Shanghai Shipping Exchange

CDFI is the abbreviations of China Import Dry Bulk Freight Index, which reflects spot market changes in China import dry bulk transportation market. CDFI is published by Shanghai Shipping Exchange, including one composite index, four sub-cargo component indices, and 14 vc-basis freight rate indices.

The VC-basis freight rates of 14 individual routes express the spot freight rate in China import shipping market. The 14 VC routes cover four major China importing commodities i.e. iron ore, Coal, Grain, Nickel and 3 major ship types i.e. Capesize, Panamax and Supramax. The index presentation is in VC (US dollar/Ton) format. Please log on webpage(http://www-test.sse.sh.cn/index/cdfinew.jsp), for the details and the parameters of the routes.

The sample data are collected from the panelists of FDI, including ship owners/operators, shippers/agents and brokers. All the panelists are the world-known firms or those who enjoy sound reputation and good credit standing in certain fields. Please click the following URL for the name list:http://en-test.sse.sh.cn/indices/introduction_cdfi_new.jsp

The sample data of CDFI calculation come from three parties, namely carriers, shippers and brokers, who are the dealers of market. As the middleman, brokers can provide the rate assessments that derive from their broking business. Besides broking transactions, many charter parties were directly reached by carriers and cargo owners/traders given the reality of the China import dry bulk transport market. Hence, this three-party reporting mechanism suits the Chinese market better, with a more rational data structure and comprehensive information.

Panelists’ rates for concerning routes have been included in the average mean value, and both the highest and lowest are excluded.

Pi: Average VC rate in i trade route.
Pij: VC rate of j company in i trade route.
n: Number of samples included in calculation of i trade route.
m highest values in i trade route.
m lowest values in i trade route, m< n/2

The minimum number of samples involved in each published trade lane is Five. If the minimum number cannot be satisfied due to force majeure or any other special factors, SSE has the right to maintain, postpone or suspend publishing of index.
The number of highest and lowest rate which will be excluded in each trade route depands on the total sample number of the specific publication.
n<7, No highest and lowest values will be removed
7≤n<20, 1 highest and 1 lowest values will be removed
20≤n<30, 2 highest and 2 lowest values will be removed
30≤n<40, 3 highest and 3 lowest values will be removed
Trimmean will be applied when n>20. This removes 20% percentage of the largest and smallest values before calculating the mean.

The methodology of weighted mean of relative routes under same cargo type is applied in the calculation of sub-cargo freight rate index of CDFI.

CDFI routes weight table (since 28th Nov 2017)

Route	Cargo Volumee	Contract Type	Weight
Iron ore freight rate index
Dampier(West Australia)—Qingdao(China)	170000/10%	VC	25.0%
Tubarao(Brazil)—Qingdao(China)	170000/10%	VC	20.0%
Saldanha(South Africa)—Qingdao(China)	170000/10%	VC	2.5%
Geraldton(Australia ) —Qingdao (China)	60000/10%	VC	2.5%
Coal freight rate index
Newcastle(Australia)—Zhoushan(China)	130000/10%	VC	5.0%
Hay Point(Australia)—Zhoushan(China)	85000/10%	VC	5.0%
Samarinda(Indonesia)—Guangzhou(China)	70000/10%	VC	5.0%
Taboneo(Indonesia)—Guangzhou(China)	50000/10%	VC	5.0%
Taboneo(Indonesia)—Nantong(China)	45000/10%	VC	5.0%
Grain freight rate index
Santos(Brazil)—North China	66000/10%	VC	10.0%
Santos(Brazil)—North China	60000/10%	VC	0%
Tacoma(West America)—North China	63000/10%	VC	2.5%
Mississippi(US Gulf)—North China	66000/10%	VC	7.5%
Nickle ore freight rate index
Surigao(Philippines) — Rizhao（China）	50000/10%	VC	5.0%
Total weight			100.0%

The composite index is the weighted mean of sub-cargo index.

CDFI will be publicized at 17:00(Beijing Time) on each date of publication via www-test.sse.sh.cn and www.chineseshipping.com.cn

FDI is the abbreviation of Far East Dry Bulk Index, which reflects spot market changes in Far East dry bulk transportation market. The FDI includes one composite index, five cargo component indices (i.e. FDI VC index, FDI TCT index and Capesize/Panamax/Supramax TCT index) and 20 route indices (i.e. 6 TCT hire rate index and 14 VC freight rate index, released by Shanghai Shipping Exchange.

