TC1
Meaning
TC1 is the Baltic Exchange benchmark LR2 route for a 75,000-tonne naphtha cargo from Ras Tanura to Yokohama, Japan.
Also written as TC1 route, MEG/Japan LR2
TC1 explained
TC1 is the main reference for long-range clean product earnings East of Suez, tracking Middle East naphtha exports to Japanese petrochemical plants.
Related terms
LR2
An LR2 is a long range product tanker of about 80,000 to 160,000 deadweight tonnes, typically Aframax-sized with coated tanks for clean products.
Baltic Exchange
The Baltic Exchange publishes daily freight assessments for benchmark tanker routes, such as TD3C, which the market uses as reference rates.
MEG
MEG (Middle East Gulf), also written AG (Arabian Gulf), is the market name for the Persian Gulf load region, the largest source of seaborne crude.