A History of Baltic Indices

A History of the Baltic indices:
All amendments and changes contained within this document are highlighted in
bold italic,
1985
4 January 1985 - The Baltic Exchange commences publication of a daily freight index -
the Baltic Freight Index (BFI).
This Index, which initially consists of 13 voyage routes covering cargoes from
14,000 mt of fertiliser up to 120,000 mt of coal, and no timecharter routes, was developed
as a settlement mechanism for the newly-established Baltic International Freight Futures
Exchange (BIFFEX) futures contract. It quickly wins worldwide acceptance as the most
reliable general measure of the dry cargo freight market.
Those routes were:
Route Vessel Cargo Route description Weightings

size
1 55,000 Light Grain US Gulf to ARA 20%
2 52,000 HSS US Gulf to S. Japan 20%
3 52,000 HSS US Pacific coast to S. Japan 15%
4 21,000 HSS US Gulf to Venezuela 5%
5 20,000 Barley Antwerp to Red Sea 5%
6 120,000 Coal Hampton Roads to S. Japan 5%
7 65,000 Coal Hampton Roads to ARA 5%
8 110,000 Coal Queensland to Rotterdam 5%
9 55,000 Coke Vancouver to Rotterdam 5%
10 90,000 Iron Ore Monrovia to Rotterdam 5%
11 20,000 Sugar Recife (Brazil)-US East Coast 5%
12 20,000 Potash Hamburg to west coast India 2 ½%
13 14,000 Phosphates Aqaba to west coast India 2 ½%
1986
4 February 1986 – the following changes were made:

size
5 35,000 Barley Antwerp to Jeddah 5%
11 20,000 Sugar Recife-US East Coast 5%
08 May 1986 – the following changes were made:

size
11 25,000 Pig Iron Vittoria to China 5%
1988
4 November 1988 –routes 11 and 12 were amended, route 13 ceased.
Route Vessel size Cargo Route description Weightings

6 120,000 Coal Hampton Roads to S. Japan 7.50%
11 25,000 Phosphates Casablanca to west coast 2.50%
India
12 20,000 Phosphates Aqaba to west coast India 5%
13 Ceased publication
1989
17 October 1989 - The first Panamax timecharter routes were introduced.
The description stated 64000mt - post 74.
1990
6 August 1990 – two new timecharter routes are added to the BFI and a couple of
amendments made.
These were:

size
55,000 Light Grain US Gulf to ARA 10%
1A 64,000 T/C Transatlantic round voyage, 10%
duration 45-60 days
3 52,000 HSS US Pacific coast to S. Japan 7.50%
3A 64,000 T/C Transpacific round voyage, 7.50%
duration 35-50 days
5 38,000 T/C S.America to Far East 5%
11 25,000 Phosphates Casablanca to west coast 2.50%
India
12 20,000 Phosphates Aqaba to west coast India 2.50%
8 August 1990 - The panamax timecharter description changed to
64000mt -max 15 years.
1991
5 February 1991 – one new timecharter route is added and a number of changes, are
made to the BFI.

size
duration 45-60 days
2A 64,000 T/C Skaw-Passero via US Gulf to 10%
Taiwan-Japan,
duration 50-60 days
duration 35-50 days
10 135,000 Iron Ore Tubarao to Rotterdam 5%
11 25,000 Phosphates Casablanca to west coast India 2.50%
1992
5 February 1992 – the following change was made:

size
55,000 Light Grain US Gulf to ARA 10%
duration 45-60 days
Taiwan-Japan, duration 50-60 days
duration 35-50 days
1993
5 February 1993 – the following amendments were made:

size
duration 45-60 days
2A 64,000 T/C Skaw-Passero via US Gulf to Taiwan-Japan, 10%
duration 50-60 days
3A 64,000 T/C Transpacific round voyage, duration 35-50 7.50%
days
9 64,000 T/C Delivery Japan-Korea, redelivery 5%
Skaw-Passero, 50-60 days duration
The panamax timecharter average is first calculated – this consists of four timecharter
routes (1A, 2A, 3A and 9).
3 November 1993 – the following amendments were made:
Route Vessel size Cargo Route description Weighting

s
1A 64,000 Transatlantic round voyage, (45-60 days) 10%
2A 64,000 Skaw-Passero via US Gulf to Taiwan-Japan, 10%
(50-60 days)
3A 64,000 Transpacific round voyage, duration 35-50 days 10%
7 110,000 Coal Hampton Roads to ARA 7.50%
8 130,000 Coal Queensland to Rotterdam 7.50%
9 64,000 Delivery Japan-Korea, redelivery 10%
Skaw-Passero, (50-60 days)
10 135,000 Iron Ore Tubarao to Rotterdam 7.50%
1995
02 August 1995 – the following amendments were made:

size
(50-60 days)
9 64,000 Delivery Japan-Korea, redelivery Skaw-Passero, 10%
(50-60 days)
1996
2 February 1996 – the following amendments were made:

size
(50-60 days)
9 70,000 Delivery Japan-Korea, redelivery Skaw-Passero, 10%
(50-60 days)
15 October 1996 – trials of the new Baltic Handy Index (BHI) begin.
The Index consisted of the following four timecharter routes and two trial voyages:
Route Vessel size CargoRoute description Weightings

H1 43,000 Delivery Antwerp-Skaw, redelivery Spore- 25%
Japan, Duration 60-65 days
H2 43,000 Delivery S.Korea-Japan, transpacific 30%
round voyage
H3 43,000 Delivery Spore, trip via Australia, 15%
redelivery Gib-Skaw, duration 65-70 days
H4 43,000 Delivery Skaw-Passero, trip via US 30%
Atlantic, US Gulf or S.Atlantic, redelivery
Skaw-Passero, duration 50-60 days
TR1 1.4/1.6 m cuft Grains US Gulf/Lisbon-Hamburg rge. 8 ttl days
(55’) shex
TR2 28/32,000 mt, Grains Brazil/Lisbon-Hamburg rge. 9 ttl days
10% (53’) shex
This was based on a “Baltic handymax” 43,000mt dwt, less than 15 years old,
self-trimming bulk carrier. National (non-FOC) flag, max 190m loa,
max 32.3m beam, about 14kn on 24mt (180) plus 2mt mdo, 5h/h – 4x25mt cranes.
1997
7 January 1997 – BHI begins publication on two days a week and the timecharter
average is first published.
1998
27 January 1998 - Five tanker routes are introduced on a trial basis, these are:
Route Vessel size Route description

1 250,000mt Middle East Gulf to Japan
2 260,000mt West Africa to US Gulf
3 130,000mt West Africa to USAC
4 80,000mt North Sea to Continent
5 70,000mt Caribbean to US Gulf
31 March 1998 – two new tanker routes are introduced on a trial basis,
they are:

6 70,000mt Middle East to Japan (CPP/UNL)
7 30,000mt Caribbean to USAC (CPP/UNL)
20 April 1998 – The Baltic International Tanker Routes (BITR) are officially launched
comprising 7 routes.
6 May 1998 - Two new Capesize routes are introduced,
Routes 6 & 8 cease publication and routes 2 & 3 change vessel size
Route Vessel size Cargo Route description Weightings

duration 45-60 days

3A 70,000 T/C Transpacific round voyage, duration 10%
35-50 days
9 70,000 T/C Delivery Japan-Korea, redelivery 10%
Skaw-Passero,
50-60 days duration
14 140,000 Iron ore Tubarao to Beilun-Baoshan 7.50%
15 140,000 Coal Richard’s Bay to Rotterdam 7.50%
3 August 1998 – four additional tanker routes are introduced on a trial basis.

8 35,000mt Continent to USAC (CPP/UNL) (Rotterdam to New York)
9 280,000mt Middle East Gulf to Continent (Ras Tanura to Rotterdam)
10 260,000mt Middle East Gulf to Singapore (Ras Tanura to Singapore)
11 80,000mt Kuwait to Singapore (Crude and/or DPP Heat 135F)
1 October 1998 – tanker routes 8, 9, 10 and 11 are formally adopted.
23 November 1998 - the Baltic Panamax Index (BPI) is first calculated on a trial basis
consisting of four timecharter and three voyage routes.
These were routes: 1, 1A, 2, 2A, 3, 3A and 9.

size
P1 55,000 Light Grain US Gulf to ARA 10%
P1A 70,000 T/C Skaw-Gib to Skaw-Gib, Transatlantic RV, 20%
duration 50-60 days
P2 54,000 HSS US Gulf to S. Japan 12.5%
P2A 70,000 T/C Skaw- Gibraltar via US Gulf to Taiwan- 12.5%
Japan, duration 50-60 days
P3 54,000 HSS US Pacific coast to S. Japan 10%
P3A 70,000 T/C Transpacific round voyage, duration 20%
35-50 days
P9 70,000 T/C Delivery Japan-Korea, redelivery Skaw- 15%
Gibraltar,50-60 days duration
This was based on a “Baltic Panamax”, 70,000mt dwt, not aged over 15 years with 3.0
million cuft. Grain, loa max. 230m, capable of about 14kn (l) on 30mt fuel oil and no diesel
at sea.
21 December 1998 - BPI is first published, having successfully undergone a trial period.
It was rebased to the BFI as at 6 May 1998, the date of the last major change to this
Index.
1999
1 March 1999 – trials begin for the Baltic Capesize Index (BCI). This comprises four
timecharter and seven voyage routes. The Index began at 1000 points.

