Tanker operating expenses (opex) have always been a difficult criteria for third-parties to judge with any degree of accuracy or reliability. The addition of quarterly assessments from reliable sources will be welcomed by Baltic Exchange members
The Baltic Exchange has added quarterly assessments of the cost of operating crude oil carrying Aframax tankers and clean product carrying medium range (MR) tankers to its growing suite of shipping investor tools.
The new BOPEX-T service is based on assessments made by independent third-party ship management companies Anglo Eastern, Fleet Management and V-Ships. Using the full suite of independent Baltic Exchange indices, investors are now able to benchmark daily vessel earnings, running costs, sale and purchase and recycling prices. The same vessel descriptions are used across all the datasets.
For the new BOPEX-T tanker assessments, each panel member submits four numbers, expressed in US$ per day:
The fourth, an assessment of a five-year drydock cost, is amortised over five years to give a US$/day price but published separately and does not contribute to the headline opex calculation.
The addition of BOPEX-T comes after the launch of the dry bulk carrier version. Launched in September 2019, BOPEX-D covers dry bulk carriers (Capesize, Panamax, Supramax, Handysize).
For tankers, the newly launched BOPEX-T is based on the following specifications:
The panellists use the following assumptions when submitting their assessments:
Assessments are provided quarterly with data from Q3 2019 available following a recent trial.
The assessments are available on www.balticexchange.com to subscribers to Baltic Exchange market information services.
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