9 2.9 4.0 0 1 65.8 13.5/12.0T166 Ulsan Singapore 90,000 26 2,545 0 7.9 0.4 4.0 0 0 12.2 13.5/12.0T24 Ras Tanura Chiba Gulf - Japan 55,000 27 6,654 6,654 43.6 2.2 4.0 0 0 49.8 13.5/12.0T94 Mina Al Ahmadi Rotterdam 60,000 27 6,558 5,307 38.7 1.9 4.0 0 1 45.6 13.5/12.0T167 Yanbu Chiba 55,000 27 7,493 7,493 49.1 2.5 4.0 0 0 55.6 13.5/12.0T168 Rotterdam Chiba 60,000 27 11,284 6,654 57.9 2.9 4.0 0 1 65.8 13.5/12.0T169 Sikka New York 55,000 27 8,028 6,014 45.7 2.3 4.0 0 1 52.9 13.5/12.0T170 Sikka Jeddah 55,000 27 2,307 2,307 15.1 0.8 4.0 0 0 19.9 13.5/12.0T25 Ras Tanura Chiba Gulf - Japan 35,000 28 6,654 4,643 36.7 1.8 4.0 0 0 42.5 13.5/12.0T26 Singapore Chiba Singapore - Japan 30,000 28 2,907 909 12.1 0.6 4.0 0 0 16.7 13.5/12.0T27 Curacao New York 38,000 28 1,770 1,770 11.6 0.6 4.0 0 0 16.2 13.5/12.0T32 Rotterdam New York UKC - USAC 37,000 28 3,383 3,383 22.2 1.1 4.0 0 0 27.3 13.5/12.0T73 Ras Tanura Dar Es Salaam Gulf - E.Africa 35,000 28 2,841 2,841 18.6 0.9 4.0 0 0 23.6 13.5/12.0T92 Bombay Chiba WC India - Japan 35,000 28 5,431 3,378 28.5 1.4 4.0 0 0 33.9 13.5/12.0T95 Mina Al Ahmadi Rotterdam Gulf - UKC 40,000 28 6,558 5,307 38.7 1.9 4.0 0 1 45.6 13.5/12.0T96 Sikka Jebel Ali 37,000 28 955 327 4.1 0.2 4.0 0 0 8.3 13.5/12.0T101 Amsterdam Lome UKC - W. Africa 37,000 28 4,170 4,170 27.3 1.4 4.0 0 0 32.7 13.5/12.0T102 Houston Amsterdam 38,000 28 5,148 5,148 33.8 1.7 4.0 0 0 39.5 13.5/12.0T103 Sikka Singapore 35,000 28 2,800 2,800 18.4 0.9 4.0 0 0 23.3 13.5/12.0T171 Augusta New York 37,000 28 4,268 4,268 28.0 1.4 4.0 0 0 33.4 13.5/12.0T172 Skikda Houston 35,000 28 5,446 2,061 24.0 1.2 4.0 0 0 29.2 13.5/12.0T173 Skikda Sao Luis 35,000 28 3,794 3,794 24.9 1.2 4.0 0 0 30.1 13.5/12.0T174 Houston Rio De Janeiro USG - ECSA 38,000 28 5,281 5,281 34.6 1.7 4.0 0 0 40.4 13.5/12.0T175 Houston Quintero 38,000 28 4,209 4,209 27.6 1.4 4.0 0 2 35.0 13.5/12.0T176 Singapore Sydney Singapore - E Aus 30,000 28 4,471 4,471 29.3 1.5 4.0 0 0 34.8 13.5/12.0T177 Singapore Hong Kong 30,000 28 1,458 1,458 9.6 0.5 4.0 0 0 14.0 13.5/12.0T178 Ulsan Singapore 40,000 28 2,545 0 7.9 0.4 4.0 0 0 12.2 13.5/12.0T179 Ulsan Los Angeles 40,000 28 5,260 5,260 34.5 1.7 4.0 0 0 40.2 13.5/12.0T28 Bahrain Bombay 30,000 29 1,353 1,353 8.9 0.4 4.0 0 0 13.3 13.5/12.0T29 Augusta Lavera Med - Med 30,000 29 699 699 4.6 0.2 4.0 0 0 8.8 13.5/12.0T30 Augusta Rotterdam 30,000 29 2,496 2,496 16.4 0.8 4.0 0 0 21.2 13.5/12.0T74 Tuapse Agioi Theodoroi Black Sea - Med 30,000 29 884 884 5.8 0.3 4.0 0 2 12.1 13.5/12.0T75 Ventspils Amsterdam 30,000 29 1,096 1,096 7.2 0.4 4.0 0 0 11.5 13.5/12.0T91 Tees Amsterdam 30,000 29 307 307 2.0 0.1 4.0 0 0 6.1 13.5/12.0T33 Tees Dunkirk 22,000 15 357 357 2.0 0.1 4.0 0 0 6.1 14.5/15.0T34 Augusta Lavera 22,000 15 699 699 4.0 0.2 4.0 0 0 8.1 14.5/15.0

Rotterdam New York 37,000 3,383 1,970 17.3 0.9 4.0 0 0Houston Amsterdam 38,000 5,148 83 16.2 0.8 4.0 0 0

Dirty Products

Clean Products

A triangular clean products voyage within the Atlantic is also calculated. This is the combination of two laden legs, one from Rotterdam to New York, followed by a second from Houston to Amsterdam, at the prevailing worldscale rates for each. This utilises the standard "MR" sized benchmark vessel (CRS vessel 28), and the parameters shown below.

T180 28 43.1 13.5/12.0

Route Name in SIW (Issue No. 1067 onwards)



Annex 2(b) - Tanker Voyage Details (2004-2008)



T7 Ras Tanura - Rotterdam 270,000 3 11,170 11,170 65.3 3.3 4.0 72.6 14.0/14.5T8 Ras Tanura - Chiba 250,000 3 6,605 6,605 38.6 1.9 4.0 44.6 14.0/14.5T9 Ras Tanura - Ain Sukhna 270,000 3 3,061 3,061 17.9 0.9 4.0 22.8 14.0/14.5

T10 Sidi Kerir - Rotterdam 270,000 3 3,159 3,159 18.5 0.9 4.0 23.4 14.0/14.5T11 Ras Tanura - Ulsan 250,000 3 6,216 6,216 36.4 1.8 4.0 42.2 14.0/14.5T35 Ras Tanura - LOOP 270,000 3 12,225 12,225 71.5 3.6 4.0 79.1 14.0/14.5T36 Ras Tanura - Singapore 260,000 3 3,702 3,702 21.7 1.1 4.0 26.7 14.0/14.5T37 Bonny Offshore - LOOP 260,000 3 5,912 5,912 34.6 1.7 4.0 40.3 14.0/14.5T38 Bonny Offshore - Kaohsiung 260,000 3 9,440 9,440 55.2 2.8 4.0 62.0 14.0/14.5T76 Bonny Offshore - Jamnagar 260,000 3 7,075 7,075 41.4 2.1 4.0 47.5 14.0/14.5T77 Rotterdam - Singapore 270,000 3 11,866 3,730 46.0 2.3 4.0 52.3 14.0/14.5T78 Bonaire - Singapore 270,000 3 10,767 3,730 42.8 2.1 4.0 48.9 14.0/14.5

T39 Ras Tanura - Rotterdam Gulf-Europe 280,000 2 11,170 11,170 62.1 3.1 4.0 69.2 15.0/15.0T40 Ras Tanura - Chiba Gulf-Japan 265,000 2 6,605 6,605 36.7 1.8 4.0 42.5 15.0/15.0T41 Ras Tanura - Ain Sukhna Gulf-Red Sea 280,000 2 3,061 3,061 17.0 0.9 4.0 21.9 15.0/15.0T42 Sidi Kerir - Rotterdam Med-UKC 280,000 2 3,159 3,159 17.6 0.9 4.0 22.4 15.0/15.0T43 Ras Tanura - Ulsan Gulf-S.Korea 265,000 2 6,216 6,216 34.5 1.7 4.0 40.3 15.0/15.0T44 Ras Tanura - LOOP Gulf-US Gulf 280,000 2 12,225 12,225 67.9 3.4 4.0 75.3 15.0/15.0T45 Ras Tanura - Singapore Gulf-Sing 270,000 2 3,702 3,702 20.6 1.0 4.0 25.6 15.0/15.0T46 Bonny Offshore - LOOP WAF-US Gulf 260,000 2 5,912 5,912 32.8 1.6 4.0 38.5 15.0/15.0T47 Bonny Offshore - Kaohsiung WAF-East 260,000 2 9,440 9,440 52.4 2.6 4.0 59.1 15.0/15.0T79 Bonny Offshore - Jamnagar WAF-WCIndia 260,000 2 7,075 7,075 39.3 2.0 4.0 45.3 15.0/15.0T80 Rotterdam - Singapore 275,000 2 11,866 3,730 43.3 2.2 4.0 49.5 15.0/15.0T81 Bonaire - Singapore 275,000 2 10,767 3,730 40.3 2.0 4.0 46.3 15.0/15.0

T12 Sidi Kerir - Lavera 130,000 5 1,420 1,420 8.5 0.4 4.0 12.9 14.0/14.0T13 Bonny Offshore - Philadelphia 130,000 5 5,184 5,184 30.9 1.5 4.0 36.4 14.0/14.0T14 Ras Tanura - Huizhou 130,000 5 5,159 5,159 30.7 1.5 4.0 36.2 14.0/14.0T82 Bonny Offshore - Lavera 130,000 5 4,070 4,070 24.2 1.2 4.0 29.4 14.0/14.0

T49 Sidi Kerir - Lavera Med-Med 130,000 4 1,420 1,420 7.9 0.4 4.0 12.3 15.0/15.0T50 Bonny Offshore - Philadelphia WAF-USAC 130,000 4 5,184 5,184 28.8 1.4 4.0 34.2 15.0/15.0T51 Ras Tanura - Huizhou Gulf-S.China 130,000 4 5,159 5,159 28.7 1.4 4.0 34.1 15.0/15.0T83 Bonny Offshore - Lavera WAF-Med 130,000 4 4,070 4,070 22.6 1.1 4.0 27.7 15.0/15.0

T52 Ras Tanura - Singapore 80,000 7 3,702 3,702 22.9 1.1 4.0 28.0 13.5/13.5T53 Sidi Kerir - Trieste 80,000 7 1,191 1,191 7.4 0.4 4.0 11.7 13.5/13.5T54 Arzew - Philadelphia 80,000 7 3,604 3,604 22.2 1.1 4.0 27.4 13.5/13.5T55 Sullom Voe - Wilhelmshaven 80,000 7 531 531 3.3 0.2 4.0 7.4 13.5/13.5T56 Sullom Voe - Bayway 80,000 7 3,174 3,174 19.6 1.0 4.0 24.6 13.5/13.5T57 Curacao - Texas City 70,000 7 1,797 1,797 11.1 0.6 4.0 15.6 13.5/13.5T58 Curacao - Hamburg 80,000 7 4,500 1,797 19.4 1.0 4.0 24.4 13.5/13.5T59 Jakarta - Chiba 80,000 7 3,434 3,434 21.2 1.0 4.0 26.3 13.5/13.5T84 Sullom Voe - Trieste 80,000 7 3,531 3,531 21.8 1.1 4.0 26.9 13.5/13.5T85 Novorossiysk - Trieste 80,000 7 1,645 1,645 10.2 0.5 4.0 14.7 13.5/13.5T86 Seria - Sydney 80,000 7 4,187 4,187 25.8 1.3 4.0 31.1 13.5/13.5

