Crude oil is an important strategic material related to national economic lifelines. China is the world's second-largest oil consumer as well as the world's second-largest crude oil importer. It is very necessary and important to provide the weathervane for imported crude oil transportation market in China or even for Asia-Pacific region which can reflect changes and trends in the shipping market conditions. It is expected to offer the shipper and shipowner a derivative tool to circumvent the freight rate risk. Meanwhile, such product and movement will enhance the power of China to have the corresponding influence on the international crude oil trade and transportation business. Under the guidance of Ministry of Transport, Shanghai Shipping Exchange (hereinafter referred as "SSE"), developed the China Import Crude Oil Tanker Freight Index (CTFI) (hereinafter referred as "CTFI"). The index was launched in 28th November 2013.

1.The Route, Vessel Type and Freight type
CTFI consists of two routes: ME Gulf Ras Tannura to Ningbo, China, VLCC, 265,000 metric tonnes, Malongo and Djeno,West Africa to Ningbo, China, VLCC, 260,000 metric tonnes
The route rate unit will be indicated in "WS".

2.Panelist and Information Source
The source rates to generate CTFI are collected from members of CTFI panelist who are composed by shipowners, brokers and shippers. All members have a good reputation in worldwide range, good credit and excellent performance in its particular area. They are (In alphabetical order): BAILI RESEARCH SERVICES SHANGHAI CO.,LTD.; Braemar ACM Shipping PTE LTD.; BRIGHTOIL SHIPPING SINGSPORE PTE LTD.; CHINA INTERNATIONAL UNITED PETROLEUM & CHEMICALS CO.,LTD; China Merchants Energy Shipping Co. Ltd.; CHINA ZHENHUA OIL CO.,LTD.; CNOOC PETROCHEMICAL IMPORT & EXPORT CO., LTD.; COSCO SHIPPING ENERGY TRANSPORTATION CO.,LTD.; EASTPORT CHARTERING PTE.LTD.; HOWE ROBINSON PARTNERS PTE. LTD.; MCQUILLING BROKERAGE PARTNERS ASIA PTE. LTD.; SEATOWN SHIPBROKING PTE.LTD.; SINOCHEM OIL CO., LTD.; Simpson Spence Young; WK SHIPPING CO.PTE.LTD.; Shanghai Shipping Exchange serves for the committee as Secretary General.

3.Composite index
CTFI has 1 composite index. The base period of composite index is set on 28th November, 2012, with base index of 1,000 points. For calculation methodology and parameters, please see FAQ.

4.Freight Report
Individual indices and composite index of CTFI will be publicized at 17:00(Beijing Time) on each date of publication. Users can conveniently have the latest CTFI information by logging on SSE website. The date of issue will be every working day in principle. However, shall there be any adjustment due to special reason such as statutory holidays or etc., a formal notice will be posted in advance by SSE. In some special cases, SSE may postpone or cease the release of CTFI when in necessary or reasonable case.