Designed to provide independently sourced freight derivative settlement data, the service helps meet the requirements of the international accounting standards that are becoming more demanding for verifiable financial information. In addition it is expected to reduce the time spent by principals calculating settlement prices. The service provides settlement rates for capesize and panamax routes based on the average of the last seven publication days in the month. For handymax routes, timecharter averages and Baltic International Tanker Routes (BITR) the period is the average of all the trading days in the month.
The Exchange now provides average monthly figures for 25 dry and 14 tanker route assessments together with capesize and panamax daily timecharter averages.
Pierre Aury of energy giant AEP and chairman of the Baltic Exchange's Freight Market Information Users Group welcomed the move, commenting:
"This is an excellent, well organised and easy navigable system that will provide the freight derivatives industry with a central source of independent settlement data." This information is available to all balticexchange.com subscribers.