T60 Ras Tanura - Singapore Gulf-East 80,000 6 3,702 3,702 21.3 1.1 4.0 26.3 14.5/14.5T61 Sidi Kerir - Trieste Med-Med 80,000 6 1,191 1,191 6.8 0.3 4.0 11.2 14.5/14.5T62 Arzew - Philadelphia Med-USAC 80,000 6 3,604 3,604 20.7 1.0 4.0 25.7 14.5/14.5T63 Sullom Voe - Wilhelmshaven UKC-UKC 80,000 6 531 531 3.1 0.2 4.0 7.2 14.5/14.5T64 Sullom Voe - Bayway UKC-USAC 80,000 6 3,174 3,174 18.2 0.9 4.0 23.2 14.5/14.5T65 Curacao - Texas City Carib-US Gulf 70,000 6 1,797 1,797 10.3 0.5 4.0 14.8 14.5/14.5T66 Curacao - Hamburg 80,000 6 4,500 1,797 18.1 0.9 4.0 23.0 14.5/14.5T67 Jakarta - Chiba Indo-Japan 80,000 6 3,434 3,434 19.7 1.0 4.0 24.7 14.5/14.5T87 Sullom Voe - Trieste UKC-Med 80,000 6 3,531 3,531 20.3 1.0 4.0 25.3 14.5/14.5T88 Novorrosiyk - Trieste Black Sea-Med 80,000 6 1,645 1,645 9.5 0.5 4.0 13.9 14.5/14.5T89 Seria - Sydney 80,000 6 4,187 4,187 24.1 1.2 4.0 29.3 14.5/14.5

T68 Curacao - New York Caribs-USAC 50,000 12 1,776 1,776 9.9 0.5 4.0 14.4 15.0/15.0T69 Antwerp - Houston UKC-US Gulf 55,000 12 4,939 4,939 27.4 1.4 4.0 32.8 15.0/15.0T70 Immingham - Milazzo 50,000 12 2,444 2,444 13.6 0.7 4.0 18.3 15.0/15.0T71 Augusta - Houston Med-US Gulf 55,000 12 5,805 5,805 32.3 1.6 4.0 37.9 15.0/15.0T90 Ras Lanuf - Immingham Med-UKC 45,000 13 2,958 2,958 17.6 0.9 4.0 22.5 14.0/14.0

T24 Ras Tanura - Chiba Gulf-Japan 55,000 9 6,605 6,605 36.7 1.8 4.0 42.5 15.0/15.0T25 Ras Tanura - Chiba Gulf-Japan 35,000 13 6,605 6,605 39.3 2.0 4.0 45.3 14.0/14.0T26 Singapore - Chiba Sing-Japan 30,000 13 2,907 2,907 17.3 0.9 4.0 22.2 14.0/14.0T27 Curacao - New York Carib-USAC 38,000 13 1,770 1,770 10.5 0.5 4.0 15.1 14.0/14.0T28 Bahrain - Bombay 30,000 14 1,353 1,353 8.1 0.4 4.0 12.5 14.0/14.0T29 Skikda - Lavera Med-Med 30,000 14 401 401 2.4 0.1 4.0 6.5 14.0/14.0T30 Skikda - Rotterdam Med-UKC 30,000 14 2,033 2,033 12.1 0.6 4.0 16.7 14.0/14.0T31 Skikda - Philadelphia Med-USAC 30,000 14 3,947 3,947 23.5 1.2 4.0 28.7 14.0/14.0T32 Rotterdam - New York UKC-USAC 37,000 13 3,383 3,383 20.1 1.0 4.0 25.1 14.0/14.0T33 Tees - Dunkirk 22,000 15 357 357 2.0 0.1 4.0 6.1 14.5/15.0T34 Augusta - Lavera 22,000 15 729 729 4.1 0.2 4.0 8.3 14.5/15.0T72 Ras Tanura - Chiba Gulf-Japan 75,000 8 6,605 6,605 38.0 1.9 4.0 43.9 14.5/14.5T73 Ras Tanura - Dar Es Salaam Gulf-E.Africa 35,000 13 2,836 2,836 16.9 0.8 4.0 21.7 14.0/14.0T74 Tuapse - Augusta Black Sea-Med 30,000 14 1,297 1,297 7.7 0.4 4.0 12.1 14.0/14.0T75 Ventspils - Amsterdam Baltic-UKC 30,000 14 1,031 1,031 6.1 0.3 4.0 10.4 14.0/14.0T91 Tees - Amsterdam UKC-UKC 30,000 14 307 307 1.8 0.1 4.0 5.9 14.0/14.0T92 Bombay - Chiba 35,000 13 5,431 5,431 32.3 1.6 4.0 37.9 14.0/14.0

Clean Products

Route Name in SIW (Issue No. 824 - 1016)

VLCC - Early 1990s (Crude)

VLCC - Modern (Crude)

Dirty Products

Suezmax - Early 1990s (Crude)

Suezmax - Modern (Crude)

Aframax - 1990/01 (Crude)

Aframax - Modern (Crude)



Annex 2(c) - Tanker Voyage Details (1997-2003)



T1 Ras Tanura - LOOP Gulf-US Gulf 320,000 1 12,225 12,225 78.4 3.9 4.0 86.3 13.0/13.0

T7 Ras Tanura - Rotterdam 270,000 3 11,170 11,170 69.0 3.4 4.0 76.4 13.5/13.5T8 Ras Tanura - Chiba 250,000 3 6,605 6,605 40.8 2.0 4.0 46.8 13.5/13.5T9 Ras Tanura - Ain Sukhna 280,000 2 3,061 3,061 18.9 0.9 4.0 23.8 15.0/15.0

T10 Sidi Kerir - Rotterdam 270,000 3 3,159 3,159 19.5 1.0 4.0 24.5 13.5/13.5T11 Ras Tanura - Ulsan 250,000 3 6,216 6,216 38.4 1.9 4.0 44.3 13.5/13.5T35 Ras Tanura - Loop 270,000 3 12,225 12,225 75.5 3.8 4.0 83.2 13.5/13.5T36 Ras Tanura - Singapore 260,000 3 3,702 3,702 22.9 1.1 4.0 28.0 13.5/13.5T37 Bonny Offshore - Loop 270,000 3 5,912 5,912 36.5 1.8 4.0 42.3 13.5/13.5T38 Bonny Offshore - Kaohsiung 260,000 3 9,440 9,440 58.3 2.9 4.0 65.2 13.5/13.5

T39 Ras Tanura - Rotterdam Gulf-Europe 275,000 2 11,170 11,170 62.1 3.1 4.0 69.2 15.0/15.0T40 Ras Tanura - Chiba Gulf-Japan 260,000 2 6,605 6,605 36.7 1.8 4.0 42.5 15.0/15.0T41 Ras Tanura - Ain Sukhna Gulf-Red Sea 280,000 2 3,061 3,061 17.0 0.9 4.0 21.9 15.0/15.0T42 Sidi Kerir - Rotterdam Med-UK/Cont 270,000 2 3,159 3,159 17.6 0.9 4.0 22.5 15.0/15.0T43 Ras Tanura - Ulsan Gulf-S.Korea 250,000 2 6,216 6,216 34.5 1.7 4.0 40.3 15.0/15.0T44 Ras Tanura - Loop Gulf-US Gulf 275,000 2 12,225 12,225 67.9 3.4 4.0 75.3 15.0/15.0T45 Ras Tanura - Singapore 260,000 2 3,702 3,702 20.6 1.0 4.0 25.6 15.0/15.0T46 Bonny Offshore - Loop WAF-US Gulf 260,000 2 5,912 5,912 32.8 1.6 4.0 38.5 15.0/15.0T47 Bonny Offshore - Kaohsiung WAF-East 260,000 2 9,440 9,440 52.4 2.6 4.0 59.1 15.0/15.0

T12 Sidi Kerir - Lavera 135,000 5 1,420 1,420 8.9 0.4 4.0 13.4 13.0/13.5T13 Bonny Offshore - Philadelphia 130,000 5 5,184 5,184 32.6 1.6 4.0 38.2 13.0/13.5T48 Ras Tanura - Huizhou 130,000 5 5,159 5,159 32.5 1.6 4.0 38.1 13.0/13.5

T49 Sidi Kerir - Lavera Med-Med 135,000 4 1,420 1,420 8.2 0.4 4.0 12.6 14.0/15.0T50 Bonny Offshore - Philadelphia W.Africa-USAC 130,000 4 5,184 5,184 29.8 1.5 4.0 35.3 14.0/15.0T51 Ras Tanura - Huizhou Gulf-S.China 130,000 4 5,159 5,159 29.7 1.5 4.0 35.2 14.0/15.0

T52 Ras Tanura - Singapore 80,000 7 3,702 3,702 22.1 1.1 4.0 27.2 13.5/14.5T53 Sidi Kerir - Trieste 80,000 7 1,191 1,191 7.1 0.4 4.0 11.5 13.5/14.5T54 Arzew - Philadelphia 80,000 7 3,604 3,604 21.5 1.1 4.0 26.6 13.5/14.5T55 Sullom Voe - Wilhelmshaven 80,000 7 531 531 3.2 0.2 4.0 7.3 13.5/14.5T56 Sullom Voe - Bayway 80,000 7 3,174 3,174 18.9 0.9 4.0 23.9 13.5/14.5T57 Curacao - Texas City 80,000 7 1,797 1,797 10.7 0.5 4.0 15.2 13.5/14.5T58 Curacao - Hamburg 80,000 7 4,500 1,797 19.1 1.0 4.0 24.0 13.5/14.5T59 Jakarta - Chiba 80,000 7 3,194 3,194 19.0 1.0 4.0 24.0 13.5/14.5

T60 Ras Tanura - Singapore Gulf-East 80,000 6 3,702 3,702 21.3 1.1 4.0 26.3 14.5/14.5T61 Sidi Kerir - Trieste Med-Med 80,000 6 1,191 1,191 6.8 0.3 4.0 11.2 14.5/14.5T62 Arzew - Philadelphia Med-USAC 80,000 6 3,604 3,604 20.7 1.0 4.0 25.7 14.5/14.5T63 Sullom Voe - W'haven UK/Cont-UK/Cont 80,000 6 531 531 3.1 0.2 4.0 7.2 14.5/14.5T64 Sullom Voe - Bayway UK/Cont-USAC 80,000 6 3,174 3,174 18.2 0.9 4.0 23.2 14.5/14.5T65 Curacao - Texas City Caribs-US Gulf 80,000 6 1,797 1,797 10.3 0.5 4.0 14.8 14.5/14.5T66 Curacao - Hamburg Caribs-Europe 80,000 6 4,500 1,797 18.1 0.9 4.0 23.0 14.5/14.5T67 Jakarta - Chiba Indo-Japan 80,000 6 3,194 3,194 18.4 0.9 4.0 23.3 14.5/14.5

