The FMIUG offers forward freight agreement traders an input in the choice and description of the Baltic Exchange's wide range of dry and wet indices. Currently, the Exchange produces daily Worldscale assessments for 16 of the world's most important tanker routes in the Baltic International Tanker Routes assessments (BITR).
Commenting on his appointment Simon Toyne said:
"I'm delighted to have been appointed as the first chairman of the tanker section of this important group. The tanker futures market relies on the Baltic Exchange for settlement of its derivative contracts and it is vital that the users have input into the ongoing choice and development of the BITR routes."
Membership of the group is open to any principal who is a Baltic member and the group takes input from across the industry.
The group meets on an ad-hoc basis and communicates through an e-mail forum within the Baltic's Consultative Group which brings together the views of panellists, freight derivatives brokers and members generally.