size
C1 120,000 Coal Hampton Roads to Rotterdam 5%
C2 160,000 Iron Ore Tubarao to Rotterdam 10%
C3 150,000 Iron ore Tubarao to Beilun-Baoshan 10%
C4 150,000 Coal Richard’s Bay to Rotterdam 5%
C5 150,000 Iron Ore West Australia to Beilun-Baoshan 15%
C6 120,000 Coal Newcastle to Rotterdam 10%
C7 150,000 Coal Bolivar to Rotterdam 5%
C8 161,000 T/C Delivery Gib-Hamburg transatlantic round 10%
voyage, duration 30-45 days
C9 161,000 T/C Delivery ARA or passing Passero, 5%
redelivery
China-Japan, duration about 65 days
C10 161,000 T/C Delivery China-Japan, round voyage, 20%
duration 30-40 days
C11 161,000 T/C Delivery China-Japan, redelivery ARA or 5%
passing Passero, duration about 65 days
15 April 1999 – the following amendments to the tanker routes were agreed:

8 33,000mt Continent to USAC (CPP/UNL) (Rotterdam to New York)
9 280,000mt Middle East Gulf to Continent (Ras Tanura to Rotterdam)
10 260,000mt Middle East Gulf to Singapore (Ras Tanura to Singapore)
11 80,000mt Kuwait to Singapore (Crude and/or DPP Heat 135F)
26 April 1999 – from this date the BHI is published on a daily basis. The BCI is also first
published on this day.
1 November 1999 - the BPI supersedes the BFI as the instrument of settlement for
BIFFEX.
The Baltic Exchange Dry Index (BDI), an equally weighted composite of the BPI, BCI and
BHI, is introduced to provide a general dry bulk market indicator, continuing the
established time series of the BFI, which still refers back to 1985. All Index calculations
are worked to nine decimal places.
The BDI factor is: 0.998007990.
2000
24 March 2000 – Route P9 is re-named Route P4.
3 April 2000 – the following changes were made to the tanker routes:
Route Vessel Route description

size
1 250,000mt Middle East Gulf to Japan Age limit of 20 years introduced
2 260,000mt West Africa to US Gulf Age limit of 20 years introduced
3 130,000mt West Africa to USAC Age limit of 20 years introduced
4 80,000mt North Sea to Continent Age limit of 20 years introduced
Port of discharge changed to
Wilhelmshaven
6 75,000mt Middle East to Japan
(CPP/UNL) Age limit of 20 years introduced
7 30,000mt Caribbean to USAC
(CPP/UNL)
8 33,000mt Continent to USAC (CPP/UNL)
(Rotterdam to New York) Age limit of 20 years introduced
9 280,000mt Middle East Gulf to Continent
(Ras Tanura to Rotterdam) Age limit of 20 years introduced
10 260,000mt Middle East Gulf to Singapore
(Ras Tanura to Singapore) Age limit of 20 years introduced
11 80,000mt Kuwait to Singapore
(Crude and/or DPP Heat 135F)
3 May 2000 - the following amendments were made to the tanker routes on a trial basis:

1 250,000mt Middle East Gulf to Japan Age limit of 20 years
introduced
2 260,000mt West Africa to US Gulf Age limit of 20 years
introduced
3 130,000mt West Africa to USAC Age limit of 20 years
introduced
4 80,000mt North Sea to Continent Age limit of 20 years
introduced
6 75,000mt Middle East to Japan (CPP/UNL) Age limit of 20 years
introduced
8 33,000mt Continent to USAC (CPP/UNL)
(Rotterdam to New York)
9 280,000mt AG to US Gulf (Ras Tanura to LOOP) Age limit of 20 years
introduced
10 260,000mt Middle East Gulf to Singapore Age limit of 20 years
(Ras Tanura to Singapore) introduced
11 80,000mt Kuwait to Singapore
(Crude and/or DPP Heat 135F)
12 130,000mt Cross Mediterranean
(Sidi Kerrir to Lavera)
10 July 2000 – trial tanker Routes 9 and 12 are formally adopted. The tanker routes were
renumbered as follows:

T1 280,000mt AG to US Gulf
T2 260,000mt AG to Singapore
T3 250,000mt AG to Japan
T4 260,000mt West Africa to US Gulf
T5 130,000mt West Africa to USAC
T6 130,000mt Cross Mediterranean
T7 80,000mt North Sea to Continent
T8 80,000mt Kuwait to Singapore
T9 70,000mt Caribbean to US Gulf
T10 75,000mt AG to Japan (CPP/UNL)
T11 33,000mt Continent to USAC (CPP/UNL)
T12 30,000mt Caribbean to USAC (CPP/UNL)
4 September 2000 – trials of the new Baltic Handymax Index (BHMI) begin. The index
comprises six timecharter routes, which are calculated on a dollar basis. Initially this is
published together with the BHI, which is calculated on an index basis.
These routes are:
Route Vessel Route description Weightings

size
M1A 45,496 Deliver Antwerp-Skaw, redelivery Spore-Japan 12.5%
incl China,
Duration 60-65 days
M1B 45,496 Delivery Cannakkale, redelivery Spore-Japan incl 12.5%
China,
Duration 50-55 days
M2 45,496 Delivery S.Korea-Japan, Australian or transpacific 25%
round voyage, 1 laden leg
M3 45,496 Delivery S.Korea-Japan, redelivery Gib-Skaw, 25%
duration
60-65 days
M4A 45,496 Delivery Antwerp-Skaw, redelivery US Gulf, 12.5%
duration 30-35
Days
M4B 45,496 Delivery US Gulf, redelivery Skaw-Passero, 12.5%
duration 30-35
Days
This based on a “Baltic handymax”, self-trimming bulk carrier, less than 15 years old, ITF
in order, 45,496mt dwt on 11.62m ssw, 2,020,315 cu ft gr/1,962,273 cu ft bl.
5holds/5hatches, 4x25t cr no grabs, loa 185.74m, beam 30.4m. 14kn (average
laden/ballast) on 29.5mt ifo (180) no diesel at sea.
Each route is based on laydays cancelling about 5 days after the date of the index with
cancelling 10 days thereafter.
In addition a new Panamax route is introduced on a trial basis:

size
P1A 70,000 T/C Skaw-Gib to Skaw-Gib, Transatlantic 20%
RV, duration 50-60 days
P2A 70,000 T/C Skaw- Gibraltar via US Gulf to Taiwan- 12.5%
Japan, duration 50-60 days
PA2/P5 60,000 Coal Richards Bay to Jorf Lasfar Trial
P3A 70,000 T/C Transpacific round voyage, duration 20%
35-50 days
2 October 2000 – BHMI is formally adopted.
31 December 2000 – the BHI ceases (with the exception of TR1 which continues to be
assessed alongside the BHMI).
2001
2 January 2001 – the BHMI supersedes the BHI. The new BHMI replaces the BHI in the
calculation of the BDI.
3 April 2001 – A new Panamax route is introduced on a trial basis:

size
P1 55,000 Light US Gulf to ARA 10%
Grain
duration 50-60 days
PA1 70,000 Coal Richards Bay to ARA Trial
P2A 70,000 T/C Skaw- Gibraltar via US Gulf to 12.5%
PA2/P5 60,000 Coal Richards Bay to Jorf Lasfar Trial
P3A 70,000 T/C Transpacific round voyage, 20%
duration 35-50 days
8 February 2001 – trials of the new Baltic European Coal Assessment (BECA) begin to
provide information on the price of coal delivered to North Europe and will be based on the
Standard European Coal Agreement (SECA). The daily rate is calculated as the volume
weighted average of the trades conducted in the SECA market between 0900 and 1500
by a panel of coal brokers, for delivery in the following quarter.
18 May 2001- Trial Panamax route PA2/P5 ceases publication.
18 June 2001 – BECA is formally launched. The Baltic European Coal Assessment
(BECA) reflects the Standard European Coal Agreement (SECA) market, for delivery one
quarter ahead.
1 August 2001 - A Baltic International Tanker Routes (BITR) Index is officially launched
comprising nine dirty routes (T1-T9) and three clean routes (T10-T12). All routes have
equal weighting.
11 September 2001 – The following changes were made on Panamax route 2A

size
duration 50-60 days
P2A 70,000 T/C Skaw-Gibraltar to Taiwan-Japan, 12.5%
duration 60-65 days
P3A 70,000 T/C Transpacific round voyage, 20%
duration 35-50 days
P9 70,000 T/C Delivery Japan-Korea, redelivery 15%
Skaw-Gibraltar, 50-60 days duration
1 October 2001 - BITR is divided into dirty and clean routes to form the Baltic Dirty Tanker
Index and the Baltic Clean Tanker Index
(e.g.T1 is renamed TD1 and T10 is renamed TC1).
Dirty Tanker Index:

TD1 280,000mt AG to US Gulf

TD2 260,000mt AG to Singapore
TD3 250,000mt AG to Japan
TD4 260,000mt West Africa to US Gulf
TD5 130,000mt West Africa to USAC
TD6 130,000mt Cross Mediterranean
TD7 80,000mt North Sea to Continent
TD8 80,000mt Kuwait to Singapore
TD9 70,000mt Caribbean to US Gulf
Clean Tanker Index:
TC1 75,000mt AG to Japan (CPP/UNL)

TC2 33,000mt Continent to USAC (CPP/UNL)
TC3 30,000mt Caribbean to USAC (CPP/UNL)
2002
14 January 2002 – BHMI TR1 ceases publication.
4 Feb 2002 - two further tanker routes (one dirty and one clean) are added:

