Baltic Exchange Launches New Chemical and Agricultural Oil Assessments for Maritime Industry

The Baltic Exchange has introduced a new set of assessments for chemical and agricultural oils, known as the Baltic Chemical and Agricultural Oil Assessments (BCAA). These assessments, set to be released weekly starting in February 2025, are aimed at serving various stakeholders in the freight market, including owners, charterers, brokers, and trading companies. The BCAA will provide insights into trade routes involving chemicals like benzene, biofuels, and caustic soda, as well as vegetable oils. The indices, priced in USD per metric ton, will cover shipments of 5,000 mt or 10,000 mt (and 40,000 mt for vegetable oils), reflecting the unique characteristics of chemical tankers.

The BCAA will cover a range of trade routes, including those from Northwest Europe to the US Gulf, the Middle East Gulf to West Coast India, and the US Gulf to Far East and Northwest Europe. These assessments are designed to address the complexities of chemical tanker operations, which involve handling multiple unrelated cargoes with specific stowage requirements. Mark Jackson, CEO of Baltic Exchange, highlighted the maturity of the chartering market in the development of reference prices for these key trade lanes. This initiative is part of the Baltic Exchange’s efforts to provide new products to the market, such as the Baltic Know-Your-Customer (KYC) Platform and the FuelEU Maritime Calculator.

In addition to the BCAA, the Baltic Exchange has recently launched other products to enhance industry practices. The Baltic Know-Your-Customer (KYC) Platform utilizes trusted databases to improve due diligence and compliance processes, while the FuelEU Maritime Calculator assists shipowners in estimating the commercial costs associated with new environmental regulations. These initiatives demonstrate the Baltic Exchange’s commitment to providing valuable tools and resources to support the maritime industry.

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