Baltic Panamax Index (BPI) : Route Definitions: Route P1A - 82 Route P2A - 82 Route P3A - 82

Baltic Panamax Index (BPI)
The Baltic Exchange Panamax Index (BPI) is a daily average calculated from the reports of an
independent international board of Panellists. These Panellists are required to make a daily
assessment on a basket of timecharter and voyage routes in the dry bulk shipping market
representative of Panamax vessels.
Applicable weightings for the calculation of the Time Charter Average value are the following
routes: P1A_82 (25%), P2A_82 (10%), P3A_82 (25%), P4_82 (10%), P6_82 (30%).
Currently the Baltic Panamax vessel for Time Charter Routes is a non-scrubber fitted vessel
based on the following description:
– 82,500mt dwt on 14.43m ssw draft
– Max age 12 yrs
– LOA 229m, beam 32.25m, TPC 70.5
– 97,000cbm grain
– 13.5 knots laden on 33mt fuel oil (380cs t) / 14 knots ballast on 31mt fuel oil (380cs t) + 0.1
MGO at sea
– 11.5 knots laden on 22mt fuel oil (380cs t) / 12.5 knots ballast on 23mt fuel oil (380cs t) + 0.1
MGO at sea
Route definitions:
Route P1A_82
Delivery Skaw-Gibraltar range, loading 15-20 days from the index date, for a trans-Atlantic
round voyage of 40-60 days, redelivery Skaw-Gibraltar range. 5.00% total commission.
Route P2A_82
Delivery Skaw-Gibraltar range, loading 15-20 days from the index date, for a trip of 65-80 days,
redelivery Hong Kong-South Korea range including Taiwan. 5.00% total commission.
Route P3A_82
Delivery Hong Kong-South Korea range including Taiwan, loading 15-20 days from the index
date, for a 35-50 days Pacific round trip redelivery Hong Kong-South Korea range including
Taiwan. 5.00% total commission.
Route P4_82
Delivery Hong Kong-South Korea range including Taiwan, loading 15-20 days from the index
date, for a 55-70 day trip redelivery Skaw-Gibraltar range. 5.00% total commission.
Route P6_82
Delivery Singapore, loading 30-35 days from the index date, for a 90-105 day trip via Atlantic
redelivery Hong Kong-South Korea range including Taiwan. 5% total commission.
The following routes do not contribute to the BPI:
Route P7
Mississippi River to Qingdao (min 13m arr draft). 66,000mt HSS, 10% more or less in owner’s
option, free in and out, trimmed. 10,000mt Saturdays, Sundays + holidays excluded loading,
8,000mt Saturdays, Sundays + holidays excluded discharge. 24 hrs turn time at loading port, 24
hrs turn time at discharge port. Loading 10/20 days from index date. Age max 15 years. 5% total
commission.[routing is via Cape of Good Hope].
Route P8
66,000mt 10% HSS, Santos to Qingdao. 8,000mt SatSHEX load, 8,000mt SatSHEX discharge.
24 / 12 hrs t/t. Loading 10/20 days from index date. Age max 15 years. 5% total commission.
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Continue reading…….
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After a period of trials since 2017, the below mentioned routes and vessel sizes have been
replaced.
Route 1:
1-2 safe berths/anchorages Mississippi River not above Baton Rouge/Antwerp, Rotterdam,
Amsterdam 55,000 long tons 10 per cent light grain stowing 55 ft, free in and out. 10 days
Saturdays, Sundays holidays excepted, laydays 5 days forward from date of index, cancelling
maximum 20 days forward from date of index. 3.75 per cent total commission.
Nominal Weighting = 10%
Route 1A:
Basis a Baltic Panamax 70,000 mt dwt not aged over 15 years with 3.0 million cuft grain, LOA
maximum 230m and capable of about 14 knots laden on 30 fuel oil and no diesel at sea for a
trans Atlantic (including ECSA) round of 45/60 days on the basis of delivery and redelivery
Skaw-Gibraltar range. Loading 15-20 days ahead in the loading area. Cargo basis grain, ore,
coal, or similar. 3.75 per cent total commission.
Route 2:
1-2 safe berths/anchorages Mississippi River not above Baton Rouge/1 no combo port South
Japan 54,000 long tons 5 per cent heavy soya sorghum free in and out, 11 days Saturdays,
Sundays holidays excepted. Laydays 15 days forward from date of index, cancelling maximum
25 days forward of index. 3.75 per cent total commission.
Nominal Weighting =12.5%
Route 2A:
maximum 230m and capable of about 14 knots laden on 30 fuel oil and no diesel at sea, basis
delivery Skaw-Gibraltar range, for a trip via US Gulf to the Far East, redelivery Taiwan-Japan
range, duration 50/60 days. Loading 15-20 days ahead in the loading area. Cargo basis grain, ore,
coal, or similar. 3.75 per cent total commission.
Nominal Weighting = 12.5%
Route 3:
1 port US North Pacific/1 no combo port South Japan 54,000 long tons 5 per cent heavy soya
sorghum free in and out, 11 days Saturdays, Sundays holidays excepted. Laydays 15 days
forward from date of index, cancelling maximum 25 days forward from date of index. 3.75 per
cent total commission.
Route 3A:
maximum 230 m and capable of about 14 knots laden on 30 fuel oil and no diesel at sea, for a
trans Pacific round of 35/50 days either via Australia or Pacific (but not including short rounds
such as Vostochny/Japan), delivery and redelivery Japan/South Korea range. Loading 15-20 days
ahead in the loading area. Cargo basis grain, ore, coal, or similar. 3.75 per cent total commission.
Route 4:
maximum 230 m and capable of about 14 knots laden on 30 fuel oil and no diesel at sea, delivery
Japan-South Korea range for a trip via US West Coast-British Columbia range, redelivery Skaw-
Gibraltar range, duration 50/60 days. Loading 15/20 days ahead in the loading area. Cargo basis
grain, petroleum coke or similar. 3.75 per cent total commission.
Details provided by the Baltic Exchange Information Services Ltd.

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