The Baltic Exchange has launched a new assessment to track the cost of operating vessels. Initially covering a range of dry bulk vessels, the service will also be expanded to tankers and other sectors.
The Baltic Operating Expense Index (BOI) will be published quarterly and based on assessments from three leading independent third-party ship management companies: Anglo-Eastern, Columbia Shipmanagement and Fleet Management. Collectively they manage a fleet of over 1800 vessels. Additional companies are expected to join the panel in the future and a residual price calculation added later this year.
Baltic Exchange Chief Executive Mark Jackson said: "The Baltic Operating Expense Index is intended to provide transparency to the fluctuations in running costs. Daily operating costs are one of the variables used by shipping investors to calculate the profitability and residual value of their assets. We already provide independent freight, sale and purchase, and recycling assessments. With the addition of operational expenses assessments, shipping investors now have a complete toolkit to manage their risk and aide their decision process."
Each panel member will submit four numbers, expressed in US dollars per day. Three will be combined to produce the BOI:
- Crew (US dollars per day, including all fees).
- Technical ((US dollars per day, including all fees).
- Insurance (US dollars per day, including all fees and rebates).
The fourth, an assessment of a 5 year Drydock cost, will be amortised over 5 years to give a US dollar/day price, but published separately and will not contribute to BOI.
Assessments will be provided quarterly. Q4 2018 and Q1 and Q2 2019 assessments will be available following a recent trial. Q3 2019 assessments will be published on 17 October. The assessments will be available on the company’s website to subscribers to Baltic Exchange market information services.
The vessels initially assessed are:
- Capesize: 180 000 dwt built in ‘first class competitive yard’, 199 000 m3 grain, LOA 290 m, beam 45 m, draft 18.2 m SSW. Not ice classed, not scrubber fitted, 5 years old and special survey passed.
- Panamax: 82 500 dwt built in ‘first class competitive yard’, 97 000 m3 grain, LOA 229 m, draft 14.43 m. Not ice classed, not scrubber fitted, 5 years old and special survey passed.
- Supramax: 58 328 dwt on 12.80 m draft SSW built in ‘first class competitive yard’. LOA 189.99 m, Beam 32.26 m, 72 360 m3 grain, five holds/hatches, four 30 t cranes with four 12 m3 grabs. Not ice classed, not scrubber fitted, 5 years old and special survey passed.
- Handysize: 38 200 t dwt at draft 10.538 m SSW, built in ‘first class competitive yard’, 47 125 m3 grain, LOA 180 m, beam 29.8 m, five holds, five hatches, four 30 t cranes. Not ice classed, not scrubber fitted, 5 years old and special survey passed.
Read the article online at: https://www.drybulkmagazine.com/shipping/11092019/baltic-exchange-launches-new-ship-operating-expenses-assessment/