T68 Curacao - New York Caribs-USAC 50,000 12 1,776 1,776 11.4 0.6 4.0 16.0 13.0/13.0T69 Antwerp - Houston UK/Cont-US Gulf 50,000 12 4,939 4,939 31.7 1.6 4.0 37.2 13.0/13.0T70 Immingham - Milazzo UK/Cont-Med 50,000 12 2,444 2,444 15.7 0.8 4.0 20.5 13.0/13.0T71 Augusta - Houston Med-US Gulf 50,000 12 5,805 5,805 37.2 1.9 4.0 43.1 13.0/13.0

T24 Ras Tanura - Chiba Gulf-Japan 55,000 9 6,605 6,605 42.3 2.1 4.0 48.5 13.0/13.0T25 Ras Tanura - Chiba Gulf-Japan 30,000 10 6,605 6,605 39.4 2.0 4.0 45.3 13.5/14.5T26 Singapore - Chiba Sing-Japan 30,000 10 2,907 2,907 17.3 0.9 4.0 22.2 13.5/14.5T27 Curacao - New York Caribs-USAC 30,000 10 1,770 1,770 10.5 0.5 4.0 15.1 13.5/14.5T28 Bahrain - Bombay Gulf-WC India 30,000 10 1,353 1,353 8.1 0.4 4.0 12.5 13.5/14.5T29 Skikda - Lavera Med-Med 27,500 10 401 401 2.4 0.1 4.0 6.5 13.5/14.5T30 Skikda - Rotterdam Med-UK/Cont 30,000 10 1,963 1,963 11.7 0.6 4.0 16.3 13.5/14.5T31 Skikda - Philadelphia Med-USAC 33,000 10 3,947 3,947 23.5 1.2 4.0 28.7 13.5/14.5T32 Rotterdam - New York UKC-USAC 33,000 10 3,383 3,383 20.2 1.0 4.0 25.2 13.5/14.5T33 Tees - Dunkirk UK/Cont-UK/Cont 20,000 11 289 289 1.8 0.1 3.0 4.8 14.0/13.5T34 Augusta - Lavera Med-Med 20,000 11 651 651 3.9 0.2 3.0 7.1 14.0/13.5T72 Ras Tanura - Chiba Gulf-Japan 75,000 8 6,605 6,605 36.7 1.8 4.0 42.5 15.0/15.0T73 Ras Tanura - Dar Es Salaam 35,000 10 2,831 2,831 16.9 0.8 4.0 21.7 13.5/14.5T74 Tuapse - Augusta Black Sea-Med 30,000 10 1,297 1,297 7.7 0.4 4.0 12.1 13.5/14.5T75 Ventspils - Amsterdam Baltic-UKC 30,000 10 923 923 5.5 0.3 4.0 9.8 13.5/14.5

Clean Products

Dirty Products


Suezmax - Modern (Crude)

Aframax - 1990/01 (Crude)

Aframax - Modern (Crude)

Route Name in SIW (Issue No. 503 -

823)

ULCC - Mid 1970s (Crude)

VLCC - Modern (Crude)

Suezmax - Early 1990s (Crude)



Annex 2(d) - Tanker Voyage Details (Pre-1997)

CRS Voyages Cargo CRS Voyage Dist. Voyage Time - Days Total Oper.

No. Load Discharge Size Ship Miles Sea Sea Port Turn Canal Voyage Speed


T1 Ras Tanura - LOOP Gulf-US Gulf 320,000 1 12,225 12,225 81.8 14.0/13.5

T2 Ras Tanura - Rotterdam Gulf-Europe 270,000 3 11,170 11,170 75.1 14.0/13.5

T3 Ras Tanura - Chiba Gulf-East 250,000 3 6,605 6,605 46.0 14.0/13.5

T4 Ras Tanura - Ain Sukhna Gulf-Red Sea 270,000 3 3,061 3,061 23.5 14.0/13.5

T5 Sidi Kerir - Rotterdam Med-UK/Cont 270,000 3 3,159 3,159 24.1 14.0/13.5

T6 Ras Tanura - Ulsan Not in SIW 250,000 3 5,854 5,854 41.3 14.0/13.5

T7 Ras Tanura - Rotterdam Gulf-Europe 270,000 2 11,170 11,170 75.1 14.0/13.5

T8 Ras Tanura - Chiba Gulf-East 250,000 2 6,605 6,605 46.0 14.0/13.5

T9 Ras Tanura - Ain Sukhna Gulf-Red Sea 270,000 2 3,061 3,061 23.5 14.0/13.5

T10 Sidi Kerir - Rotterdam Med-UK/Cont 280,000 2 3,159 3,159 0.0 15.0/15.0

T11 Ras Tanura - Ulsan Not in SIW 250,000 2 5,854 5,854 41.3 14.0/13.5

T12 Sidi Kerir - Lavera Med-Med 135,000 4 1,420 1,420 13.0 14.0/13.5

T13 Bonny Offshore - Philadelphia W.Africa-USAC 130,000 4 5,184 5,184 37.0 14.0/13.5

T14 Ras Tanura - Singapore Gulf-East 80,000 5 3,702 3,702 27.6 14.0/13.5

T15 Sidi Kerir - Trieste Med-Med 80,000 5 1,191 1,191 11.6 14.0/13.5

T16 Arzew - Philadelphia Med-USAC 80,000 5 3,604 3,604 26.9 14.0/13.5

T17 Sullom Voe Rotterdam UK/Cont-UK/Cont 80,000 5 603 603 7.8 14.0/13.5

T18 Sullom Voe - Bayway UK/Cont-USAC 80,000 5 3,174 3,174 24.2 14.0/13.5

T19 Curacao - Texas City Caribs-US Gulf 80,000 5 1,797 1,797 15.4 14.0/13.5

T20 Curacao - Hamburg Caribs-Europe 80,000 5 4,500 1,797 23.9 14.0/13.5

T21 Rotterdam Bayway UK/Cont-USAC 50,000 6 3,424 3,424 25.8 14.0/13.5

T22 Milford Haven Milazzo Not in SIW 50,000 6 2,107 2,107 17.4 14.0/13.5

T23 Milford Haven Wil'haven UK/Cont-UK/Cont 50,000 6 780 780 9.0 14.0/13.5

T24 Ras Tanura - Chiba Gulf-Japan 55,000 7 6,605 6,605 46.0 14.0/13.5

T25 Ras Tanura - Chiba Gulf-Japan 30,000 8 6,605 6,605 46.0 14.0/13.5

T26 Singapore - Chiba Sing-Japan 30,000 8 2,907 2,907 22.5 14.0/13.5

T27 Curacao - New York Caribs-USAC 30,000 8 1,770 1,770 15.3 14.0/13.5

T28 Bahrain - Bombay Gulf-WC India 28,000 9 1,353 1,353 12.6 14.0/13.5

T29 Skikda - Lavera Med-Med 28,000 9 401 401 6.6 14.0/13.5

T30 Skikda - Rotterdam Med-UK/Cont 28,000 9 1,963 1,963 16.5 14.0/13.5

T31 Skikda - Philadelphia Med-USAC 28,000 9 3,947 3,947 29.1 14.0/13.5

T32 Rotterdam - New York UK/Cont-USAC 28,000 9 3,383 3,383 25.5 14.0/13.5

T33 Tees - Dunkirk UK/Cont-UK/Cont 20,000 10 289 289 4.8 14.0/13.5

T34 Augusta - Lavera Med-Med 20,000 10 651 651 7.1 14.0/13.5

Clean Products

Dirty Products

Route Name in SIW (Pre-Issue No. 503)

ULCC - Mid 1970s (Crude)

Suezmax (Early 1990s)

Aframax (Mid 1980s)


VLCC - Mid 1970s (Crude)



Annex 2(e) - Bulkcarrier Voyage Details (2009 Onwards)

Continued on Page 16.



B144 Tubarao - Rotterdam Tubarao/Rotterdam 176,000 34 5,025 5,025 33.6 1.7 6.0 1.0 0.0 42.2 12.0/13.0

B145 Tubarao - Japan 176,000 34 11,331 5,025 55.4 2.8 7.0 1.0 0.0 66.2 12.0/13.0

B146 Tubarao - Qingdao* Tub/Qingdao 176,000 34 11,086 4,974 54.4 2.7 9.5 2.3 0.0 69.0 12.0/13.0

B147 Dampier - Japan Dampier/Japan 18m 176,000 34 3,470 3,470 23.2 1.2 4.8 0.8 0.0 29.9 12.0/13.0

B148 Dampier - Qingdao* Dampier/Qingdao 174,000 34 3,582 3,500 23.7 1.2 7.5 2.8 0.0 35.1 12.0/13.0

B149 Saldanha Bay - Qingdao* Saldanha/Qingdao 176,000 34 7,976 6,138 47.4 2.4 7.6 2.8 0.0 60.1 12.0/13.0

B150 Narvik - Rotterdam 177,000 34 1,140 1,140 7.6 0.4 6.0 0.5 0.0 14.5 12.0/13.0

B151 Goa - Qingdao* 174,000 34 4,616 4,668 31.0 1.5 11.5 2.3 0.0 46.4 12.0/13.0

B152 Port Cartier - Rotterdam 160,000 34 2,901 2,901 19.4 1.0 6.0 0.8 0.0 27.1 12.0/13.0

B153 Tubarao - El Dekheila Tubarao/El Dekheila 173,000 34 5,745 5,025 36.1 1.8 5.0 1.0 0.0 40.4 12.0/13.0

B154 Hampton Roads - Rotterdam 140,000 34 3,544 3,544 23.7 1.2 6.5 1.0 0.0 32.3 12.0/13.0

B155 Queensland - Rotterdam 168,000 34 13,633 3,943 60.0 3.0 9.4 1.0 0.0 73.4 12.0/13.0

B156 Queensland - Japan 168,000 34 3,943 3,943 26.3 1.3 8.0 1.8 0.0 37.4 12.0/13.0

B157 Richards Bay - Rotterdam R.Bay/Rotterdam 168,500 34 7,054 7,341 48.0 2.4 8.9 1.5 0.0 60.8 12.0/13.0

B158 Bolivar - Rotterdam Bolivar/Rotterdam 166,500 34 4,500 4,500 30.0 1.5 9.9 1.0 0.0 42.5 12.0/13.0

B159 Banjarmasin - Rotterdam 166,000 34 11,872 2,690 49.8 2.5 11.5 0.5 0.0 64.3 12.0/13.0

B160 Baltimore - Rotterdam 135,000 34 3,665 3,665 24.5 1.2 8.5 1.0 0.0 35.2 12.0/13.0

B161 Hay Point - Qingdao Hay Pt./China 168,000 34 4,104 3,844 26.6 1.3 10.5 1.0 0.0 39.4 12.0/13.0

B162 Richards Bay - Gangavaram R.Bay/EC India 168,500 34 4,304 5,030 31.1 1.6 11.9 1.0 0.0 45.5 12.0/13.0

B27 Tubarao - Rotterdam 167,500 16 5,025 5,025 28.4 1.4 6.0 1.0 0.0 36.8 14.5/15.0

B28 Tubarao - Japan 166,000 16 11,331 5,025 46.5 2.3 7.0 1.0 0.0 56.8 14.5/15.0

B31 Tubarao - Qingdao* 165,000 16 11,086 4,974 45.7 2.3 9.5 2.3 0.0 59.8 14.5/15.0