TD10 50,000mt Caribbean to USAC
Route Vessel Route description

size
TC4 30,000mt Singapore to Japan (CPP)
September 2002 – highest and lowest panellists’ returns are now included in the daily
route averages.
1 November 2002 – trials begin for the new panamax and capesize vessel timecharter
descriptions. The new “Baltic panamax” is described as: 74,000mt dwt, not over 7 years
of age, 89,000 cbm grain, max. loa 225m, draft 13.95m, 14.0 knots on 32/38 fuel oil
laden/ballast and no diesel at sea.
The new “Baltic capesize” is described as: 172,000mt dwt, not over 10 years of age,
190,000 cbm grain, max. loa 289m, max beam 45m, draft 17.75m, 14.5 knots laden, 15.0
knots ballast on 56mts fuel oil, no diesel at sea.
Trials begin for the BPI timecharter vessel description increase to 74,000 mt and the
BCI description to 172,000 mt.
9 November 2002 – trials begin for the new Baltic Liquified Gas Route (BLPG).
Assessments are based on the following description: 44,000mt 5% 1-2 grades fully
refrigerated LPG, Ras Tanura/Chiba, laydays 10/40 days in advance, laytime 92 hours
total, max. age 20 years.
14 November 2002 – monthly settlement prices are launched on

www.balticexchange.com to assist in the settlement of forward freight agreement (FFA)
contracts.
24 December 2002 – Trial Panamax route PA1 ceases publication.

2003
2 January 2003 – the BPI timecharter vessel description is officially increased to 74,000
mt and the BCI description to 172,000 mt.
2 February 2003 – trials begin on the Baltic Forward Assessment (BFA), initially for
Routes P2, P2A and C4 and the panamax four-timecharter average. Assessments for the
routes are on the basis of the current month and one and two months forward, for the four
timecharter average on the basis of one, two and three quarters forward. Assessments
are produced on a weekly basis.
3 March 2003 – the Baltic Liquefied Gas Route (BPLG) assessment is first published.
Two new BITR routes are introduced on a trial basis:


TC5 55,000mt AG to Japan
1 May 2003 – trials begin for the Baltic Ship Valuation Assessments (BaSVA) based on
the following descriptions: (data from earlier trial made available by Clarkson)
VLCC:
305,000 Dwt double hull built in "first class competitive yard" "European standard B&W
main engine" about 15.5 knots service speed laden on about 90.0 tons, loa about 332 m,
beam about 58 m Non coated Not ice classed. 5 years old. Special survey passed.
Delivery prompt (2/3 months), charter free. 2% total commission.
Aframax:
105,000 Dwt double hull built in "first class competitive yard" "European standard B&W
main engine" about 15.5 knots service speed laden on about 50.0 tons loa about 248 m,
beam about 42 m Non coated Not ice classed. 5 years old. Special survey passed.
Delivery prompt (2/3 months), charter free. 2% total commission.
Capesize:
172,000 mt dwt, "built in first class competitive yard" 190,000 cbm grain, max. loa 289 m,
max beam 45m, draft 17.75 m, 14.5 knots laden, 15.0 knots ballast on 56 mts fuel oil, no
diesel at sea; Non coated Not ice classed. 5 years old. Special survey passed. Delivery
prompt (2/3 months), charter free. 2% total commission.
Panamax:
74,000 mt dwt, "built in first class competitive yard" 89,000 cbm grain, max. loa 225 m,
draft 13.95 m, 14.0 knots on 32/28 fuel oil laden/ballast and no diesel at sea. Non coated
Not ice classed. 5 years old. Special survey passed. Delivery prompt (2/3 months), charter
free. 2% total commission.
Assessments are produced on a bi-monthly basis.
14 July 2003 - TD11 (80,000mt Cross Mediterranean) and TC5 (55,000 Middle East to
Japan) are formally adopted.
21 July 2003 – trials begin on a new capesize route – 150,000/10% Gladstone

17m/Rotterdam.
18 September 2003 – BaSVA and the BFA are officially launched.
24 December 2003 – BECA ceases publication.
2004
15 January 2004 – the following change took place on TD9
The Jose Platform TAECJ was adopted for the purposes of the flat rate.
4 February 2004 – the BFA assessment for Route P2 ceases.
25 February 2004 – BFA assessment for Route P3A_03 commences

1 March 2004 – the following change to BITR routes is made:

TD6 130,000mt Cross Mediterranean (Novorossiysk* to Augusta)

TC2_37 37,000mt Continent to USAC-TRIAL
*based on berths other than CPC terminals
TC2_37 will not contribute to the index until 2 January 2005 when it will replace TC2.
1 April 2004 - the following changes to the Capesize Index are made:

size
C1 120,000 Coal Ceases Publication
C2 160,000 Iron Ore Tubarao to Rotterdam 10%
C3 150,000 Iron ore Tubarao to Beilun-Baoshan 15%
C4 150,000 Coal Richard’s Bay to Rotterdam 5%
C5 150,000 Iron Ore West Australia to Beilun-Baoshan 15%
C6 120,000 Coal Ceases Publication
C7 150,000 Coal Bolivar to Rotterdam 5%
C8 172,000 T/C Delivery Gib-Hamburg transatlantic 10%
round voyage, duration 30-45 days
C9 172,000 T/C Delivery ARA or passing Passero, 5%
redelivery
China-Japan, duration about 65 days
C10 172,000 T/C Delivery China-Japan, round voyage, 20%
duration 30-40 days
C11 172,000 T/C Delivery China-Japan, redelivery ARA 5%
or
passing Passero, duration about 65
days
C12 150,000 Gladstone to Rotterdam 10%
7 May 2004 -The BFA commenced trials on a number of heavily traded dry and tanker
routes on a daily basis.
On the dry side on routes C4, C7, Capes 4TC, P2A_03, P3A_03, Panamax 4TC and
Handymax 6TC
On the tanker side on routes TD3, TD5, TD7, TC2 and TC4.
1 July 2004 -The following two routes were added on a trial basis to the Tanker Index:

TD12 55,000mt Trial-ARA to US Gulf
TC2_37 37,000mt Continent to USAC-TRIAL
TC6 30,000mt Trial-Algeria/Euromed (TRIAL)
12 July 2004 - The Baltic Exchange Demolition Assessment commences on a trial basis
on the following routes:
Æ Per long tonne light displacement from a dirty tanker for between 15,000 and 25,000
light weight, gas free for man entry. Delivery China (15/30 days), as is, under own power,
cash price, basis standard commission.
Æ Per long tonne light displacement from a dirty tanker for between 15,000 and 25,000
light weight, gas free for man entry. Delivery Subcontinent (15/30 days), as is, under own
power, cash price, basis standard commission.
Æ Per long tonne light displacement from a product tanker for between 6,000 and 10,000
Æ Per long tonne light displacement from a product tanker for between 6,000 and 10,000
Æ Per long tonne light displacement from a bulk carrier for between 7,000 and 12,000
Æ Per long tonne light displacement from a bulk carrier for between 7,000 and 12,000
02 August 2004 - Reporting for BaSVA changes from a bi monthly basis to a weekly. Also
BaSVA is renamed to Baltic Exchange Sale and Purchase Assessments (BPSA). Finally
two new vessel types are introduced, which are:
Æ Tanker
45,000mt dwt, double hull, built in “first class competitive yard”, “European standard B&W
main engine”, about 14.5 knots service speed on about 35/32.8 mt fuel oil (laden/ballast),
loa about 182 m, beam about 32 m, draft about 12 m; coated, not iced classed, 5 years
old. Special survey passed. Delivery prompt (2/3 months), charter free. 2% total
commission.
Æ”Test 52” type Supramax

52,454 dwt, “built in first class competitive yard”, “ European Standard B&W main engine”,
66,500 cbm grain, loa190 m, beam 32.26 m, draft 12.02m, 14.8 knots on 30.0 mt 390 at
sea, 5 holds/5 hatches, 4x 30t cranes; not ice classed. Five years old, special survey
passed. Delivery prompt (2/3 months), charter free. 2% total commission.
04 October 2004 - A new dirty tanker route is introduced on a trial basis:
TD14: 80000mt heated crude Indonesia to Japan. Dubai to Chiba with laydays/ cancelling
14/21 days in advance. Maximum age 15 years

TD12 55,000mt Trial-ARA to US Gulf
TD14 80,000mt Trial-Indonesia to Japan
12 October 2004 – TD12 (55,000mt ARA to US Gulf) and TC6 (30,000mt

Algeria/Euromed) are formally adopted.
2005
4 January 2005 - TC2 (33,000mt Continent to USAC) is replaced by TC2_37
(37,000mt Continent to USAC).
1 February 2005 - TD10D is added:

At a meeting on the 12th of January 2005, it was agreed to recommend that the Baltic
should introduce a new variant of the TD10 route, known as TD10D, which would
specifically be an assessment for a double hull vessel. This happened, since at that time,
at least 75% of business fixed, was for double hull vessels. The route description for
TD10D, is:
BDTI Route 10D

50,000mt, fuel oil, Caribbean to USAC.
Aruba to New York with laydays/cancelling 7/14 days in advance
Maximum age 20 years.
1 February 2005 - Notice given that publication of TD10 will cease on 31 January 2006
1 March 2005 - TC3 (30000mt Caribbean - USAC) is replaced by TC3_38 (38000mt

