Shanghai Exchange publishes dry bulk and oil tanker indexes
November 29, 2012 Category Logistics, Ports & sea transport
The Shanghai Shipping Exchange began publishing China’s first dry bulk and oil tanker indexes based on prices collected from charters, brokers and shipowners. “We aim to introduce a complete set of freight indexes that could cover all the major commodities that China buys and sells, so that companies could easily find their own reference,” Exchange President Zhang Ye said. The bourse already runs container-shipping indexes, which are closely watched given China’s role as a major exporter of goods such as toys and garments. The new indexes may improve China’s say in global shipping markets and are seen as a challenge to the Baltic Dry Index (BDI). Jeremy Penn, Baltic Exchange Chief Executive, said he regretted Shanghai’s decision to create the new indexes, saying the London bourse already provided benchmarks for the majority of routes Shanghai proposed to cover. But Zhang said the Shanghai exchange was not aimed at challenging the BDI and the new China import-focused indexes would complement those provided by Baltic. “We can’t expect these Shanghai indexes to be a serious rival of the BDI any time soon,” said Bouko de Groot, China Content Manager of maritime intelligence publisher IHS Fairplay. He said the Shanghai exchange should look at more companies and rates for its new indexes so they can be more independent. The bourse said it will initially take data from 23 companies for its dry bulk indexes and 18 firms for the tanker gauge, many of which are state-owned companies such as China Cosco and Sinopec. The oil tanker index will track rates on the Ras Tanura, Saudi Arabia-Ningbo route and from West Africa to Ningbo.
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