The Baltic Exchange will be making changes to the Baltic Capesize Index including a change to its vessel description, amends to the route weightings and the addition of three new routes on 6 May 2014. The move follows a trial which began in February and formal consultation with the dry bulk market The existing routes and new routes will be published side-by-side until there is no further open interest in either Forward Freight Agreements (FFAs) or options to be settled The basis of the new Baltic Exchange capesize vessel description will be: 180,000mt dwt on 18.2m SSW draft Max age 10 years 198,000cbm grain LOA 290m Beam 45m 15 knots ballast/14 knots laden on 62mt fuel oil (380 cst), no diesel at sea When considering the prevailing timecharter market rate for the Baltic capesize vessel, panellists should assume that, if steaming at 12 knots laden or 13 knots ballast, the vessel will consume 43mt fuel oil, no diesel at sea As of 6 May Baltic Capesize Index will be basis the new vessel description and the following component parts: C2 Tubarao to Rotterdam C3 Tubarao to Qingdao C4 Richards Bay to Rotterdam C5 W Australia to Qingdao C7 Bolivar to Rotterdam C8_14 Gibraltar/Hamburg transatlantic round voyage C9_14 Continent/Mediterranean trip China-Japan C10_14 China-Japan transpacific round voyage C14 China-Brazil round voyage C15 Richards Bay to Fangcheng C16 Revised backhaul The following new routes will be launched: C14 Delivery Qingdao spot or retroactive up to a maximum 15 days after sailing from Qingdao, round voyage via Brazil, redelivery China-Japan range, duration 80-90 days. Basis the Baltic Capesize 2014 vessel. 5% total commission. C15 Richards Bay to Fangcheng. 160,000mt coal, 10% more or less in owner’s option, free in and out, trimmed, scale load / 30,000mt Sundays + holidays included discharge. 18 hrs turn time at loading port, 24 hrs turn time at discharge port. Laydays/cancelling 25/35 days from index date. Age max 15 yrs. 5% total commission. C16 Delivery North China-South Japan range, 3-10 days from index date for a trip via Australia or Indonesia or US west coast or South Africa or Brazil, redelivery UK-Cont-Med within Skaw-Passero range, duration to be adjusted to 65 days. Basis the Baltic Capesize 2014 vessel. 5% total commission. The weighted timecharter average figure provided by the Baltic to facilitate both the FFA and physical market will be calculated as follows: Route no  Description Weighting C8_14        Transatlantic RV     25% C9_14        Fronthaul              12.5% C10_14       Pacific RV             25% C14           China-Brazil RV       25% C16            Revised backhaul   12.5% The commission basis on which panellists are asked to quote the routes has been amended to reflect current practice. The commission for the timecharter routes C8_14 (trans Atlantic round voyage); C9_14 (Cont trip Far East); C10_14 (Pacific round voyage) will now be 5%. From 6 May all the Baltic timecharter routes are basis 5% commission. The commission on voyage routes C2, C3, C4, C5 & C7 remains unchanged at 3.75% total. Parallel reporting of the old and new suites of timecharter routes will continue until there is no further open interest in either Forward Freight Agreements (FFAs) or options to be settled. Once the new contract has been launched, clearing houses will not accept trades on the old contract which extend in date beyond the period for which there is existing open interest. They have also agreed to offer cost incentives to assist those who wish to migrate open interest to the new contract.