Caribbean - USAC).
1 June 2005 - BSI is introduced - trials of the new Baltic Exchange Supramax Index
(BSI) begin. The Index consists of the following four timecharter routes and two trial
voyages:
Route Vessel Route description Weightings

size
S1A 52,454 Delivery Antwerp/Skaw range for a trip of 60/65 days 25%
redelivery Singapore/Japan range including China 5 per
cent commission total. Laycan 5/10 days in advance.
S1B 52,454 Delivery passing Canakkale for a trip of 50/55 days 30%
redelivery Singapore/Japan range including China 5 per
cent commission total. Laycan 5/10 days in advance.
S2 52,454 Delivery South Korea/Japan range for 1 Australian or 25%
trans Pacific round voyage, for a 35/40 day trip,
redelivery South Korea/Japan range 5 per cent
commission total. Laycan 5/10 days in advance.
S3 52,454 Delivery South Korea/Japan range for a trip of 60/65 25%
days redelivery Gibraltar/Skaw range 5 per cent
commission total. Laycan 5/10 days in advance.
S4 52,454 Delivery Gibraltar/Skaw range for one trans-Atlantic 25%
round voyage of 45/50 days, redelivery Gibraltar/Skaw
range, 5 per cent commission. Laycan 5/10 days in
advance.
S5 52,454 Delivery Dakar/Douala range for a trip via East Coast 0%
South America of 60/65 days, redelivery
Singapore/Japan range, 5 per cent commission. Laycan
5/10 days in advance.
S6 52,454 Delivery South Korea/Japan range for a trip via 0%
Australia or 50/55 days, redelivery India, 5 per cent
commission. Laycan 5/10 days in advance.
13 June 2005 - Trial TD15 is introduced.

Following extensive consultation it has been agreed to trial a new West Africa to China VL
route from Monday 13th of June. The route is TD15, with description as laid out below.
260000 mt, no heat crude, West Africa to China

Zafiro and Bonny to Ninqbo with laydays cancelling 20/30 days in advance.
Double hull and max age 20 years.
14 July 2005 - Trial TD16 is introduced.
Further to our previous advice it has been decided to commence trialing the Black Sea to
Mediterranean fuel oil route from Thursday 14th of June. The route is TD16, with
description as laid out below.
30000 mt fuel oil heat 135 F, Black Sea to Mediterranean.

Odessa to Augusta with laydays/cancelling 8/14 days in advance.
Double hull and max 20 years.
29 July 2005 - Trial TD14 is redefined.
TD14's description changes from:

80000mt, heated crude, Indonesia to Japan, Dumai to Chiba with laydays/cancelling
14/21 days in advance Maximum age 15 years
To : 80000 mt, no heat crude, SE Asia to EC Australia, Seria to Sydney with

laydays/cancelling 21/25 days in advance. Double hull and max 15 years old.
01 September 2005 – BFA Reporting Changes.
C3 & C5 are introduced.
The rollover date, for all routes, is now the first working day of each month.
24 October 2005 - TD15 & TD16 go live.
The trial status on the following dirty Tanker routes is lifted:
TD15: 260000mt West Africa to China

260000 mt, no heat crude, West Africa to China. Zafiro and Bonny to Ningpo with
laydays cancelling 20/30 days in advance. Double hull and max age 20 years.
TD16: 30000mt Black Sea to Mediterranean

30000 mt fuel oil heat 135 F, Black Sea to Mediterranean. Odessa to Augusta with
laydays/cancelling 8/14 days in advance. Double hull and max 20 years.
05 December 2005 - TD14 goes live.
The trial status on the following dirty Tanker route is lifted:
TD14 : 80000 mt, no heat crude, SE Asia to EC Australia, Seria to Sydney with
03 January 2006 – Demolition assessments go live.

Following a successful 18 month trial, these assessments now go live.
2006
03 January 2006 – TD3 Amendment.
Following 12 months notice the stem size on this route has been increased from
250.000mt to 260.000mt. The full description now is as follows:
260,000mt, Middle East Gulf to Japan. Ras Tanura to Chiba with

laydays/cancelling 30/40 days in advance. Maximum age 15 years.
03 January 2006 – TD15 Amendment.
Following the decision that Zafiro production will be merged/blended with Topacio
production and loaded from Serpentina FPSO, and our advice 14/12/05, the route
loading description will be amended to read “Serpentina FPSO and Bonny off
shore”. The full description now is as follows:
260000 mt, no heat crude, West Africa to China. Serpentina FPSO and Bonny off
shore to Ningpo with laydays cancelling 20/30 days in advance. Double hull and
max age 20 years.
03 January 2006 – BSI replaces BHMI.
The BSI replaces the BHMI, which is not published any more. The BSI
commences contributing to BDI.
The BHMI notes, where as follows:
Baltic Exchange Handymax Index
• All routes are as “always afloat within iwl” and based on the Baltic
handymax vessel description.
• Each route is based on laydays about 5 days after the date of the index,
with cancelling about 10 days thereafter. The routes will not be limited by
specific cargo descriptions.
• Cargo and trading exclusions. Whilst no specific cargo and trading

exclusions are included in route descriptions, panellists will be aware of
market norms at any time. Where fixtures have been concluded at rates
which may appear to be particularly high (or low) because exceptional
flexibility has been given to charters (or exceptions restrictions imposed on
them), panellists will use their judgement to make appropriate adjustments.
• Disbursement variation due to vessel’s flag. Where fixture rates vary

because of the flag of the ship, panellists will adjust their returns to reflect
the market for non FOC ships, which are charged standard port
disbursements. This is principally of relevance in trades covering FSU.
03 January 2006 – BHMI-BSI differential.
The differential established between BHMI and BSI, during the period of dual
reporting, between 1st of July and the 23rd of December, was 11.2703%.
03 January 2006 - Baltic Exchange Demolition Assessment goes live.
Following a successful 18 month trial, these assessments will now go live.
31 January 2006 – TD10 Ceases publication
Following a 12 month notice, route TD10 (50000mt Caribs to USAC) ceased

publication on Tuesday 31 January 2006.
The BDTI Multiplier, before with the contribution of TD10 was 8.372448641.
01 February 2006 – TD10D starts contributing towards the BDTI.
Following a 12 month notice, route TD10D (50000mt Caribs to USAC - Double hull
vessel), started contributing towards the BDTI on 1 February 2006.
The full description of this route is:

50,000mt, fuel oil, Caribbean to USAC. Aruba to New York with laydays/cancelling
7/14 days in advance. Double hull vessel, Maximum age 20 years.
The new BDTI multiplier is: 8.23331023
16 February 2006 – BFA Tankers go live.
Following a trial, BFA Clean and Dirty Tanker routes (TC2, TC4, TD3, TD5, TD7) go live
on the 16th of Febuary 2006.
27 March 2006 – TC8, TC9, TD17, TD18 Commence Trialing
Following consultation with the market, 4 new tanker routes commenced trialing on the
27th of March 2006. The full descriptions of these routes are outlined below:
TC8 - 65,000 mt CPP/UNL middle distillate AG to UK-Cont –

Jubail to Rotterdam with laydays/cancelling 20/30 days in advance.
Double hull. Max 15 years. This route to be reported as US$ per mt.
TD17 -100,000 mt crude. Baltic to UK-Cont. -

Primorsk to Wilhelmshaven with laydays/cancelling 10/20 days in advance
Double hull. Max 15 years
TD18 - 30000 mt fuel oil Baltic to UK-Cont -

Tallinn to Rotterdam with laydays/cancelling 10/15 days in advance
Double hull. Max 15 years.
TC9 - 22000 mt CPP/UNL middle distillate Baltic to UK/Cont -

