Baltic Exchange introduces monthly audits to improve Baltic index quality
(Posted on 20/06/25)
Baltic Exchange has launched a new quality control mechanism to support its ongoing audit policies for its global portfolio of panellists across the dry, tanker and gas sectors.
The newly launched monthly audit, known as ‘Operational Benching’, is a process that enables the Baltic Exchange’s assessors to more effectively and proactively review physical panellists suitability to report on certain shipping routes and enhance the robustness, transparency and reliability of its industry-leading benchmark indices.
Operational Benching was implemented following an internal review by Baltic Exchange that identified that panellist submissions needed to be assessed more frequently to capture potential risks in panellists’ ability to meet key operational performance targets. These include ensuring that assessments are submitted within a defined reporting window, providing key evidence to validate their contributions, and conducting a statistical analysis of the assessments. This is known as the Quality of Market Assessments (QMA), which measures Lagging and Conformity to the index, as well as Independence, and how reliant a Panellist is on the previous day’s index.
As a result of the new Operational Benching process, panellists who fail to meet these KPIs may be temporarily “benched” for a month, or until a Senior Assessor at Baltic Exchange approves their reinstatement. The formal benching process remains confidential between Baltic Exchange and the panellist.
Rashad Issa, Quality & Business Improvement Lead at Baltic Exchange and the lead for the Operational Benching initiative, said, “Our benchmarks are only as strong as the data behind them. By introducing this new Operational Benching framework, we are holding ourselves and our panellists to the high standards we expect. We can act quickly when key performance targets are not met, while offering support and guidance to further improve the reliability and effectiveness of our indices. It is all part of our commitment to ensuring the Baltic’s indices remain the most trusted and reliable in the industry”.
Mark Jackson, CEO of Baltic Exchange, commented, “This is a very important step for the Baltic. Our partnership with our panellists is at the heart of everything we do. The Operational Benching process helps ensure that everyone contributing to our indices operates to the highest possible standards.”
By continuously setting a higher bar for operational excellence and encouraging consistent best practice, Baltic Exchange is reinforcing its role as the world’s most trusted source of maritime market benchmarks across key shipping trades and routes.
As part of the launch of its new Operational Benching process , Baltic Exchange has released a new White Paper, which includes detailed information on how the benching process works and key performance indicators that panellists must adhere to. Please find attached a copy of this White Paper.
Latest News
Wallem Group reaches a century in Hong Kong
(Posted on 04/11/25)Wallem Group, a leading global maritime partner, is celebrating the centenary of moving its headquarters... Read more
INTERCARGO celebrates record membership ahead of 45th Anniversary
(Posted on 04/11/25)The International Association of Dry Cargo Shipowners (INTERCARGO) is marking its 45th anniversary in... Read more
NORDEN reports net profit of US$26m in Q3 2025
(Posted on 04/11/25)Net profit for the Group amounted to USD 26 million (DKK 166 million) in the third quarter of 2025,... Read more
ClassNK releases 'Guidelines for Onboard CO2 Capture and Storage Systems (Edition 2.0)'
(Posted on 04/11/25)ClassNK has released 'Guidelines for Onboard CO2 Capture and Storage Systems (Edition 2.0)' first in... Read more
InterManager urges Seafarer participation in Enclosed-Space Safety Survey
(Posted on 27/10/25)Following the International Maritime Organisation’s (IMO’s) newly tightened rules on enclosed... Read more
DNV: Nuclear propulsion is viable solution for maritime decarbonisation
(Posted on 27/10/25)According to a new paper by DNV, shifting environmental requirements are reigniting interest in nuclear... Read more
MoU on cooperation Between Zhejiang Seaport and Columbia
(Posted on 24/10/25)Zhejiang Seaport Group and Columbia Group Limited have signed a Strategic Cooperation Memorandum of... Read more
INTERCARGO statement on Extraordinary Meeting of MEPC
(Posted on 20/10/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has released a statement on the Extraordinary... Read more
Investigation into impact of technology on seafarers
(Posted on 20/10/25)The future of shipping is already here. From autonomous systems to artificial intelligence, maritime... Read more
ESL Shipping’s science-based net-zero targets validated by SBTi
(Posted on 17/10/25)The Science Based Targets initiative (SBTi) has approved ESL Shipping’s near and long-term... Read more
