The Baltic Exchange has introduced two new routes to its tanker freight rate assessment - BITR (Baltic International Tanker Routes). Their introduction follows the successful completion of a two month trial with the contributing panellists' assessments reaching the necessary high standards.
Accordingly, from today (Monday 4 February), the two routes will be adopted as full contributors to the BITR which in turn makes up the Baltic Clean Tanker Index (BCTI) and the Baltic Dirty Tanker Index (BDTI).
The new descriptions are:
- TD10 - 50,000 mt Fuel Oil Caribbean to USAC (Aruba to New York) with laydays/laycan 7-14 days in advance. Maximum 20 years.
- TC4 - 30,000 mt CPP Singapore to Japan (Singapore to Chiba) with laydays/laycan 7-14 days in advance. Maximum 15 years.
Commenting on the new routes Baltic Exchange Chief Executive Jim Buckley said: "We have introduced these new routes to meet demand from the freight futures industry. The market information produced by the Exchange is unique and is very much at the heart of our business. We constantly strive to ensure that our vessel and route descriptions reflect the underlying physical market and meet the needs of our many users."
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