Ventspils to Le Havre with laydays/cancelling 5/10 days in advance
Double hull. Max 15 years
25 April 2006 – Trial Handysize Index launched.
Following lengthy discussions with panellists and users, the Baltic Exchange has decided
to launch a trial of a new Baltic Exchange Handysize Index on 25/04/2006. Initially
panellists will be reporting on a twice weekly basis on Tuesday and Thursday by 1230
hrs London. The first two weeks, four reports, will be conducted blind; thereafter the
averages will be published in the usual way with a nominal index, route averages and a
weighted 6TC average. The index started from 1000 points, and the multiplier is:
0.068059273.
Please find below the full route and vessel descriptions:
THE BALTIC EXCHANGE HANDYSIZE INDEX (BHSI)
Route 1:
Dely Skaw – Passero for a trip about 35/45 days, redelivery Recalada – Rio de Janeiro
range. 5% Laycan 5/10 days in advance. Weighting 12.5%
Route 2:
Dely Skaw - Passero range for a trip about 35/45 days, redelivery Boston – Galveston
range. 5% . Laycan 5/10 days in advance. Weighting 12.5%.
Route 3:
Dely Recalada – Rio de Janeiro for a trip about 35/45 days, redelivery Skaw – Passero
Route 4:
Dely US Gulf for a trip about 35/45 days, via US Gulf or NC South America, redelivery
Skaw – Passero range. 5% . Laycan 5/10 days in advance. Weighting 12.5%
Route 5:
Dely SE Asia for a trip via Australia, about 25/30 days, redelivery Singapore – Japan
range including China. 5% . Laycan 5/10 days in advance Weighting 25%.
Route 6:
Dely S Korea – Japan range for a trip via Nopac of about 40/45 days, redelivery
Singapore-Japan range including China. 5%. Laycan 5/10 days in advance.
Weighting 25%
All routes are based on always within IWL and always afloat
The Baltic Exchange Handysize Vessel Description
28,000 mt dwt self trimming single deck bulkcarrier on 9.78m ssw 169m loa 27 m beam.
5 holds/5 hatches. 37,523 c.um grain 35,762 c.um bale 14 knots average laden/ballast
on 22 mt ifo (380) no diesel at sea. 4 x 30 t cranes Maximum age 15 years
10 May 2006 – TD18 Amendment
Following representation from the wet users group the FIFC has agreed to amend trial
route TD18. With immediate effect the base rate discharge port will be changed from
Rotterdam to Amsterdam. The route remains on trial.
23 May 2006 – Trial BHSI Index first published.
Following a four week blind trial period, the Trial BHSI Index was first published on the
23rd of May 2006. The index was realigned to start from 1000 points, and the new
multiplier is: 0.067470447.
01 June 2006 – Changes to the calculation of trial BHSI
The way in which the trial BHSI index is calculated has been changed. As of Thursday 1
June, the index calculation is based on individual route multipliers. The values for
Tuesday 30 May and Thursday 25 May have been recalculated on this basis.
Please note this does not affect the route assessments or time charter average.
The new, individual route multipliers are:
HS1: 0.011479686
HS2: 0.009901618
HS3: 0.006995497
HS4: 0.009772844
HS5: 0.015174507
HS6: 0.015899136
26 June 2006 – BFA TC5 Route commences reporting.
Following consultation with the market, it has been decided to commence reporting on a
new BFA Clean Tanker route, starting Monday the 26th of June 2006.
This route is TC5, and its full description is:
Route TC5: 55,000mt, CPP/UNL naphtha condensate, Middle East/Japan. Ras Tanura
to Yokohama with laydays cancelling 30/35 days in advance. Maximum age 15 years.
The reporting periods for this route, are the same as per the rest of the tanker routes.
TC5CURMON
TC5+1_M
TC5+2_M
TC5+3_M
TC5+4_M
TC5+5_M
TC5CURQ
TC5+1Q
TC5+2Q
TC5+3Q
TC5+4Q
TC5+1CAL
TC5+2CAL
03 July 2006 – TC7 & TD18 go live.
Following the recent FIFC meeting, it has been decided to lift the trial status on the
following BITR routes:
TC7: 30000mt CPP Singapore to EC Australia

30000 mt CPP Singapore to East Coast Australia. Singapore to Sydney with
laydays/cancelling 17/23 days in advance. Double Hull max 15 years.
The clean tanker multiplier, from: 4.558455921, became: 4.361204839.
TD18: 30000mt Baltic to UK-Cont

30,000 mt fuel oil Baltic to UK-Cont. Tallinn to Amsterdam with laydays/cancelling 10/15
days in advance. Double hull. Max 15 years.
The dirty tanker multiplier, from: 8.23331023, became: 7.97526313.
04 September 2006 – Daily reporting is introduced for BHSI.

Further to consultation, all panellists have agreed that they are prepared to report on the
BHSI five days a week. Accordingly are commencing this daily reporting from Monday
4th of September.
04 September 2006 – TC9 goes live.
Following authorization from the FIFC, it has been decided to lift the trial status on the
clean tanker route: TC9, as of 04/09/06.
TC9 22000mt CPP/UNL m/distillate Baltic to UK/Cont.
22,000 mt CPP/UNL middle distillate Baltic to UK/Cont. Ventspils to Le Havre with

laydays/cancelling 5/10 days in advance. Double hull. Max 15 years
The clean tanker multiplier, from: 4.361204839, became: 4.407634907.
22 December 2006 – Suspension of Panamax Voyage routes.
The Panamax routes P1 (US Gulf/ARA), P2 (US Gulf / Japan) and P3 (NOPAC/Japan)
will be suspended after the last reporting day of the year, 22/12/06, due to lack of
visibility in the current market.
As of 02/01/2007, the weighting on each of the remaining four timecharter routes

becomes 25%. The multipliers before the change were:
Route multiplier
P1A_03 0.026010808 Route multiplier
P2A_03 0.014787562 The new multipliers are: P1A_03 0.032280358
P3A_03 0.028863148 P2A_03 0.031407559
P4_03 0.02149121 P3A_03 0.030123107
P1 11.185445 P4_03 0.029755057
P2 7.06649822
P3 9.306775054
02 January 2007 – Route S4 becomes S4A & S4B
In order to provide the most accurate possible representation of the global daily
timecharter value of a Supramax vessel, Route S4 (transatlantic round voyage) is
subdivided into two separate route reports, to be known as S4A and S4B, as follow.
S4A
Delivery US Gulf for a trip of about 30 days, redelivery Skaw-Passero range, 5%

commission total, laycan 5/10 days in advance
S4B
Delivery Skaw – Passero range for a trip of about 30 days, redelivery US Gulf, 5%
commission total, laycan 5/10 days in advance.
The S4 component of the Timecharter Average therefore consists of these new routes,
each accounting for 12.5% of the total.
Before the change the BSI index multiplier was 0.099403048, and on the 2nd of January it
became: 0.095637068.
2007
02 January 2007 – Route S6 goes live.
The trial status of Route S6 is lifted and the S6 becomes an official Baltic Route from 2
January 2006.

S6 - Delivery South Korea-Japan range for a trip via Australia of 45/50 days,
redelivery India, 5% commission total, laycan 5/10 days in advance
Route S6 does NOT form part of the Baltic Exchange Supramax Index. It is provided as a
stand alone route assessment only.
02 January 2007 – BHSI index and routes go live.
The trial status of the Handysize index and routes is lifted, and the BHSI index starts
contributing towards the calculation of the BDI.
The full vessel and route descriptions are as follows:
The Baltic Exchange Handysize Vessel Description
28,000 mt dwt self trimming single deck bulkcarrier on 9.78m ssw 169m loa
27 m beam. 5 holds/5 hatches. 37,523 c.um grain 35,762 c.um bale 14 knots
average laden/ballast on 22 mt ifo (380) no diesel at sea. 4 x 30 t cranes
Maximum age 15 years
Route: HS1
Dely Skaw – Passero for a trip about 35/45 days, redelivery Recalada – Rio de Janeiro
range. 5% Laycan 5/10 days in advance. Weighting 12.5%
Route: HS2
Dely Skaw - Passero range for a trip about 35/45 days, redelivery Boston – Galveston
Route: HS3
Dely Recalada – Rio de Janeiro for a trip about 35/45 days, redelivery Skaw – Passero
Route: HS4
Dely US Gulf for a trip about 35/45 days, via US Gulf or NC South America, redelivery
Skaw – Passero range. 5% . Laycan 5/10 days in advance. Weighting 12.5%
Route: HS5
Dely SE Asia for a trip via Australia, about 25/30 days, redelivery Singapore – Japan
range including China. 5% . Laycan 5/10 days in advance Weighting 25%.
Route: HS6
Dely S Korea – Japan range for a trip via Nopac of about 40/45 days, redelivery
Singapore-Japan range including China. 5%. Laycan 5/10 days in advance. Weighting
25%
Before this change, the BDI index multiplier was 0.998007990, and on the 2nd of
January it became 1.192621362
05 February 2007 – TC8 goes live.
Following authorization from the FIFC, the trial status on the clean tanker route TC8 is
being lifted, as of Monday 05/02/07
TC8 65000mt CPP/UNL m/distillate AG to UK-Cont
65,000 mt CPP/UNL middle distillate AG to UK-Cont. Jubail to Rotterdam with

laydays/cancelling 20/30 days in advance. Double hull. Max 15 years.
This route does not contribute towards the calculation of the BCTI. Therefore, there is no
change to the BCTI multiplier.
01 May 2007 – TD17 goes live.
Following a recent FIFC meeting, it has been decided to lift the trial status on the Baltic
Dirty Tanker route, TD17, on Tuesday, 01/05/07
TD17 - 100000mt Baltic to UK-Cont
100,000 mt crude. Baltic to UK-Cont. Primorsk to Wilhelmshaven with laydays/cancelling

10/20 days in advance. Double hull. Max 15 years
The dirty tanker multiplier, from: 7.97526313, became: 8.089571583.
01 June 2007 – S5 goes live.
Supramax route S5, on Friday the 1st of June 2007.
Route S5:
Delivery Dakar/Douala range for a trip via East Coast South America of 60/65 days,
redelivery Singapore/Japan range, 5 per cent commission. Laycan 5/10 days in advance.
NB Route S5 will NOT form part of the Baltic Exchange Supramax Index or Timecharter
Average. It is provided as a stand alone route assessment only.
02 July 2007 – TC4 & TC7 reported during the Asian Time Zone.
Following consultation with panellists, the FIFC has approved the commencement of
reporting on routes TC4 (30000mt Singapore to Japan) and TC7 (30000 mt CPP
Singapore to EC Australia) during the Asian time zone. Responsibility for reporting lies
with the six Singaporean Panellists who are already contributing to these routes, while
the remaining contributors will cease reporting. The two assessments will be removed
from the BITR Clean Index and reported as stand alone routes with a publishing time of
1600hrs Singapore time. This change will be implemented on Monday, the 2nd of July
2007.
Before the change the BCTI index multiplier was 4.407634907, and on the 2nd of
January it became: 4.667399883.
23 July 2007 – reporting on S7 commences, on a Trial basis.
Following consultation with the market and FIFC's approval, it has been decided to
commence reporting on a new India – China Iron Ore assessment, on a trial basis (S7)
The route description is:
Basis a standard "Tess 52" type vessel with grabs as follows:

• 52,454 mt dwt self trimming single deck bulkcarrier on 12.02 m ssw
• 189.99 m LOA 32.26 m Beam 5ho/ha 67,756 cum.grain 65,600 cum.bale
• 14L /14.5B on 30mt (380 cst) no mdo at sea
• Cr 4 x 30 mt with 12 cum grabs
• Maximum age - 10 years
S7: Dely Cape Comorin / Haldia range including Sri Lanka for a trip of 20/30 days
redelivery China.
Laycan 5/10 in advance. Cargo basis iron ore or similar with 5% total.
Reporting note: Panellists should make allowance for any premium paid for delivery in
Haldia.
If the route eventually goes live it will not contribute to the BSI.
Further to my previous message, the FIFC has accepted my recommendation to

commence reporting on the Palm Oil assessment, on a trial basis.
Reporting will be daily, and your log on details to our reporting website will be sent out in
due course.
23 July 2007 – reporting on the Baltic Exchange Palm Oil Assessment commences,
on a Trial basis.
Following authorisation from the FIFC is has been decided to commence reporting on a
Palm Oil Assessment, on a trial basis.
Route and vessel description:
Baltic Exchange Palm Oil Assessment
Vessel Description: Max 30 years IMO2 suitable or IMO3 suitable with relevant
exemptions.
Cargo Size: 35/40,000 mt cargo size.

Load Range: Straits Delivery Belawan – Dumai – Kuantan range.
Discharge Port: Rotterdam shore facility.
Laycan: 1 month forward from the assessment date.
10 day range.
Load / Discharge rate: 200 mt/hour both shinc reversible bends.
Freight: $/MT basis.
Commission: Assessments to be made net of commission.
09 November 2007 – TD17 - Worldscale flatrate clarification

Worldscale currently publish two flat rates on this route based on, Sound laden / ballast
and Great Belt laden / ballast. In view of the 100.000 mt stem size in the route
description and related draft restrictions, the physical markets only use the flat rate
relating to Great Belt laden / ballast. In order to prevent any ambiguity in the FFA
markets this clarification has been added to the route description.
05 December 2007 – TD8 Clarification
Following market developments and regulatory changes the FIFC will be clarifying the
TD8 (80000mt Kuwait-Singapore (crude/DPP Heat 135F)) route description by adding
"Double Hull Vessel". This is effective as from today, 05/12/2007.
06 December 2007 – S7 goes live
Supramax route, S7.
S7 - EC India - China
Dely Cape Comorin / Haldia range including Sri Lanka for a trip of 20/30 days redelivery
China. Laycan 5/10 in advance. Cargo basis iron ore or similar with 5% total.
NB Route S7 will NOT form part of the Baltic Exchange Supramax Index or the Baltic
Exchange Supramax Timecharter Average. It is provided as a stand alone route assessment
only.
This will take effect Thursday, 06/12/07.
2008
07 January 2008 – Palm Oil going live and new trial product route.
Following a successful 5 month trial period it has been decided to lift the trial status on
the Baltic Palm Oil Assessment as of today, Monday 7th of Jan 2008.
BPOIL1 - 35/40000mt Palm oil Straits to Rotterdam
35/40,000 mt, Straits Delivery Belawan – Dumai – Kuantan range to Rotterdam shore
facility, with laydays / cancelling 1 month forward from the assessment date, 10 day
range, 200 mt/hour both shinc reversible bends, Assessments to be made net of
commission, Max 30 years IMO2 suitable or IMO3 suitable with relevant exemptions
In addition and following consultation, the FIFC have authorised the trialing of a new
South Korea to NOPAC West Coast route as of today, Monday 7th of Jan 2008. The
route is TC10, with description as laid out below.
TC10 - 40,000mt CPP/UNL South Korea to NOPAC West Coast
S. Korea to Vancouver BC – Rosarito range with laydays/cancelling 14-21 days in

advance
Maximum age 15 years, double hull, oil major approved
This route to be reported as US$ per mt.
This route is reported by BITR-Asia panellists
04 February 2008 – VLCC TCE (Timecharter Equivelant) commences trial.

It has been decided to commence trialing the VLCC Timecharter Equivalent as from the
4th of February 2008.
It is envisaged that we will produce these values on four vessel sizes, however at this
point the trial commences for a VLCC only.
The TCE calculation will have a variable feed of bunker costs and exchange rates used
for adjusting port costs. Please find hereunder the vessel's brief description and the
specific routes from which we will derive the TCE.
VLCC
300,000 mt dwt, double hull. 155,000 scnt.

14.5 knots on 80 ballast mt IFO /100 mt laden
In port: 2 days loading 20 mt per day
2 days discharging 85 mt per day
1.5 days waiting/anchor 10mt per day
Routes:
The published time-charter equivalents will be an average of the rates derived from TD1
and TD3
TD1: 280000 mt Ras Tanura/LOOP laydays cancelling 20/30 days in advance max age
20 years.
The calculation will be based on current market practice of ballasting the vessel back via
the Suez Canal and Suez Canal rebate to apply. Bunkers based on Fujairah. Weather
margin 5%. 2,5% total commission.
TD3: 260000 mt Ras Tanura/Chiba laydays cancelling 30/40 days in advance max age
15 years.
The calculation will include a weather margin of 5% and bunkers based on Fujairah.
3.75% total commission
Bunker Prices used in this calculation are provided under license by Argus Media.
Exchange rates used in this calculation are provided under license by XE.com
01 May 2008 – VLCC, Suezmax & Aframax TCEs (Timecharter Equivelants) go live.
Following a successful three month trial, the Baltic Exchange officially launches its daily
Time-Charter Equivalent (TCE) assessments for dirty tankers. The service provides
average dollar pricing conversions for Very Large Crude Carriers (VLCCs), Suezmax and
Aframax tankers derived from a range of routes already reported on by the Baltic
Exchange and expressed in Worldscale.
The TCE is calculated using a variable feed of bunker prices supplied by Argus Media.
Variable exchange rates supplied under licence by XE.com are also used for
adjusting port costs. Port charges used in this calculation are provided under licence by
Inchcape Shipping Services.
The vessel descriptions and approach to the calculation are as follow:

VLCC
300,000 mt dwt, double hull. 155,000 scnt.

14.5 knots on 80 ballast mt IFO /100 mt laden
Routes:
The published VLCC time-charter equivalent is an average of the rates derived from TD1
and TD3.
TD1: 280000 mt Ras Tanura/LOOP laydays canceling 20/30 days in advance max age
20 years.
The calculation is based on current market practice of ballasting the vessel back via the
Suez Canal and Suez Canal rebate to apply. Bunkers based on Fujairah. Weather
margin 5%. 2.5% total commission.
TD3: 260000 mt Ras Tanura/Chiba laydays canceling 30/40 days in advance max age
15 years.
The calculation includes a weather margin of 5% and bunkers based on Fujairah.

2.5% total commission
Suezmax
160,000 mt dwt, double hull.

14.5 knots on 50 ballast mt IFO / 60 mt laden
1 days waiting/anchor 10mt per day
Routes:
The published Suezmax time-charter equivalent is an average of the rates derived from
TD5 and TD6
TD5: 130,000mt, West Africa to USAC. Off Shore Bonny to Philadelphia with
The calculation includes a weather margin of 5% and bunkers based on

Philadelphia. 2.5% total commission.
TD6: 260000 135,000mt, Black Sea/Mediterranean. Novorossiyk to Augusta with

The calculation includes a weather margin of 5% and bunkers based on Augusta.

2.5% total commission.
Aframax
105,000 mt dwt, double hull.

14.5 knots on 48 ballast mt IFO / 54 mt laden
2 days discharging 42.5 mt per day
Routes:
The published Aframax time-charter equivalent is an average of the rates derived from
TD7, TD8, TD9, TD11, TD14 and TD17.
TD7: 80,000mt, North Sea to Continent. Sullom Voe to Wilhelmshaven, with

Wilhelmshaven. 2.5% total commission.
TD8: 80,000mt, Crude and/or DPP Heat 135F, Kuwait to Singapore. Mena al
Ahmadi/Singapore with laydays/cancelling 20/25 days in advance. Double hull vessel,
The calculation includes a weather margin of 5% and bunkers based on Fujairah. 2.5%
total commission. In addition it will include heating to maintain 135F for 11.65 days of
passage time and 1.5 day discharging – 20mt per day.
TD9: 70,000mt, Caribbean to US Gulf. Puerto La Cruz (Jose Platform TAECJ - Jan
2004) to Corpus Christi with laydays/cancelling 7/14 days in advance. Maximum age 20
years. Assessment basis - Oil Pollution Act premium paid.
The calculation includes a weather margin of 5% and bunkers based on Aruba. 2.5%
total commission.
TD11: 80,000mt, cross Mediterranean/Banias to Lavera with laydays/cancelling 10/15

days in advance. Maximum age 20 years.