B30 Dampier - Japan 167,500 16 3,470 3,470 19.6 1.0 4.8 0.8 0.0 26.1 14.5/15.0

B32 Dampier - Qingdao* 167,500 16 3,582 3,500 20.0 1.0 7.5 2.8 0.0 31.3 14.5/15.0

B33 Saldanha Bay - Qingdao* 166,000 16 7,976 6,138 40.0 2.0 7.6 2.8 0.0 52.4 14.5/15.0


B63 Goa - Qingdao* 166,000 16 4,616 4,668 26.2 1.3 11.5 2.3 0.0 41.4 14.5/15.0


B100 Tubarao - El Dekheila 165,000 16 5,745 5,025 30.5 1.5 5.0 1.0 0.0 34.5 14.5/15.0




B38 Richards Bay - Rotterdam 159,500 16 7,054 7,341 40.7 2.0 8.9 1.5 0.0 53.1 14.5/15.0

B39 Bolivar - Rotterdam 156,700 16 4,500 4,500 25.4 1.3 9.9 1.0 0.0 37.6 14.5/15.0



B101 Hay Point - Qingdao 150,000 16 4,104 3,844 22.5 1.1 10.5 1.0 0.0 35.1 14.5/15.0

B102 Richards Bay - Gangavaram 150,000 16 4,304 5,030 26.3 1.3 11.9 1.0 0.0 40.6 14.5/15.0

B163 Tubarao Rotterdam 70,000 35 5,025 0 17.4 0.9 6.5 1.0 0.0 25.8 12.0/12.5

B164 Tubarao China 80,000 35 10,874 8,769 67.0 3.3 6.0 1.0 0.0 77.3 12.0/12.5

B167 Baltimore Rotterdam 70,000 35 3,613 3,613 24.6 1.2 4.1 1.0 0.0 30.9 12.0/12.5

B168 Mobile Rotterdam 70,000 35 4,854 4,854 33.0 1.7 8.0 1.0 0.0 43.7 12.0/12.5

B169 Bolivar Rotterdam 70,000 35 4,359 4,359 29.7 1.5 4.6 1.0 0.0 36.7 12.0/12.5

B170 Ventspils Rotterdam 70,000 35 1,088 1,088 7.4 0.4 5.5 1.0 0.0 14.3 12.0/12.5

B171 Murmansk Rotterdam 70,000 35 1,731 1,731 11.8 0.6 5.5 1.0 0.0 18.9 12.0/12.5

B172 Richards Bay Rotterdam 75,000 35 7,057 3,577 36.4 1.8 4.3 1.3 0.0 43.8 12.0/12.5

B173 Richards Bay Qingdao 75,000 35 7,127 3,577 36.7 1.8 4.5 1.0 0.0 44.0 12.0/12.5

B174 Dalrymple Bay Longkou 72,000 35 4,277 3,657 27.0 1.4 4.8 1.0 0.0 34.2 12.0/12.5

B175 Dalrymple Bay Rotterdam 72,000 35 13,646 3,615 59.4 3.0 6.0 1.0 0.0 69.4 12.0/12.5

B176 Roberts Bank Longkou 72,000 35 5,263 4,272 32.5 1.6 5.5 1.0 0.0 40.6 12.0/12.5

B177 Darymple Bay Praia Mole 70,000 35 8,158 4,834 44.4 2.2 5.0 1.0 0.0 52.7 12.0/12.5

B178 Richards Bay Krishnapatnam 75,000 35 3,966 5,030 30.5 1.5 4.9 1.0 0.0 38.0 12.0/12.5

B179 Richards Bay Mundra 75,000 35 5,030 5,030 34.2 1.7 5.3 1.0 0.0 42.2 12.0/12.5

B180 Samarinda Ennore 75,000 35 2,688 1,421 14.1 0.7 8.6 1.0 0.0 24.4 12.0/12.5

B181 Samarinda Dahej 75,000 35 3,764 1,421 17.8 0.9 7.4 1.0 0.0 27.1 12.0/12.5

B165 Santos Qingdao 60,000 35 11,285 8,968 69.1 3.5 25.0 1.0 0.0 98.5 12.0/12.5

B166 Santos Rotterdam 60,000 35 5,430 0 18.9 0.9 22.0 1.0 0.0 42.8 12.0/12.5*Voyage earnings based on discharge at Beilun/Baoshan prior to start 2011.

Kamsarmax Modern c. 2010-built (Coal)

Route Name in SIW (Issue No. 1,161 onwards)

Capesize Modern c. 2010-built (Iron Ore)

Capesize c. 2000-built (Iron Ore)

Capesize c. 2000-built (Coal)

Kamsarmax Modern c. 2010-built (Iron Ore)

Kamsarmax Modern c. 2010-built (Grain)

Capesize Modern c. 2010-built (Coal)



Annex 2(e) - Bulkcarrier Voyage Details (2009 Onwards - Continued)



B196 W Aus N China 60,000 36 3,481 2,648 20.9 1.0 5.0 1.0 0.0 28.0 12.0/12.5

B182 Ventspils Rotterdam 70,000 36 1,088 1,088 7.4 0.4 5.5 1.0 0.0 14.3 12.0/12.5B183 Murmansk Rotterdam Murmansk/ARA 65,000 36 1,731 1,731 11.8 0.6 5.5 1.0 0.0 18.9 12.0/12.5B184 Richards Bay Krishnapatnam' 72,000 36 3,966 5,030 30.5 1.5 5.9 1.0 0.0 39.0 12.0/12.5B185 Richards Bay Mundra Richards Bay./WC India 72,000 36 5,030 5,030 34.2 1.7 5.3 1.0 0.0 42.2 12.0/12.5B186 Dalrymple Bay Longkou 72,000 36 4,277 3,657 27.0 1.4 4.8 1.0 0.0 34.2 12.0/12.5B187 Roberts Bank Longkou Rob. Bank/N. China 72,000 36 5,263 4,272 32.5 1.6 5.5 1.0 0.0 40.6 12.0/12.5B188 Dalrymple Bay Rotterdam Dalymp. B./N. China 72,000 36 13,646 3,615 59.4 3.0 6.0 1.0 0.0 69.4 12.0/12.5B189 Samarinda Ennore" Indonesia/EC India 72,000 36 2,688 1,421 14.1 0.7 8.6 2.0 0.0 25.4 12.0/12.5B190 Samarinda Dahej~ Indonesia/WC India 72,000 36 3,764 1,421 17.8 0.9 7.4 2.0 0.0 28.1 12.0/12.5B191 Baltimore^ Rotterdam 67,000 36 3,613 3,613 24.6 1.2 4.1 1.0 0.0 30.9 12.0/12.5B192 Mobile Rotterdam US Gulf/ARA 67,000 36 4,854 4,854 33.0 1.7 8.0 1.0 0.0 43.7 12.0/12.5B193 Bolivar Rotterdam Bolivar/ARA 67,000 36 4,359 4,359 29.7 1.5 4.6 1.0 0.0 36.7 12.0/12.5B194 Richards Bay Rotterdam Richards B./Rott 66,500 36 7,057 3,577 36.4 1.8 4.3 1.3 0.0 43.8 12.0/12.5B195 Indonesia Med 65,000 36 8,093 2,319 35.8 1.8 6.2 1.0 1.0 45.8 12.0/12.5B203 Samarinda S China Indonesia/S. China 70,000 36 1,838 1,421 11.1 0.6 10.5 1.0 0.0 23.2 12.0/12.5B204 Indonesia Rotterdam 70,000 36 9,225 2,345 39.8 2.0 7.0 0.5 1.0 50.3 12.0/12.5B205 Roberts Bank Rotterdam 72,000 36 8,904 4,426 45.7 2.3 5.4 0.5 1.0 54.9 12.0/12.5B216 Roberts Bank Japan 67,000 36 4,275 4,275 29.1 1.5 7.1 0.5 0.0 38.1 12.0/12.5B217 New South Wales Cont 66,000 36 12,762 4,320 58.7 2.9 4.9 1.0 0.0 67.5 12.0/12.5B218 Newcastle Japan 67,000 36 4,287 4,287 29.2 1.5 6.7 1.0 0.0 38.3 12.0/12.5B219 Richards Bay Sp. Med. 67,000 36 6,140 4,757 37.2 1.9 7.0 1.3 0.0 47.3 12.0/12.5B220 Maracaibo Rotterdam 54,000 36 4,427 4,427 30.1 1.5 4.5 0.5 0.0 36.6 12.0/12.5

B197 US Gulf Qingdao US Gulf/N. China 55,000 36 9,978 4,782 50.6 2.5 28.0 1.0 1.0 83.1 12.0/12.5B198 US Gulf Egypt 55,000 36 6,483 934 25.6 1.3 19.0 1.0 0.0 46.9 12.0/12.5B199 Hamburg Jeddah 60,000 36 4,250 723 17.2 0.9 27.0 1.0 1.0 47.0 12.0/12.5B200 Nopac N China NOPAC/N. China 60,000 36 4,791 4,196 30.6 1.5 28.0 1.0 0.0 61.2 12.0/12.5B201 W Aus Dammam 50,000 36 5,053 3,701 29.9 1.5 34.0 1.0 0.0 66.4 12.0/12.5

B202 Kamsar San Ciprian 49,000 36 2,174 2,174 14.8 0.7 6.0 1.0 0.0 22.5 12.0/12.5

B129 W Aus N China 60,000 21 3,481 2,648 18.2 0.9 5.0 1.0 0.0 25.2 14.0/14.0

B80 Ventspils Rotterdam 70,000 21 1,088 1,088 6.5 0.3 5.5 1.0 0.0 13.3 14.0/14.0B81 Murmansk Rotterdam 65,000 21 1,731 1,731 10.3 0.5 5.5 1.0 0.0 17.3 14.0/14.0B103 Richards Bay Mundra 72,000 21 5,030 5,030 29.9 1.5 5.8 1.0 0.0 38.2 14.0/14.0B104 Richards Bay Krishnapatnam' 72,000 21 3,966 5,030 26.8 1.3 5.9 1.0 0.0 35.0 14.0/14.0B105 Dalrymple Bay Longkou 72,000 21 4,277 3,657 23.6 1.2 4.8 1.0 0.0 30.6 14.0/14.0B106 Roberts Bank Longkou 72,000 21 5,263 4,272 28.4 1.4 5.5 1.0 0.0 36.3 14.0/14.0B107 Dalrymple Bay Rotterdam 72,000 21 13,646 3,615 51.4 2.6 6.0 1.0 0.0 60.9 14.0/14.0B122 Samarinda Ennore" 72,000 21 2,688 1,421 12.2 0.6 8.6 2.0 0.0 23.4 14.0/14.0B123 Samarinda Dahej~ 72,000 21 3,764 1,421 15.4 0.8 7.4 2.0 0.0 25.6 14.0/14.0B124 Baltimore^ Rotterdam 67,000 21 3,613 3,613 21.5 1.1 4.1 1.0 0.0 27.7 14.0/14.0B125 Mobile Rotterdam 67,000 21 4,854 4,854 28.9 1.4 8.0 1.0 0.0 39.3 14.0/14.0B126 Bolivar Rotterdam 67,000 21 4,359 4,359 25.9 1.3 4.6 1.0 0.0 32.8 14.0/14.0B127 Richards Bay Rotterdam 66,500 21 7,057 3,577 31.6 1.6 4.3 1.3 0.0 38.8 14.0/14.0B128 Indonesia Med 65,000 21 8,093 2,319 31.0 1.5 6.2 1.0 1.0 40.7 14.0/14.0B136 Samarinda S China 70,000 21 1,838 1,421 9.7 0.5 10.5 1.0 0.0 21.7 14.0/14.0B142 Indonesia Rotterdam 70,000 21 9,225 2,345 34.4 1.7 7.0 0.5 1.0 44.7 14.0/14.0B143 Roberts Bank Rotterdam 72,000 21 8,904 4,426 39.7 2.0 5.4 0.5 1.0 48.6 14.0/14.0B49 Roberts Bank Japan 67,000 21 4,275 4,275 25.4 1.3 7.1 0.5 0.0 34.3 14.0/14.0B50 New South Wales Cont 66,000 21 12,762 4,320 50.8 2.5 4.9 1.0 0.0 59.3 14.0/14.0B51 Newcastle Japan 67,000 21 4,287 4,287 25.5 1.3 6.7 1.0 0.0 34.5 14.0/14.0B76 Richards Bay Sp. Med. 67,000 21 6,140 4,757 32.4 1.6 7.0 1.3 0.0 42.3 14.0/14.0B78 Maracaibo Rotterdam 54,000 21 4,427 4,427 26.4 1.3 4.5 0.5 0.0 32.7 14.0/14.0

