The Baltic Exchange has introduced the Baltic Intermediate Tanker Indices (BITI), a new suite of indices designed to establish a definitive benchmark for short-range tanker routes in northwest Europe. This initiative aims to enhance transparency in a sector that has historically been underreported yet remains highly active. The BITI encompasses four key routes—TC25, TC26, TD30, and TD31—selected to reflect the core activities of the regional tanker market.
Published weekly on Wednesdays, the BITI is based on approximately 200 monthly spot fixtures, providing a reliable benchmark for market participants. Matthew Cox, Head of Benchmark Production at Baltic Exchange, emphasized the importance of these indices, stating they enable stakeholders to assess freight rates confidently, manage risks effectively, and make informed commercial decisions. The indices also facilitate the creation of new financial instruments and risk management tools.
Developed with input from Baltic’s tanker panelists, the BITI is user-friendly, offering assessments in US$ lumpsum and US$/mt. Continuous dialogue between the Baltic Exchange and market participants has refined the indices to accurately reflect the realities of short-range tanker trade, benefiting shipowners, charterers, traders, analysts, and investors alike.