FDI includes 6 TCT routes and 14 VC routes which express spot market of Far East shipping market. These routes cover main importing and exporting cargoes i.e. iron ore, coal, grain, nickel ore, steel product and bauxite etc and vessel type i.e. Capesize, Panamax and Supramax. FDI publishes in a combined form of voyage charter - VC (U.S. $/ton) and time charter on trip basis TCT (U.S. $/day). Please log on webpage (http://www-test.sse.sh.cn/index/fdinew.jsp), for the details and the parameters of the routes.

The sample data are collected from the panelists of FDI, including ship owners/operators, shippers/agents and brokers. All the panelists are the world-known firms or those who enjoy sound reputation and good credit standing in certain fields. Please click the following URL for the name list:http://en-test.sse.sh.cn/indices/introduction_fdi_new.jsp.

The sample data of FDIcalculation come from three parties, namely carriers, shippers and brokers, who are the dealers of market. As the middleman, brokers can provide the rate assessments that derive from their broking business. Besides broking transactions, many charter parties were directly reached by carriers and cargo owners/traders given the reality of the China import dry bulk transport market. Hence, this three-party reporting mechanism suits the Chinese market better, with a more rational data structure and comprehensive information.

Panelists’ rates for returning route have been included in the average mean value, and both the highest and lowest are excluded.

Pi: Average VC rate /Average TCT rate in i trade route.
Pij: VC rate / TCT rate of j company in i trade route.
n: Number of samples included in calculation of i trade route.
: m highest number in i trade route.
: m lowest number in i trade route, m < n/2.
The minimum number of samples involved in each published trade lane is Five. If the minimum number cannot be satisfied due to force majeure or any other special factors, SSE has the right to maintain, postpone or suspend publishing of index.
The number of highest and lowest rate which will be excluded in each trade route depands on the total sample number of the specific publication.
n<7, No highest and lowest values will be removed.
7≤n<20, 1 highest and 1 lowest values will be removed.
20≤n<30, 2 highest and 2 lowest values will be removed.
30≤n<40, 3 highest and 3 lowest values will be removed.
Trimmean will be applied when n>20. This removes 20% percentage of the largest and smallest values before calculating the mean.

The methodology of weighted mean is applied in the calculation of FDI TCT index and FDI VC index.



Ivc: FDI VC index.
Itc: FDI TCT index.
I0: Base rate of FDI VC index and FDI TCT index.
Pio: VC/ TCT rates for i trade route in base period.
Pi: VC/ TCT rates for i trade route in calculation period.
Wi: Weighting for VC index and TCT index in i trade route.
k: Trade route that include in the calculation of VC index.
l: Trade route involved in the calculation of TCT index.

The methodology of weighted mean of related routes under same vessel type is applied in the calculation of Capeseize / Panamax/ Supramax TCT index.(Calculation ditto).

FDI routes weight table (since 28th Nov 2017)

Routes	Size MT	Contract Type	Weighting
China-Japan/Pacific Round Voyage	180000DWT	TCT	40.0%
Dampier(West Australia)—Qingdao(China)	170000/10%	VC	25.0%
Tubarao(Brazil)—Qingdao(China)	170000/10%	VC	20.0%
Saldanha(South Africa)—Qingdao(China)	170000/10%	VC	2.5%
Newcastle(Australia)—Zhoushan(China)	130000/10%	VC	5.0%
China-Japan/Pacific Round Voyage	82000DWT	TCT	20.0%
South China via Indonesia /South Korea	76000DWT	TCT	10.0%
Hay Point(Australia)—Zhoushan(China)	85000/10%	VC	5.0%
Samarinda(Indonesia)—Guangzhou(China)	70000/10%	VC	5.0%
Geraldton(Australia)—Qingdao(China)	60000/10%	VC	2.5%
Santos(Brazil)—North China	66000/10%	VC	10.0%
Santos(Brazil)—North China	60000/10%	VC	0%
Tacoma(West America)—North China	63000/10%	VC	2.5%
Mississippi(US Gulf)—North China	66000/10%	VC	7.5%
South China /Indonesia Round Voyage	57000DWT	TCT	10.0%
Singapore via Indonesia/South China	57000DWT	TCT	10.0%
Bohai Bay（China）-Southeast Asia	57000DWT	TCT	10.0%
Taboneo(Indonesia)—Guangzhou(China)	50000/10%	VC	5.0%
Surigao(Philippines)—Rizhao(China)	50000/10%	VC	5.0%
Taboneo(Indonesia)—Nantong(China)	45000/10%	VC	5.0%
Total weighting in VC routes			100.0%
Total weighting in TCT routes			100.0%

The methodology of weighted mean of FDI TCT index and FDI VC index is applied in the calculation of composite index.