Lavera 2.5% total commission.
TD14: 80000 mt, no heat crude, SE Asia to EC Australia, Seria to Sydney with
The calculation includes a weather margin of 5% and bunkers based on Singapore. 2.5%
total commission.
TD17: 100,000 mt, crude, Baltic to UK-Cont, Primorsk to Wilhelmshaven (Great Belt
laden / ballast) with laydays/cancelling 10/20 days in advance. Double hull and max 15
years

Wilhelmshaven. 2.5% total commission.
The Baltic Exchange is also conducting trial assessments for product tankers:
18 June 2008 – MR TCE (Timecharter Equivelant) commences trial.
Following consultation with the market, trialing the MR Timecharter Equivalent

commences today, 18th of June 2008.
Going live on the MR - TCEs will be subject to whether one of its contributing routes
currently on trial mode, TC10 (TRIAL - 40000 mt South Korea to NOPAC West Coast),
will be formally adopted or not.
The TCE calculation has a variable feed of bunker costs and exchange rates used
for adjusting port costs. Please find hereunder the vessel's brief description and the
specific routes from which we will derive the TCE.
MR product tanker
47000 mt dwt, double hull. 27500 grt.

14.5 on 30 ballast mt IFO / 36 mt laden
Routes:
The published time-charter equivalents will be an average of the rates derived from
TC2_37, TC3_38 & TC10.
TC2_37: 37,000mt, CPP/UNL Continent to USAC. Rotterdam to New York with

Rotterdam. 3.75% total commission.
TC3_38: 38,000mt, CPP/UNL Caribbean to USAC. Aruba to New York with

laydays/cancelling 6/10 days in advance. Maximum age 20 years. Assessment basis -
Oil Pollution Act premium paid.
Aruba. 3.75% total commission.
TC10: TRIAL - 40,000 mt, CPP/UNL South Korea to NOPAC West Coast. S. Korea to
Vancouver BC – Rosarito range with laydays/cancelling 14-21 days in advance.
Maximum age 15 years, double hull, oil major approved.
The calculation includes a weather margin of 5% and bunkers based on Los
Angeles. 3.75% total commission. For the purpose of this calculation the load port used
is Yosu and the discharge one is Los Angeles.
Bunker Prices used in this calculation are provided under licence by Argus Media.
Exchange rates used in this calculation are provided under licence by XE.com
Port Charges used in this calculation are provided under licence by Inchcape Shipping
Services.
14 July 2008 – Tanker Timecharter equivalents on individual routes go live.
In response to market demand the Baltic adds coverage of individual routes to its existing
Time Charter Equivalent (TCE) basket averages for VLCC, Suezmax, Aframax and (trial)
MR vessels. From today, Monday 14 July the TCE results for each of the component
routes used in the calculated averages will be available on the Baltic website
(www.balticexchange.com). The basket averages continue to be published as at present.
Please find below a list of all the TCE values that will be published.
TD1 TCE: 280000mt ME Gulf to US Gulf
TD3 TCE: 260000mt ME Gulf to Japan
TD5 TCE: 130000mt W Africa to USAC
TD6 TCE: 135000mt Black Sea / Med
TD7 TCE: 80000mt North Sea to Cont
TD8 TCE: 80000mt Kuwait-Singapore (Crude/DPP Heat 135F)
TD9 TCE: 70000mt Caribs to US Gulf
TD11 TCE: 80000mt Cross Med
TD14 TCE: 80000mt SE Asia to EC Australia
TD17 TCE: 100000mt Baltic to UK-Cont
TC2_37 TCE: 37000mt Continent to USAC
TC3_38 TCE: 38000mt Caribbean – USAC
TC10 TCE: TRIAL - 40000 mt South Korea to NOPAC West Coast
VLCC TCE: Average of the TD1 TCE and TD3 TCE rates.
SUEZMAX TCE: Average of the TD5 TCE and TD6 TCE rates.
AFRAMAX TCE: Average of the TD7 TCE, TD8 TCE, TD9 TCE, TD11 TCE, TD14
TCE and TD17 TCE rates.
MR TCE: TRIAL - Average of the TC2_37 TCE, TC3_38 TCE and TC10 TCE
rates.
Exchange rates used in this calculation are provided under licence by XE.com.
Port Cost related information used in this calculation is provided under license by
Inchcape Shipping Services
02 October 2008 – TC10, TC10 TCE & MR TCE go live.
Following a successful 8 month trial period, the trial status on the BITR-Asia Assessment
TC10 (40000 mt South Korea to NOPAC West Coast) will be lifted as of Thursday 2
October 2008 TC10-TCE will be published alongside the TC10 $/mt rate at 1600hrs
(Singapore Time) daily.
TC10 - 40,000mt CPP/UNL South Korea to NOPAC West Coast
S. Korea to Vancouver BC – Rosarito range with laydays/cancelling 14-21 days in

advance
This route is reported as US$ per mt by BITR-Asia panellists.
MR product tanker TCE
In addition, the MR- Timecharter Equivalent will go live on Thursday 2 October 2008,
following a 3 month trial period, as all its constituent routes will be formally adopted by
that time. MR-TCE will continue being published at 1600hrs (UK Time) daily.
Routes:
The published time-charter equivalent is an average of the rates derived from TC2_37,
TC3_38 & TC10.
02 January 2009 – TD3 Description Amendment
Following previous notices and consultation with the market, in order to reflect the current
market, the TD3 (260000mt ME Gulf to Japan) description has been amended from
laydays/cancelling 30/40 days in advance to 15/30 days in advance. This change is
effective as from 02/01/09.
02 February 2009 – BFA Tankers - additional quarter period.
Following demand from the market and consultation with the panellists, it has been
decided to add one more quarter period through out the 6 tanker BFA reported routes.
This change is to take effect as of Monday, 02/02/09.
The relevant codes of this new period are: TC2+5Q, TC4+5Q, TC5+5Q, TD3+5Q,
TD5+5Q & TD7+5Q.
The rollover principle remains the same, with the only difference being that now 5 full
quarters will always be reported and the balance of the current quarter if that is not a full
one.
09 March 2009 – TCE Port Costs start being published.
The Baltic Exchange begins publishing the port costs used to calculate its daily time
charter equivalent (TCE) assessments for the tanker market from 9 March.
The service already provides average dollar pricing conversions for Very Large Crude
Carriers (VLCCs), Suezmax, Aframax and MR tankers derived from a range of Baltic
Exchange routes expressed in Worldscale.
Based on data provided by port agents Cory Brothers Shipping, the enhancement to the
service will cover 30 ports.
A complete list can be found under the main Baltic Dirty Tanker Index and Clean Tanker
Index pages on www.balticexchange.com.
The costs will be updated on the first working day of each month and the published rate
will then be used routinely in the calculation for the full month.
01 April 2009 – TC11 BITR-Asia route commences trial.
Following consultation with the market, trialing commences on the BITR-Asia TC11
(South Korea to Singapore) route as of today, 01/04/09. The full description of the route
is:
40,000 mt CPP South Korea to Singapore

Laydays/cancelling 10-17 days in advance
This route to be reported as US$ per mt.
This route is reported by BITR-Asia panellists.
06 April 2009 – 2 Extra calendar years are added to BFA routes, C4 & C7.
Following market requests the BFA reporting on C4 and C7 has been extended by two
calendar years, currently Cal 13 & 14, which will also match the number of calendar
years reported for the Capesize Timecharter BFA.
The codes of the new periods added are: C4+4CAL, C4+5CAL, C7+4CAL, C7+5CAL.
This change will take effect as of Monday, 06/04/09.
05 May 2009 - Monthly Tanker FFA Volume Estimates
Further to FFABA's request, from April 2009 tanker volume estimates switch from
quarterly to monthly publication.
Tanker volume estimates are reported in terms of lots, where one tanker lot is defined as
1000 tons of ocean transportation.
The total number of clean and dirty lots are reported.
In each case a single transaction, although having a buyer and a seller, is only counted
as one lot.
Co-broked trades are counted as half lots from each side in order to avoid duplication.
The tanker trading volume totals are currently estimated from data provided by the
following companies.
Clarkson Securities TP Braemar

Eugene Futures SSY
GFI Group LCH Clearnet
Icap Shipping NOS Clearing
Imarex SGX – Singapore Exchange Ltd
Tradition Financial Services
Collection and publication for each month will take place on the first working day of the
next month.
The latest monthly tanker volumes will be displayed on the home page of our website,
www.balticexchange.com, while graphing facilities and historic data can be found under
the FFA section.
01 June 2009 - TC5 TC Equivalent goes live
Following market requests, it has been decided to commence publishing a Timecharter

Equivalent (TCE) for the clean tanker route TC5 (55000mt Middle East to Japan) as from
today, 01/06/09.
The TCE calculation has a variable feed of bunker costs and exchange rates used
for adjusting port costs.
Links to monthly updated port costs and a full TCE calculation description can be found
on the BCTI section (Under Indices / Market Information) of www.balticexchange.com.
Please find hereunder the vessel's brief description and the specific route from which we
will derive this TCE.
TC5 TCE
Vessel description
75000 mt dwt, double hull.

15.5 on 49 ballast mt IFO / 51.5 mt laden
2 days discharging 27.5 mt per day
Route:
TC5: 55,000mt, CPP/UNL naphtha condensate, Middle East/Japan. Ras Tanura to

Yokohama with laydays cancelling 30/35 days in advance. Maximum age 15 years.
Fujairah. 3.75% total commission.
Exchange rates used in this calculation are provided under licence by XE.com.
Port Charges used in this calculation are provided under licence by Cory Brothers.
01 June 2009 – Changes to physical Capesize and Panamax routes.
Capesize
1. The size of the voyage routes C3 (Tubarao - Beilun/Baoshan), C5 (W Australia -

Beilun/Baoshan) , is changed from 150,000/10 to 160,000/10.
2. The voyage C3 and C5 the discharge is changed to Qingdao basis usual
disbursements.
3. The voyage route C12 (Gladstone - Rotterdam) will be suspended as from June
1st 2010
4. The duration of the timecharter route C11_03 (172000mt China/Japan trip
Mediterranean/Cont) will be maintained but weighting will become 15 percent as
from June 1st 2010
Panamax
5. The description of P4_03 will be changed to the one displayed below.