B130 US Gulf Qingdao 55,000 21 9,978 4,782 43.5 2.2 28.0 1.0 1.0 75.6 14.0/14.0B131 US Gulf Egypt 55,000 21 6,483 934 22.1 1.1 19.0 1.0 0.0 43.2 14.0/14.0B132 Hamburg Jeddah 60,000 21 4,250 723 14.8 0.7 27.0 1.0 1.0 44.5 14.0/14.0B133 Nopac N China 60,000 21 4,791 4,196 26.7 1.3 28.0 1.0 0.0 57.1 14.0/14.0B134 W Aus Dammam 50,000 21 5,053 3,701 26.1 1.3 34.0 1.0 0.0 62.4 14.0/14.0

B135 Kamsar San Ciprian 49,000 21 2,174 2,174 12.9 0.6 6.0 1.0 0.0 20.6 14.0/14.0Panamax c. 2000-built (Bauxite)

Panamax c. 2000-built (Coal)

Panamax c. 2000-built (Grain)

Panamax Modern c. 2010-built (Grain)

Route Name in SIW (Issue No. 1,161 onwards)

Panamax Modern c. 2010-built (Iron Ore)

Panamax Modern c. 2010-built (Bauxite)

Panamax Modern c. 2010-built (Coal)

Panamax c. 2000-built (Iron Ore)

B207 Richards Bay - Visakhapatnam 50,000 37 4,374 5,030 32.0 1.6 8.0 1.0 0.0 42.6 12.0/12.5B208 Richards Bay - Pipavav Richards B./WC India 50,000 37 5,030 5,030 34.2 1.7 5.8 1.0 0.0 42.7 12.0/12.5B209 Samarinda - Paradip* 50,000 37 2,643 1,421 13.9 0.7 10.0 2.0 0.0 26.6 12.0/12.5B210 Samarinda - Pipavav 50,000 37 3,740 1,421 17.7 0.9 10.0 2.0 0.0 30.6 12.0/12.5

B206 US Gulf - Japan USGulf/Japan(HSS) 50,000 37 9,213 4,854 48.2 2.4 10.0 0.0 1.0 61.6 12.0/12.5

B108 Richards Bay - Visakhapatnam 50,000 22 4,374 5,030 27.5 1.4 8.0 1.0 0.0 37.8 14.0/14.5B109 Richards Bay - Pipavav 50,000 22 5,030 5,030 29.4 1.5 5.8 1.0 0.0 37.7 14.0/14.5B120 Samarinda - Paradip* 50,000 22 2,643 1,421 11.9 0.6 10.0 2.0 0.0 24.5 14.0/14.5B121 Samarinda - Pipavav 50,000 22 3,740 1,421 15.2 0.8 10.0 2.0 0.0 28.0 14.0/14.5

B83 US Gulf - Japan 49,000 22 9,213 4,854 41.4 2.1 10.0 0.0 1.0 54.4 14.0/14.5^Voyage earnings based on loading at Hampton Roads prior to start 2014. 'Rate quoted for Richards Bay - Gangavaram prior to 27th June 2014. "Rate quoted for Samarinda - Visakhapatnam prior to 27th June 2014. ~Rate quoted for Samarinda - Mundra prior to 27th June 2014. *Rate quoted for Samarinda - Visakhapatnam prior to 4th July 2014.

Supramax - c. 2000-built (Grain)

Supramax - c. 2000-built (Coal)

Supramax - Modern c. 2010-built (Coal)

Supramax - Modern c. 2010-built (Grain)



Annex 2(f) - Bulkcarrier Voyage Details (2008)




B3 Tubarao - Japan 145,000 17 11,331 5,025 50.5 2.5 7.0 1.0 0.0 61.0 13.5/13.5

B5 Dampier - Rotterdam 145,000 17 11,536 3,500 46.4 2.3 6.0 0.8 0.0 55.5 13.5/13.5

B6 Dampier - Japan 145,000 17 3,470 3,470 21.4 1.1 4.8 0.8 0.0 28.0 13.5/13.5

B22 Tubarao - Beilun/Baoshan 145,000 17 10,874 4,974 48.9 2.4 9.5 2.3 0.0 63.2 13.5/13.5

B23 Dampier - Beilun/Baoshan 145,000 17 3,371 3,500 21.2 1.1 7.5 2.8 0.0 32.6 13.5/13.5

B24 Saldanha Bay - Beilun/Baoshan 145,000 17 7,775 6,138 42.9 2.1 7.6 2.8 0.0 55.5 13.5/13.5


B56 Nouadhibou - Rotterdam 130,000 17 2,229 2,229 13.8 0.7 6.0 0.5 0.0 20.9 13.5/13.5

B57 Goa - Beilun/Baoshan 145,000 17 4,497 4,668 28.3 1.4 11.5 2.3 0.0 43.5 13.5/13.5









B27 Tubarao - Rotterdam Tubarao/Rotterdam 167,500 16 5,025 5,025 28.4 1.4 6.0 1.0 0.0 36.8 14.5/15.0

B28 Tubarao - Japan Tubarao/Japan 18m 166,000 16 11,331 5,025 46.5 2.3 7.0 1.0 0.0 56.8 14.5/15.0

B29 Dampier - Rotterdam Dampier/Rotterdam 166,000 16 11,536 3,500 42.9 2.1 6.0 0.8 0.0 51.8 14.5/15.0

B30 Dampier - Japan Dampier/Japan 18m 167,500 16 3,470 3,470 19.6 1.0 4.8 0.8 0.0 26.1 14.5/15.0

B31 Tubarao - Beilun/Baoshan Tubarao/Beilun.Baoshan 165,000 16 10,874 4,974 45.1 2.3 9.5 2.3 0.0 59.1 14.5/15.0

B32 Dampier - Beilun/Baoshan Dampier/Beilun.Baoshan 167,500 16 3,371 3,500 19.4 1.0 7.5 2.8 0.0 30.7 14.5/15.0

B33 Saldanah Bay - Beilun/Baoshan Saldanha /Beilun.Baoshan 166,000 16 7,775 6,138 39.4 2.0 7.6 2.8 0.0 51.8 14.5/15.0


B62 Nouadhibou - Rotterdam 143,000 16 2,229 2,229 12.6 0.6 6.0 0.5 0.0 19.7 14.5/15.0

B63 Goa - Beilun/Baoshan 166,000 16 4,497 4,668 25.9 1.3 11.5 2.3 0.0 41.0 14.5/15.0



B36 Queensland - Rotterdam Hay Pt./Rotterdam 148,500 16 13,633 3,943 50.1 2.5 9.4 1.0 0.0 63.0 14.5/15.0

B37 Queensland - Japan Hay Pt./Japan 17m 157,000 16 3,943 3,943 22.3 1.1 8.0 1.8 0.0 33.2 14.5/15.0



B65 Banjarmasin - Rotterdam Indonesia/Rotterdam 159,500 16 11,872 2,690 41.6 2.1 11.5 0.5 0.0 55.7 14.5/15.0


B16 Hampton Roads - ARA H.Rds/ARA 72,980 19 3,539 3,539 21.5 1.1 4.1 1.0 0.0 27.6 14.0/13.5

B18 Roberts Bank - Japan Roberts Bank/Japan 64,000 20 4,275 4,275 25.9 1.3 7.1 0.5 0.0 34.8 14.0/13.5

B19 New South Wales - Cont Newcastle/Cont 62,375 20 12,762 4,320 51.3 2.6 4.9 1.0 0.0 59.8 14.0/13.5

B20 Newcastle - Japan Newcastle/Japan 63,000 20 4,287 4,287 26.0 1.3 6.7 1.0 0.0 35.0 14.0/13.5

B41 Bolivar - ARA Bolivar/ARA 60,000 20 4,359 4,359 26.4 1.3 4.6 1.0 0.0 33.3 14.0/13.5

B42 Richards Bay - Rotterdam Richards B./Rott 60,000 20 7,057 3,606 32.1 1.6 4.3 1.3 0.0 39.3 14.0/13.5

B43 Roberts Bank - Rotterdam Roberts Bank/Rott 57,000 20 8,904 4,426 40.2 2.0 5.4 0.5 1.0 49.1 14.0/13.5

B67 US Gulf - ARA USGulf/ARA 69,900 19 4,854 4,854 29.4 1.5 8.0 1.0 0.0 39.9 14.0/13.5

B68 Richards Bay - Spanish Med. 63,000 20 6,140 4,757 33.0 1.6 7.0 1.3 0.0 42.9 14.0/13.5

B69 Indonesia - Rotterdam Indonesia/Rotterdam 60,000 20 9,225 2,345 34.7 1.7 7.0 0.5 1.0 44.9 14.0/13.5

B70 Maracaibo - Rotterdam 50,000 20 4,427 4,427 26.8 1.3 4.5 0.5 0.0 33.2 14.0/13.5

B71 Gdansk - Rotterdam 60,000 20 869 869 5.3 0.3 5.5 0.5 0.0 11.5 14.0/13.5

B72 Ventspils - Rotterdam 63,000 20 1,088 1,088 6.6 0.3 5.5 1.0 0.0 13.4 14.0/13.5

B73 Murmansk - Rotterdam 63,000 20 1,731 1,731 10.5 0.5 5.5 1.3 0.0 17.8 14.0/13.5

B74 US Gulf - Morocco 62,500 20 4,520 4,520 27.4 1.4 8.0 1.0 0.0 37.8 14.0/13.5

B48 Hampton Roads - ARA H.Rds/ARA 67,000 18 3,539 3,539 21.5 1.1 4.1 1.0 0.0 27.6 13.5/14.0


B50 New South Wales - Cont Newcastle/Cont 66,000 18 12,762 4,320 52.2 2.6 4.9 1.0 0.0 60.8 13.5/14.0