I: FDI composite index.
IVC: FDI VC index.
ITCT: FDI TCT index.
WVC and WTCT: integrated weighting.
A: integrated adjustment coefficient.

FDI will be publicized at 17:00(Beijing Time) on each date of publication via www-test.sse.sh.cn and www.chineseshipping.com.cn.

The date of FDI publication is generally on each working day, or equals from Monday to Friday, which is adjusted according to statutory holidays. The specific dates of publication will be decided and made known to public by Shanghai Shipping Exchange.

CTFI is the abbreviation of China Import Oil Tanker Freight Index that shows the fluctuation of spot freight rates of Chinese import crude oil tanker transport market.
Published by Shanghai Shipping Exchange (SSE), the index includes one composite index and WS rate of individual routes.
Remind: For WS flat rate information, please log on to: http://www.worldscale.co.uk/ and subscribe WS membership.

Two voyage charter trade routes are included, from the ME Gulf Ras Tannura to China Ningbo and from West Africa Malongo and Djeno to China Ningbo respectively. Both routes are for Very Large Crude Carrier (VLCC), 265,000 MT type for the former and 260,000 MT type for the latter. For the details and the parameters of the routes, please click the following link: http://www-test.sse.sh.cn/index/singleIndex?indexType=ctfi..

The sample data are collected from the panelists of CTFI, which include ship owners/operators, shippers/agents and brokers. All the panelists are the world-known firms or those enjoy sound reputation and good credit standing in certain field. Please click the following URL for the name list: http://www-test.sse.sh.cn/indexIntro?indexName=ctfi

The sample data of CTFI calculation come from three parties, namely carriers, shippers and brokers, which are the dealers of market. As the middleman, brokers can provide the rate assessments which derive from their broking business. Besides broking transactions, many charter parties are directly reached by carriers and cargo owners/traders given the reality of the China import crude oil transport market. Hence, this three-party reporting mechanism suits the Chinese market better, with a more rational data structure and comprehensive information

Panelists’ rates for returning route have been included in the average mean value, and both the highest and lowest are excluded.
Pi: Average Freight rate (WS) in i trade route
Pij: WS Rate of j company in i trade route
n: Number of samples involved in calculation of i trade route.
: m highest number in i trade route;
: m lowest number in i trade route, m< n/2
The minimum number of samples involved in each published trade lane is Seven. If the minimum number cannot be satisfied due to force majeure or any special factor, SSE has the right to maintain publishing, postpone or suspend publishing of index.
The number of highest and lowest excluded in each trade route is decided by the sample number of the specific publication.
7≤n<20, 1 highest and 1 lowest number will be removed
20≤n<30，2 highest and 2 lowest number will be removed
30≤n<40，3 highest and 3 lowest number will be removed
Trimmean will be applied when n>20. This removes 20% percentage of the largest and smallest values before calculating the mean. 　　　

The composite index is the weighted mean of Freight (WS) indeices

CTFI composite index
Average Freight Index (USD/Ton), converted from flat rate of WORLD SCALE based on current WS rate.
Average Freight Index (USD/Ton) in the base period.
CTFI composite ndex value in base period.
i: Trade route; m: Number of routes; Wi: Weighting factor for i trade route.
The base period of composite index is set on 28th November, 2012, with base index value of 1,000 points.

Weighting Factor of CTFI (28th November, 2013)

Routes	Weighting Factor
ME Gulf Ras Tannura to China Ningbo	60%
West Africa Malongo and Djeno to China Ningbo	40%

CTFI will be publicized at 17:00(Beijing Time) on each date of publication via www-test.sse.sh.cn and www.chineseshipping.com.cn

The date of CTFI publication is generally on each working day, Monday to Friday, which is adjusted according to statutory holidays. The specific dates of publication will be decided and made known to public by Shanghai Shipping Exchange.