Basis a Baltic panamax 74,000 mt dwt not over 7 years of age, 89,000 cbm grain,
max loa 225m, draft 13.95m, 14.0 knots on 32mts fuel oil laden, 28 mts fuel oil
ballast and no diesel at sea, delivery Japan-South Korea range for a trip via US
West Coast-British Columbia range or Australia, redelivery Skaw-Passero range,
duration 50/60 days. Loading 15/20 days ahead in the loading area. Cargo basis
grain, petroleum coke, coal or similar. 3.75 per cent total commission. Nominal
Weighting =25%
29 June 2009 – BFA Clean Tanker route - TC6 - going live
It has been decided to commence reporting on a new BFA Clean Tanker route, starting
Monday 29th of June 2009. This route is TC6, and its full description can be found below:
Route: TC6
30000mt CPP/UNL Algeria/Euromed Skikda/Lavera
with laydays cancelling 7/14 days in advance.
Max age: 15 years
The reporting periods for this route, are the same as per the rest of the BFA tanker
routes.
TC6CURMON
TC6+1_M
TC6+2_M
TC6+3_M
TC6+5_M
TC6+5_M
TC6CURQ
TC6+1Q
TC6+2Q
TC6+3Q
TC6+4Q
TC6+5Q
TC6+1CAL
TC6+2CAL
01 July 2009 - BDI Calculation procedure changes.
Further to consultation with members, the Baltic is making the following change to the
Baltic Exchange Dry Index (BDI):
As of 1 July 2009, the BDI is comprised solely of the capesize, panamax, supramax and
handysize timecharter routes and does no longer include values from the capesize
voyage routes C2 (Tubarao/Rotterdam), C3 (Tubarao/Qingdao), C4 (Richard's
Bay/Rotterdam), C5 (W.Australia/Qingdao), C7 (Bolivar/Rotterdam) and C12
(Gladstone/Rotterdam). However, the Baltic Exchange Capesize Index (BCI) continue to
include the above voyage routes.
The proposed BDI has an equal weighting of the timecharter averages of the BCI, BPI,
BSI and BHSI and is a continuation of the present timeseries.
For the creation of BDI we now use the following formula:

((CapesizeTCavg + PanamaxTCavg + SupramaxTCavg + HandysizeTCavg)/ 4) *
0.113473601
Where TCavg = Time charter average.
The multiplier (0.113473601) was first applied when the BDI replaced BFI, and has
changed over the years as the contributing indices and the methods of calculation have
been modified.
03 August 2009 - TC11 goes live.
Following 3 months of trialing, the trial status on the Baltic Tanker Asia route TC11, is
lifted as of Monday the 3rd of August 2009.
TC11 - 40000 mt South Korea to Singapore

40,000 mt CPP South Korea to Singapore. Laydays cancelling 10-17 days in advance.
10 September 2009 - BFA BDI is published.
As from Today The Baltic Exchange will Publish Additional Dry Forward
Assessment Data for the BDI
The Baltic Forward Assessment (BFA) for the Baltic Exchange Dry Index (BDI) is derived
from the Baltic Exchange Forward assessments which are the official daily price
assessments for the FFA market drawn from independent brokers in the market.
Each of the forward curves for the underlying timecharter contracts, representing the
component parts of the BDI, is integrated to provide a derived measure of the value of a
forward contract for the BDI itself.
10 September 2009 - BFA Extra reporting periods added.
From today we will publish an extra Period of +1 Month on all the Dry Time Charter
Forward Curves.
On Panamax Curves P2A and P3A we will now publish from today Current Quarter,
+1Q, +2Q and +3Q Periods.
1 October 2009 - Route S8 trial commences.
We will be launching the trial of the new BSI Indonesia / East Coast India route from
tomorrow October 1st 2009. The route would then become S8, with description as laid
out below.:
Standard "Tess 52" type vessel with grabs as follows:

• 52,454 mt dwt self trimming single deck bulkcarrier on 12.02 m ssw
• 189.99 m LOA 32.26 m Beam 5ho/ha 67,756 cum.grain 65,600 cum.bale
• 14L /14.5B on 30mt (380 cst) no mdo at sea
• Cr 4 x 30 mt with 12 cum grabs
• Maximum age - 10 years
Delivery China Hong Kong/Shanghai range including Taiwan for a trip via Indonesia with
coal of 20-25 days redelivery East Coast India Chennai/Paradip range
5 per cent Commission.
Laycan 5-10 days in advance.
(Route S8 does not contribute towards the BSI or TC Average)
19 October 2009 - Options Assessments published.
As from Today The Baltic Exchange will Publish Options Assessments Daily
The Baltic Exchange is launching a daily option assessment service providing implied
volatility data for the freight derivatives market. The Baltic Options Assessments are daily
assessments of implied volatility for an at the money option in the dry bulk options market
submitted by brokers at 1730 (London). Implied volatilities are reported for Capesize,
Panamax and Supramax Average Timecharters.
9 November 2009 - TC4 and TC11 TC Equivalents Begin Trial.
Trialling begins on TCE's TC4 and TC11, they will be published alongside TC10 TCE on
the BITR Asia reports.
The full descriptions of the voyage routes are:
TC4: 30,000 mt, CPP/UNL Singapore to Japan.

30,000 mt CPP/UNL Singapore to Chiba. Laydays/cancelling 7-14 days in advance.
TC11 - 40000 mt South Korea to Singapore

40,000 mt CPP South Korea to Singapore. Laydays cancelling 10-17 days in advance.
4 January 2010 - BPI Max Age Extended.
Ref the BPI type 74,000 deadweight.
After positive consultation in order to maintain the continuity of the current vessel's size it
has been agreed age of the vessel in the description is extended from max 7 years to
max 12 years of age in order to bring closer the reality of the fleet profile for this size.
This will take effect for the assessments as from today 4th January 2010.
1 February 2010 – S8 goes live
Supramax route, S8.
1 February 2010 – TC4 TCE & TC11 TCE go live.

Following a successful trial period, the trial status on BITR-Asia TC4 TCE and TC11
TCE will be lifted as of Monday 1st February 2010 they will be published at 1600hrs
(Singapore Time) daily.

A History of Baltic Indices

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A History of Baltic Indices

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A History of the Baltic indices:

Those routes were:

Route Vessel Cargo Route description Weightings

4 February 1986 – the following changes were made:

Route Vessel Cargo Route description Weightings

Route Vessel Cargo Route description Weightings

Route Vessel size Cargo Route description Weightings

Route Vessel Cargo Route description Weightings

Route Vessel Cargo Route description Weightings

Route Vessel Cargo Route description Weightings

Route Vessel Cargo Route description Weightings

Route Vessel size Cargo Route description Weighting

Route Vessel Cargo Route description Weightings

Route Vessel Cargo Route description Weightings

Route Vessel size CargoRoute description Weightings

Route Vessel size Route description

Route Vessel size Route description

Route Vessel size Cargo Route description Weightings

1 55,000 Light Grain US Gulf to ARA 10%

3 54,000 HSS US Pacific coast to S. Japan 10%

Route Vessel size Route description

1 October 1998 – tanker routes 8, 9, 10 and 11 are formally adopted.

These were routes: 1, 1A, 2, 2A, 3, 3A and 9.

Route Vessel Cargo Route description Weightings

Route Vessel Cargo Route description Weightings

Route Vessel size Route description

Route Vessel Route description

Route Vessel size Route description

Route Vessel size Route description

These routes are:

Route Vessel Route description Weightings

In addition a new Panamax route is introduced on a trial basis:

Route Vessel Cargo Route description Weightings

3 April 2001 – A new Panamax route is introduced on a trial basis:

Route Vessel Cargo Route description Weightings

18 May 2001- Trial Panamax route PA2/P5 ceases publication.

Route Vessel Cargo Route description Weightings

Dirty Tanker Index:

TD1 280,000mt AG to US Gulf

Clean Tanker Index:

Route Vessel size Route description

TC1 75,000mt AG to Japan (CPP/UNL)

Route Vessel size Route description

TD1 280,000mt AG to US Gulf

Route Vessel Route description

14 November 2002 – monthly settlement prices are launched on

24 December 2002 – Trial Panamax route PA1 ceases publication.

Two new BITR routes are introduced on a trial basis:

Route Vessel size Route description

TD1 280,000mt AG to US Gulf

Route Vessel size Route description

TC1 75,000mt AG to Japan (CPP/UNL)

Assessments are produced on a bi-monthly basis.

21 July 2003 – trials begin on a new capesize route – 150,000/10% Gladstone

18 September 2003 – BaSVA and the BFA are officially launched.

24 December 2003 – BECA ceases publication.

4 February 2004 – the BFA assessment for Route P2 ceases.

25 February 2004 – BFA assessment for Route P3A_03 commences

Route Vessel size Route description

TD1 280,000mt AG to US Gulf

Route Vessel size Route description

TC1 75,000mt AG to Japan (CPP/UNL)

*based on berths other than CPC terminals