B54 Roberts Bank - Rotterdam Roberts Bank/Rott 58,000 18 8,904 4,426 40.7 2.0 5.4 0.5 1.0 49.6 13.5/14.0

B75 US Gulf/ARA - ARA USGulf/ARA 67,000 18 4,854 4,854 29.4 1.5 8.0 1.0 0.0 39.9 13.5/14.0

B76 Richards Bay - Spanish Med. 67,000 18 6,140 4,757 33.1 1.7 7.0 1.3 0.0 43.0 13.5/14.0

B77 Indonesia - Rotterdam Indonesia/Rotterdam 70,000 18 9,225 2,345 35.5 1.8 7.0 0.5 1.0 45.7 13.5/14.0

B78 Maracaibo - Rotterdam 54,000 18 4,427 4,427 26.8 1.3 4.5 0.5 0.0 33.2 13.5/14.0

B79 Gdansk - Rotterdam 68,000 18 869 869 5.3 0.3 5.5 0.5 0.0 11.5 13.5/14.0

B80 Ventspils - Rotterdam 70,000 21 1,088 1,088 6.5 0.3 5.5 1.0 0.0 13.3 14.0/14.0

B81 Murmansk - Rotterdam 65,000 21 1,731 1,731 10.3 0.5 5.5 1.0 0.0 17.3 14.0/14.0

B82 US Gulf - Morocco 65,000 21 4,520 4,520 26.9 1.3 8.0 1.0 0.0 37.3 14.0/14.0

B83 US Gulf - Japan USGulf/Japan(HSS) 49,000 22 9,213 4,854 41.4 2.1 16.0 0.0 1.0 60.4 14.0/14.5

Capesize - Modern (Coal)

Supramax - Modern (Grain)


Capesize - Early 1990s (Iron Ore)

Capesize - Early 1990s (Coal)

Capesize - Modern (Iron Ore)

Panamax - 1980s (Coal)




Annex 2(g) - Bulkcarrier Voyage Details (2002-2008)





B3 Tubarao - Japan 145,000 14 11,331 5,025 50.5 2.5 7.0 1.0 0.0 61.0 13.5/13.5

B5 W.Australia - Rotterdam 145,000 14 11,536 3,500 46.4 2.3 6.0 0.8 0.0 55.5 13.5/13.5

B6 W.Australia - Japan 145,000 14 3,470 3,470 21.4 1.1 4.8 0.8 0.0 28.0 13.5/13.5

B22 Tubarao - Beilun/Baos 145,000 14 10,874 4,974 48.9 2.4 9.5 2.3 0.0 63.2 13.5/13.5

B23 W.Australia - Beilun/Baos 145,000 14 3,371 3,500 21.2 1.1 7.5 2.8 0.0 32.6 13.5/13.5

B24 Saldanha Bay - Beilun/Baos 145,000 14 7,775 6,138 42.9 2.1 7.6 2.8 0.0 55.5 13.5/13.5

B7 H.Rds/R.Bay - Japan 132,000 14 15,126 3,539 57.6 2.9 9.0 1.8 0.0 71.2 13.5/13.5






B26 Rizhao - Rotterdam 140,000 14 14,139 484 45.1 2.3 11.9 1.0 0.0 60.3 13.5/13.5

B27 Tubarao - Rotterdam Tabarao/Rotterdam 167,500 13 5,025 5,025 28.4 1.4 6.0 1.0 0.0 36.8 14.5/15.0

B28 Tubarao - Japan Tubarao/Japan 18m 166,000 13 11,331 5,025 46.5 2.3 7.0 1.0 0.0 56.8 14.5/15.0

B29 W.Australia - Rotterdam Dampier/Rotterdam 166,000 13 11,536 3,500 42.9 2.1 6.0 0.8 0.0 51.8 14.5/15.0

B30 W.Australia - Japan Dampier/Japan 18m 167,500 13 3,470 3,470 19.6 1.0 4.8 0.8 0.0 26.1 14.5/15.0

B31 Tubarao - Beilun/Baoshan Tub/Beilun.Baoshan 165,000 13 10,874 4,974 45.1 2.3 9.5 2.3 0.0 59.1 14.5/15.0

B32 W.Australia - Beilun/Baoshan Dampier/Beilun.Bao. 167,500 13 3,371 3,500 19.4 1.0 7.5 2.8 0.0 30.7 14.5/15.0

B33 Saldanha Bay - Beilun/Baoshan Saldanha/Beilun.Boa. 166,000 13 7,775 6,138 39.4 2.0 7.6 2.8 0.0 51.8 14.5/15.0

B34 H.Rds/R.Bay - Japan 159,274 13 15,126 3,539 53.3 2.7 9.0 1.8 0.0 66.7 14.5/15.0


B36 Queensland - Rotterdam Hay Pt./Rotterdam 148,500 13 13,633 3,943 50.1 2.5 9.4 1.0 0.0 63.0 14.5/15.0

B37 Queensland - Japan Hay Pt./Japan 17m 165,000 13 3,943 3,943 22.3 1.1 8.0 1.8 0.0 33.2 14.5/15.0



B40 Rizhao - Rotterdam Rizhao/Rotterdam 150,000 13 14,139 484 42.0 2.1 11.9 1.0 0.0 57.0 14.5/15.0

B12 New Orleans - Rott. (Lights) 57,700 16 4,829 4,829 29.3 1.5 14.0 0.0 0.0 44.7 14.0/13.5

B13 New Orleans - Rott. (HSS) 54,500 17 4,829 4,829 29.3 1.5 14.0 0.0 0.0 44.7 14.0/13.5

B14 New Orleans - Japan 54,500 17 9,213 4,854 42.4 2.1 16.0 0.0 1.0 61.5 14.0/13.5

B15 NOPAC - Japan 54,500 17 4,667 4,667 28.3 1.4 14.0 0.0 0.0 43.7 14.0/13.5

B16 Hampton Rds - ARA 72,980 16 3,539 3,539 21.5 1.1 4.1 1.0 0.0 27.6 14.0/13.5

B18 Roberts Bank - Japan 64,000 17 4,275 4,275 25.9 1.3 7.1 0.5 0.0 34.8 14.0/13.5

B19 NSW - Continent 62,375 17 12,762 4,320 51.3 2.6 4.9 1.0 0.0 59.8 14.0/13.5

B20 Newcastle - Japan 63,000 17 4,287 4,287 26.0 1.3 6.7 1.0 0.0 35.0 14.0/13.5

B41 Bolivar - ARA 60,000 17 4,359 4,359 26.4 1.3 4.6 1.0 0.0 33.3 14.0/13.5


B43 Roberts Bank - Rotterdam 57,000 17 8,904 4,426 40.2 2.0 5.4 0.5 1.0 49.1 14.0/13.5

B44 New Orleans - Rott. (Lights) USGulf/Rott(Lights) 55,500 15 4,829 4,829 29.3 1.5 14.0 0.0 0.0 44.7 13.5/14.0

B45 New Orleans - Rott. (HSS) USGulf/Rott(HSS) 62,500 15 4,829 4,829 29.3 1.5 14.0 0.0 0.0 44.7 13.5/14.0

B46 New Orleans - Japan USGulf/Japan(HSS) 56,700 15 9,213 4,854 42.9 2.1 16.0 0.0 1.0 62.0 13.5/14.0

B47 NOPAC - Japan Nopac/Japan 56,700 15 4,667 4,667 28.3 1.4 14.0 0.0 0.0 43.7 13.5/14.0

B48 Hampton Rds - ARA H.Rds/ARA 67,000 15 3,539 3,539 21.5 1.1 4.1 1.0 0.0 27.6 13.5/14.0


B50 NSW - Continent Newcastle/Cont 66,000 15 12,762 4,320 52.2 2.6 4.9 1.0 0.0 60.8 13.5/14.0




B54 Roberts Bank - Rotterdam Roberts Bank/Rott. 58,000 15 8,904 4,426 40.7 2.0 5.4 0.5 1.0 49.6 13.5/14.0


Capesize - Early 1990s (Iron Ore)

Capesize - Early 1990s (Coal)

Panamax - 1990s (Grain)


Capesize - Modern (Iron Ore)

Capesize - Modern (Coal)


Panamax - 1980s (Grain)






B1 Narvik - Rotterdam Narvik/Rotterdam 145,000 11 1,128 1,128 12.8 13.5/13.5

B2 Tubarao - Rotterdam Tubarao/Rotterdam 145,000 11 4,974 4,974 38.7 13.5/13.5

B3 Tubarao - Japan Tubarao/Japan 17m 145,000 11 11,525 4,974 62.2 13.5/13.5

B4 Nouadhibou - Rotterdam Nouadhibou/Rott. 130,000 11 2,229 2,229 20.9 13.5/13.5

B5 W.Australia - Rotterdam W.Aust/Rotterdam 145,000 11 11,329 3,682 56.1 13.5/13.5

B6 W.Australia - Japan W.Aust/Japan 17m 145,000 11 3,682 3,682 31.6 13.5/13.5

B7 H.Rds/R.Bay - Japan H.Rd.R.Bay/Japan 16m 132,000 11 15,247 3,544 71.6 13.5/13.5

B8 Hampton Roads - Rotterdam H.Rds/Rotterdam 122,000 11 3,544 3,544 30.5 13.5/13.5

B9 Queensland - Rotterdam Q'land/Rotterdam 135,000 11 13,633 3,943 67.0 13.5/13.5

B10 Queensland - Japan Q'land/Japan 17m 138,300 11 3,943 3,943 35.6 13.5/13.5

B11 Richards Bay - Rotterdam R.Bay/Rotterdam 137,000 11 7,054 3,606 55.9 13.5/13.5

B12 US Gulf - Rott. (Lights) USGulf.Rott(Lights) 57,700 12 4,854 4,854 45.9 14.0/13.5

B13 US Gulf - Rott. (HSS) USGulf/Rott(HSS) 54,500 13 4,854 4,854 45.9 14.0/13.5

B14 US Gulf - Japan USGulf/Japan(HSS) 54,500 13 9,213 4,854 63.0 14.0/13.5

B15 Nopac - Japan Nopac/Japan 54,500 13 4,500 4,500 46.6 14.0/13.5

B16 Hampton Rds - ARA H.Rds/ARA 72,980 12 3,544 3,544 29.6 14.0/13.5

B17 US Gulf - ARA USGulf/ARA 69,900 12 4,854 4,854 39.9 14.0/13.5

B18 Roberts Bank - Japan Roberts Bank/Japan 64,000 13 4,275 4,275 35.2 14.0/13.5

B19 NSW - Continent NSW/Cont 62,375 13 12,762 7,114 72.9 14.0/13.5

B20 Newcastle - Japan Newcastle/Japan 63,000 13 4,287 4,287 63.3 14.0/13.5

B21 Richards Bay - Spanish Med. R.Bay/Sp.Med 63,000 13 6,464 4,757 43.9 14.0/13.5

Panamax Coal

Route Name in SIW (Pre-Issue No. 503)

Capesize Ore

Capesize Coal

Panamax Grain

Annex 2(h) - Bulkcarrier Voyage Details (Pre-2002)



Annex 3(a) - Tanker Vessel Details

Applicable Speed Cons. in Port, t (gross)

