The Baltic Exchange has announced changes to its dry bulk indices in its effort to meet the standards set by the International Organization of Securities Commissions (IOSCO).
According to the latest changes, the Baltic Exchange will start dual reporting of panamaxes based on a Tess 82,500-dwt gearless panamax on 24 April.
Another amendment will see the Baltic cease publishing the 52,000-dwt assessments for supramaxes from 3 April, following a successful three-year period of dual reporting of 58,000-dwt ships.
Contracts based on the 52,000-dwt average time charter will now settle on a formula derived from the common five routes between the 52,000-dwt and 58,000-dwt ships.
At the same time, the Baltic Exchange has also set out a proposal to use an Imabari-built 38,200-dwt geared bulker as the new benchmark vessel to represent the handysize sector.
Mark Jackson, newly appointed chief executive of the Baltic Exchange, said: “These are important changes that are at various points in our ongoing development cycle.
“All the amendments have made following extensive consultations with the market. It is important to note that all these amendments are designed to reflect vessel fixtures and cargo flows as required by IOSCO.”
The changes follow the takeover of the Baltic by the Singapore Stock Exchange last autumn.