CRS CRS Laden Ballast Cst380 MDO Cst380 MDO

No Ship Type Dwt YoB. Voyages Knots Knots Laden Ballast

23 VLCC (c.2010-built, d/h) 318,000 c.2010 T120-T134 13.5 12.0 80.0 55.0 0.0 225.0 0.0

2 VLCC (c.2000-built, d/h) 300,000 c.2000 T39-T47, T79-T81, T104, T109-T110 15.0 15.0 93.0 80.0 0.0 225.0 0.0

24 Suezmax (c.2010-built, d/h) 157,000 c.2010 T135-T145 13.5 12.0 52.0 38.0 0.0 120.0 0.0

4 Suezmax (c.2000-built, d/h) 150,000 c.2000 T49-T51, T83, T105-T107, T111-T114 15.0 15.0 65.0 60.0 0.0 120.0 0.0

25 Aframax (c.2010-built, d/h) 115,000 c.2010 T146-T163 13.5 12.0 42.0 30.0 0.0 100.0 0.0

6 Aframax (c.2000-built d/h) 105,000 c.2000 T60-T67, T87-T89, T97, T108, T115-T119 14.5 14.5 50.0 50.0 0.0 100.0 0.0

26 "LR2" (Aframax) Products 115,000 c.2010 T72, T164, T93, T165-166 13.5 12.0 42.0 30.0 0.0 100.0 0.0

27 "LR1" (Panamax) Products 74,000 c.2010 T24, T94, T167-T170 13.5 12.0 36.0 27.0 0.0 67.5 0.0

28 "MR" Product Tanker (Clean) 50,000 c.2010 T25-T27, T32, T73, T92, T95-T96, 13.5 12.0 30.0 25.0 0.0 38.0 0.0

T101-103, T171-179

29 38,000 dwt Handy (Clean) 38,000 c.2010 T28-T30, T74-T75, T91 13.5 12.0 28.5 20.0 0.0 32.0 0.0

15 "SR" Handy (early 90s-blt, Clean) 29,000 early '90s T33-T34 14.5 15.0 32.5 32.5 0.0 21.5 0.0

30 Aframax (heating dirty cargo) 115,000 c.2010 T181 13.5 12.0 52.0 30.0 0.0 115.0 0.0

31 Panamax (heating dirty cargo) 74,000 c.2010 T68-T69, T71, T182 13.5 12.0 42.0 27.0 0.0 76.5 0.0

32 'MR' (heating dirty cargo) 50,000 c.2010 T90, T183-T185 13.5 12.0 35.0 25.0 0.0 45.5 0.0

33 38,000 dwt Handy (heating) 38,000 c.2010 T97-T99, T186 13.5 12.0 32.5 20.0 0.0 38.0 0.0

2 VLCC (modern, d/h) 300,000 2000/01 T39-T47, T79-T81. 15.0 15.0 87.5 74.0 0.0 150.0 0.0

3 VLCC (early 1990s, s/h) 275,000 1990/91 T7-T11, T35-T38, T76-T78. 14.0 14.5 84.0 69.0 0.0 133.0 0.0

4 Suezmax (modern, d/h) 150,000 1998/99 T49-T51, T83. 15.0 15.0 65.0 60.0 0.0 100.0 0.0

5 Suezmax (early 1990s, s/h) 140,000 1990/91 T12-T14, T82. 14.0 14.0 60.0 55.0 0.0 106.0 0.0

6 Aframax (modern, d/h) 106,000 1999/00 T60-T67, T87-T89. 14.5 14.5 50.0 50.0 0.0 67.0 0.0

7 Aframax (early 1990s, s/h) 96,000 1990/91 T52-T59, T84-T86. 13.5 13.5 41.0 39.0 0.0 80.0 18.0

8 "LR2" (Aframax) Products 106,000 late '90s T72. 14.5 14.5 50.0 50.0 0.0 67.0 0.0

9 "LR1" (Panamax) Products 70,000 early '00s T24. 15.0 15.0 45.0 45.0 0.0 43.0 0.0

12 Dirty Products 70,000 2000 T68-T71, T90. 15.0 15.0 45.0 45.0 0.0 43.0 0.0

13 "MR" Handy (modern, d/h) 47,000 1999 T25-T27, T32, T73, T92. 14.0 14.0 32.0 32.0 0.0 23.5 0.0

14 "MR" Handy (modern, d/h) 37,000 1999 T28-T31, T74-T75, T91. 14.0 14.0 30.0 30.0 0.0 25.0 0.0

15 "SR" Handy (early 1990s) 29,000 early '90s T33-T34. 14.5 15.0 32.5 32.5 0.0 21.5 0.0

1 ULCC 337,699 1975 T1. 13.0 13.0 145.0 118.0 0.0 404.0 0.0

2 VLCC (modern, d/h) 300,000 2000/01 T39-T47. 15.0 15.0 87.5 74.0 0.0 260.0 0.0

3 VLCC (early 1990s, s/h) 275,000 1990/91 T7-T11, T35-T38. 13.5 13.5 58.0 58.0 2.5 280.0 0.0

4 Suezmax (modern, d/h) 150,000 1998/99 T49-T51. 14.0 15.0 52.5 50.0 0.0 195.0 18.0

5 Suezmax (early 1990s, s/h) 140,000 1990/91 T12-T13, T48. 13.0 13.5 41.0 41.0 2.0 240.0 2.0

6 Aframax (modern, d/h) 106,000 1999/00 T60-T67. 14.5 14.5 49.0 40.0 0.0 116.0 0.0

7 Aframax (early 1990s, s/h) 89,636 1990/91 T52-T59. 13.5 14.5 39.0 39.0 2.5 106.0 0.0

8 "LR2" (Aframax) Products 106,000 late '90s T72. 15.0 15.0 50.0 50.0 5.0 20.0 6.0

9 "LR1" (Panamax) Products 70,000 early '00s T24. 13.0 13.0 30.0 30.0 2.0 20.0 4.0

10 "MR" Handy (Clean) 39,000 1988 T25-T32, T73-T75. 13.5 14.5 24.0 24.0 1.0 28.0 2.5

11 "SR" Handy (Clean) 23,500 1989 T33-T34. 14.0 13.5 20.4 19.4 0.0 20.0 6.0

12 Dirty Products 73,000 2000 T68-T71. 13.0 13.0 25.0 19.0 3.0 56.0 3.0

Vessel Type Used Consumption At Sea, t/day

January-2009 Onwards

2004 - 2008

1997 - 2003

1 ULCC (mid 1970s) 337,699 1975 T1. 14.0 13.5 133.8 92.9 0.0 400.0 0.0

2 VLCC (early 1990s, s/h) 291,640 mid-90s T7-T11. 14.0 13.5 67.9 48.4 0.0 280.0 0.0

3 VLCC (mid 1970s, s/h) 277,746 mid-70s T2-T6. 14.0 13.5 159.5 121.0 0.0 300.0 0.0

4 Suezmax (early 1990s, d/h) 139,497 90s T12-T13. 14.0 13.5 43.8 34.8 0.0 110.0 0.0

5 Aframax (mid 1980s) 89,636 80s T14-T20. 14.0 13.5 35.7 30.5 2.5 96.0 12.0

6 OBO (mid 1980s) 53,700 80s T21-T23. 14.0 13.5 31.8 24.8 2.5 60.0 10.0

7 Clean tanker (late 1980s) 83,955 Late '80s T24. 14.0 13.5 28.9 26.9 1.5 40.0 3.0

8 Clean tanker (late 1980s) 39,000 Late '80s T25-T27. 14.0 13.5 27.0 24.0 2.0 32.0 5.0

9 Clean tanker (mid 1980s) 29,900 Mid '80s T28-T32. 14.0 13.5 27.2 26.0 2.5 30.0 10.0

10 Clean tanker (late 1980s) 23,400 Late '80s T33-T34. 14.0 13.5 20.4 19.4 0.0 20.0 6.0

Note: The Standard Clarkson Research Ship Types have been selected in conjunction with Clarksons brokers.

Pre-1997



Annex 3(b) - Bulkcarrier Vessel Details

Applicable Speed Cons. in Port, t/dayCRS Avg. CRS Laden Ballast Cst380 MDONo YoB. Voyages Knots Knots Laden Ballast

34 Capesize c. 2010-built 180,000 2010 B144-B162 12.0 13.0 43.0 43.0 0.0 4.5 0.016 Capesize c. 2000-built 170,450 2000 B27-B28, B30-B33, B35-B69, 14.5 15.0 58.0 58.0 0.0 4.5 0.0

B61, B63-B66, B100-B10235 Kamsarmax c. 2010-built 82,000 2010 B163-B181 12.0 12.5 24.0 23.5 0.0 3.5 0.036 Panamax c. 2010-built 76,000 2010 B182-B205 12.0 12.5 23.5 23.0 0.0 3.0 0.021 Panamax c. 2000-built 74,000 2001 B80-B81, B103-B107, B122-B136, 14.0 14.0 33.0 29.0 0.0 3.0 0.0

B142, B14337 Supramax c. 2010-built 58,000 2010 B206-B210 12.0 12.5 22.0 22.0 0.0 4.0 0.022 Supramax c. 1997-built 52,454 1997 B83, B108, B109, B120, B121 14.0 14.5 30.0 30.0 0.0 4.0 0.0

16 Capesize (modern) 170,450 2000 B27-B33, B35-B37, B39-40, B61-B66. 14.5 15.0 58.0 58.0 0.0 3.5 0.017 Capesize 149,513 1991 B2, B3, B5, B6, B8-B11, 13.5 13.5 41.4 33.5 0.0 1.0 4.0

B22-B25, B55-60.21 Panamax (2001) 74,000 2001 B80-B82. 14.0 14.0 33.0 28.0 0.0 2.5 0.018 Panamax (mid 90s) 70,000 1996 B48-B54, B75-B79. 13.5 14.0 32.5 30.0 0.0 2.5 1.020 Panamax 65,282 1984 B18-B20, B41-B43, B68-B74. 14.0 13.5 33.0 27.8 1.0 3.0 2.019 Panamax (OBO) 75,395 1982 B16, B67. 14.0 13.5 44.1 36.7 0.5 2.0 0.022 Supramax 52,454 1997 B83. 14.0 14.5 30.0 30.0 0.0 2.0 0.0

13 Capesize (modern) 170,450 1999/00 B27-B40. 14.5 15.0 58.0 58.0 0.0 3.5 4.014 Capesize (early 1990s) 149,513 1990/91 B2-B3, B5-B11, B22-B26. 13.5 13.5 41.4 33.5 0.0 1.0 4.015 Panamax (mid 1990s) 70,000 1997-98 B44-B54. 13.5 14.0 32.5 30.0 0.0 2.5 1.017 Panamax (mid 1980s) 65,282 1984 B13-B15, B18-B20, B41-B43. 14.0 13.5 33.0 27.8 1.0 3.0 2.016 Panamax (early 1980s, OBO) 75,395 1982 B12, B16. 14.0 13.5 44.1 36.7 5.0 2.0 0.0

11 Capesize (early 1990s) 149,513 1990/92 B1-B11. 13.5 13.5 41.4 33.5 0.0 1.0 4.013 Panamax (mid 1980s) 65,282 1984 B13-B15, B18-B21. 14.0 13.5 33.0 27.8 1.0 3.0 2.012 Panamax (early 1980s, OBO) 75,395 1982 B12, B16-B17. 14.0 13.5 44.1 36.7 5.0 2.0 0.0

Note: The Standard Clarkson Research Ship Types have been selected in conjunction with Clarksons brokers.

MDOCst380Dwt

January 2009 Onwards

Pre-2002

2002 - Feb 2008

March 2008 - end 2008

Consumption At Sea, t/dayVessel Type Used

Ship Type



Annex 3(c) - Trip/Timecharter Standard Vessel Details

SpeedMax. Laden Ballast Cst380 MDOage Knots Knots Laden Ballast

Capesize 180,000 10 years 14.0 15.0 62.0 62.0 0.012.0 13.0 43.0 43.0 0.0

Capesize 172,000 10 years 14.5 15.0 56.0 56.0 0.0

Panamax 74,000 12 years 14.0 14.0 32.0 28.0 0.0

Supramax 58,000 Modern

Supramax 52,454 15 years 14.0 14.5 30.0 30.0 0.0

Handysize 34,000 Modern

Handysize 28,000 15 years 14.0 14.0 22.0 22.0 0.0

VLCC 310,000 Modern

Suezmax 150,000 Modern

Aframax 110,000 Modern

LR2 115,000 Modern

LR1 74,000 Modern

MR 47-48,000 Modern

Handy 37,000 Modern

Capesize 180,000 Modern

Capesize 172,000 Modern

Kamsarmax 82,000 Modern

Panamax 74,000 Modern





Standard Tanker Timecharter Vessels

Standard Bulkcarrier Timecharter Vessels

Vessel Type Used Consumption At Sea, mt.

Ship Type Dwt

Standard Bulkcarrier Tripcharter Vessels



Annex 4(a) - Earnings Equations

Tanker Calculations Bulkcarrier Calculations

EARNINGS: (E) EARNINGS: (E)

E = (R-C)/D average earnings $/day E = (R-C)/D average earnings $/day

REVENUE: (R) REVENUE: (R)

V*($*WS/100)*(1-CM) freight revenue $ V*F*(1-CM) freight revenue $

COSTS: (C) COSTS: (C)

(D�dl�*SM)*L�dfo�*FO�d$� laden fuel oil cost $ ((D�dl�*SM)+D�dc�)*L�dfo�*FO�d$� laden FO cost $

(D�db�*SM)*B�dfo�*FO�d$� ballast fuel oil cost $ (D�db�*SM)*B�dfo�*FO�d$� ballast FO cost $

(D�dl�*SM)*L�ddo�*DO�d$� laden mdo cost $ (((D�dl�+D�db�)*SM)+D�dc�)* Total DO cost $

(D�db�*SM)*B�ddo�*DO�d$� ballast mdo cost $ L�ddo�*DO�d$�

P�dfo�*FO�d$� port fuel cost $ (D�dp�+T)*P�dfo�*FO�d$� port FO cost $

P�ddo�*DO�d$� port mdo cost $ (D�dp�+T)*P�ddo�*DO�d$� port DO cost $

P�d$� port charges $ P�d$� port charges $

C�d$� canal charges $ C�d$� canal charges $

VOYAGE TIME: (D) VOYAGE TIME: (D)

(D�db�+D�dl�)*SM+D�dp� total voyage time days (D�db�+D�dl�)*SM+(D�dp�+T)+D�dc� total voyage time days

KEY: KEY:

Earnings: Earnings:

E Earnings $/day E Earnings $/day

R Revenue $ R Revenue $

C Costs $ C Costs $

D Voyage time days D Voyage time days

Revenue: Revenue:

V Cargo Loaded tonnes V Cargo Loaded ton(ne)s

WS Worldscale Rate rate F Freight Rate $/ton or

$ Worldscale Basic $/tonne $/tonne

CM Commission 2.50% CM Commission 3.75%

Costs: Costs:

D�dl� Days Laden days D�dl� Days Laden days

D�db� Days Ballast days D�db� Days Ballast days

D�dp� Days in Port days D�dp� Days in Port days

L�dfo�, B�dfo� FO Cons. m.t./day D�dc� Canal days days

L�ddo�, B�ddo� DO Cons. m.t./day L�dfo�, B�dfo�, P�dfo� FO Cons. m.t./day

P�dfo�, P�ddo� Port cons. tonnes L�ddo�, B�ddo�, P�ddo� DO Cons. m.t./day

FO�d$� Cost FO $/tonne FO�d$� Cost FO $/tonne

DO�d$� Cost DO $/tonne DO�d$� Cost DO $/tonne

SM Sea Margin Fixed 5% SM Sea Margin Fixed 5%

P�d$� Port Charges $ P�d$� Port Charges $

C�d$� Canal Charges $ C�d$� Canal Charges $

Voyage time: Voyage time:

D Voyage Time days D Voyage Time days

T Turn time days

General General

L Laden L Laden

B Ballast B Ballast

P In port P In port

FO Fuel oil FO Fuel oil

DO Diesel Oil DO Diesel OilNote : Voyage earnings for standard ships built c.2000 or later account for consumption at sea of LS fuel within ECAs and consumption of MGO in EU portssince start 2010 and of LS fuel in all other ports in ECAs.



Annex 4(b) - Components of Average Vessel Type Earnings Series

CRS No Ship Type

23 Average VLCC Earnings 2010-built (Start 2015 Onwards) T121, T124, T125, T133

23 Average VLCC Earnings 2010-built (Pre-2015) T121, T124, T125, T127, T133

2 VLCC Average Earnings c 2000 built (Start 2015 Onwards) T40, T43, T44, T109

2 VLCC Average Earnings c 2000 built (Pre-2015) T40, T43, T44, T46, T109

24 Average Suezmax Earnings 2010-built (Start 2015 Onwards) T135, T137, T142, T143

24 Average Suezmax Earnings 2010-built (Pre-2015) T135, T136

4 Suezmax Average Earnings c 2000 built (Start 2015 Onwards) T49, T83, T111, T112

4 Suezmax Average Earnings c 2000 built (Pre-2015) T49, T50

25 Average Aframax Earnings 2010-built T148, T149, T151, T152, T153, T155, T157

6 Aframax Average Earnings c 2000 built T60, T61, T63, T65, T67, T88, T97

31 Dirty Products Average Earnings T68, T69, T71

28 MR Clean Average Earnings T32, T92, T95, T101, T174, T176

29 Handy Clean Average Earnings T29, T74

Clean Products Average Earnings T32, T92, T95, T101, T174, T176, T29, T74

34 Average Capesize c. 2010-built Earnings B144, B146, B147, B148, B158

16 Average Capesize c. 2000-built Earnings B27, B30, B31, B32, B39

35 Average Kamsarmax c. 2010-built Earnings (Start 2015 Onwards) B168, B168, B174, B171, B176, B179, B181

35 Average Kamsarmax c. 2010-built Earnings (Pre-2015) B169, B172, B174, B175, B176

36 Average Panamax c. 2010-built Earnings (Start 2015 Onwards) B183, B185-B187, B190, B192, B197, B200, B203

36 Average Panamax c. 2010-built Earnings (Start 2014-End 2014) B184-B194, B204, B205

36 Average Panamax c. 2010-built Earnings (Start 2011-End 2013) B184-B194, B204, B205, B216-B220

36 Average Panamax c. 2010-built Earnings (Start Aug 2009-End 2010) B184-B188, B191-B194, B204, B205, B216-B220

36 Average Panamax c. 2010-built Earnings (Start 2009-End July 2009) B191-B194, B204, B205, B216-B220

21 Average Panamax c. 2000-built Earnings (Start 2015 Onwards) B81, B103, B105, B106, B123, B125, B130, B133, B136

21 Average Panamax c. 2000-built Earnings (Start 2014-End 2014) B103-B107, B122-B127, B142, B143

21 Average Panamax c. 2000-built Earnings (Start 2011-End 2013) B49-B51, B76, B78, B103-B107, B122-B127, B142, B143

21 Average Panamax c. 2000-built Earnings (Start Aug 2009-End 2010) B49-B51, B76, B78, B103-B107, B124-B127, B142, B143

21 Average Panamax c. 2000-built Earnings (Start 2009-End July 2009) B49-B51, B76, B78, B124-B127, B142, B143

37 Average Supramax c. 2010-built Earnings B206-B208

22 Average Supramax c. 1997-built Earnings B83, B108, B109

Capesize 180,000 dwt, Average Trip Rates Cont/Far East, TransPacific R/V, Far East/Cont, TransAtlantic R/V.

Capesize 172,000 dwt, Average Trip Rates Cont/Far East, TransPacific R/V, Far East/Cont, TransAtlantic R/V.

Panamax 72,000 dwt, Average Trip Rates Cont/Far East, TransPacific R/V, Far East/Cont, TransAtlantic R/V.

Supramax 58,000 dwt, Average Trip Rates Cont/Far East, TransPacific R/V, Far East/Cont, TransAtlantic R/V.

Supramax 52,000 dwt, Average Trip Rates Cont/Far East, TransPacific R/V, Far East/Cont, TransAtlantic R/V.

Handysize 34,000 dwt, Average Trip Rates Cont/ECSA, Cont/USEC-USG, ECSA/Cont, USEC-USG/Cont,

SEAsia/Australia R/V, TransPacific R/V.

Handysize 28,000 dwt, Average Trip Rates Cont/ECSA, Cont/USEC-USG, ECSA/Cont, USEC-USG/Cont,

SEAsia/Australia R/V, TransPacific R/V.

Bulkers (2009 Onwards)

Tankers (2009 Onwards)

Vessel TypeCRS Voyages Used in Average



Note Re Secondhand Price Benchmark Publication (p.8) Following the period of financial market turbulence in September 2008, Clarkson Research Services Limited (CRSL) suspended their publication of second-hand benchmark prices in Shipping Intelligence Weekly (SIW). This action recognised the difficulties in giving a representative benchmark value to the market considering the rapidly changing price levels, low levels of sale and purchase activity, (partly due to the difficulties in securing bank finance), and wide spread of price ideas of sellers and buyers. To this extent, it could have been misleading to give a benchmark index valuation without prop-er accompanying guidance. Accordingly, as guided in SIW throughout the period of non-publication of the benchmark index values, if the reader needed any valuation guidance Clarkson Valuations Limited (CVL) continued to actively provide specific valuations, including for its wide range of existing clients, and remained the leading supplier of valuations to the shipping industry. Additional wording was devel-oped to explain the difficulties involved in the valuation process and a regular dialogue was entered into with clients to highlight the complexities and where confidence limits on valuations were wider than normal. CRSL felt this was an important and responsible action, since prices produced as benchmark figures, without suitable guidance and explanation could have been misleading. In January 2010, CRSL re-sumed its publication of values in SIW � this decision was made on the basis that liquidity had returned to all the markets covered and the start year was a clean and convenient point in time to resume. The Sale and Purchase markets had returned to some form of normality with more stable pricing and greater sales volumes. These volumes culminated in December 2009�at the time the most active month since May 2008 reported across the sectors covered in the benchmark tables. The historical time series in the intervening period have been placed on Shipping Intelligence Network (SIN) but users should treat the data with caution and be aware of the periods of uncertainty discussed above.

Annex 5 - Secondhand Price Benchmark Publication

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