ViganTelestackTMS Awards 2023Van AalstSailors SocietyPort of South Louisiana
  • Cimbria
  • TBA Group
  • Bühler GmbH
  • Port of South Louisiana
  • Vigan
  • Geneva Dry

Baltic Exchange publishes PwC dry bulk and container box indices reports

Baltic Exchange publishes PwC dry bulk and container box indices reports

(Posted on 09/05/24)

PricewaterhouseCoopers LLP (PwC) has concluded two independent assurance engagements on the suitability of the design and operating effectiveness of controls relating to container box and ocean bulk index administration at Baltic Exchange Information Services Limited (BEISL).

The audit, which is the fourth annual cycle between PwC and BEISL, is commissioned by BEISL to ensure the way it assesses dry bulk and container markets is robust and complies with the various national and international regulations, guidelines and principles it is required to adhere to.

The in-depth reports also include a reasonable assurance opinion by PwC over the design and operating effectiveness of BEISL’s controls for its market benchmark services, including data collection, systems and processes, calculations and publishing.

The opinions provided by PwC were issued over the Baltic Exchange’s controls for the 12-month period to 31 December 2023 in relation to the requirements set down within the UK Benchmarks Regulation, the IOSCO Principles for Financial Benchmarks, the IOSCO Principles for Oil Price Reporting Agencies as well the Baltic’s own Guide to Market Benchmarks and Guide to Freightos Baltic Global Container Index.

In both reports, PwC noted in their opinion that all of the control objectives were achieved throughout the period.

“BEISL provided reliable assessments for our users throughout 2023 amid continued market turbulence and global uncertainty. This latest set of reports from PwC once again provides confidence to users that BEISL’s index business is audited, transparent and completely independent. We remain fully committed to investing in our industry leading information services,” said Mark Jackson, Chief Executive Officer of Baltic Exchange Limited.

“The quality and validity of our data, which is used to settle physical and futures contracts, is a key foundation of our offering to our users. BEISL was an early adopter of the UK Benchmarks Regulation and we continue to maintain our high standards by ensuring our benchmarks are administered in accordance with industry requirements and best practice through our work with PwC," said Matthew Cox, Head of Benchmark Production at Baltic Exchange.

“BEISL believes an independent assessment from a respected and widely recognised audit firm is in the best interests of our various stakeholders, clients and the valued users of our indices,” he added.

The Baltic Exchange represents a global community of shipping interests. These include shipowners, charterers and shipbrokers who are collectively responsible for handling a large proportion of the world’s dry cargo and tanker fixtures, freight derivative trades as well as the sale and purchase of merchant vessels.

The Baltic Exchange is regulated by the UK’s Financial Conduct Authority (FCA) pursuant to the EU Benchmark Regulation. It is the trusted provider of data for the settlement of physical and derivative freight contracts, underpinning risk management tools for the shipping and transportation markets.

Founded in 1744, the Baltic Exchange is headquartered in London with regional offices in Singapore, Shanghai, Athens, Stamford and Houston.

In 2016 the Baltic Exchange was acquired by Singapore Exchange ("SGX").

Latest News

CSM Türkiye collaboration with bulker operator Transoba Denizcilik

(Posted on 15/05/24)

Columbia Shipmanagement (CSM), member of Columbia Group, has underlined its commitment to the Turkish... Read more


OTG and WISTA join forces to drive gender diversity and inclusion

(Posted on 15/05/24)

Ocean Technologies Group (OTG), the leading global provider of Human Capital Management solutions for... Read more


InterManager statement on recent GISIS accident reporting

(Posted on 15/05/24)

InterManager, the international trade association for the ship management sector, has been keeping accident... Read more


King Charles accepts Sailors’ Society’s patronage

(Posted on 15/05/24)

His Royal Highness King Charles III has accepted the Patronage of Sailors‘ Society, continuing... Read more


Vessel financing facility announced

(Posted on 09/05/24)

In a landmark partnership, Damen Financial Services (DFS) and Siemens Financial Services (SFS) have... Read more


DAN Shipping & Chartering Acquire Arthur Smith (Grimsby)

(Posted on 09/05/24)

DAN Shipping & Chartering have announced the acquisition of Arthur Smith (Grimsby) Ltd, a prominent... Read more


ESG provides roadmap for dry bulk shipping says INTERCARGO’s first review

(Posted on 02/05/24)

The evolving Environmental, Social, and Governance (ESG) agenda is not merely a prerequisite for operating... Read more


Concern as challenges faced by Indian seafarers become more visible

(Posted on 02/05/24)

Mental Health Support Solutions (MHSS) is deeply concerned as levels of loneliness and isolation experienced... Read more


OTG equips crews for ammonia-fuelled future with new e-learning course

(Posted on 02/05/24)

With ammonia gaining popularity as a clean future fuel, and the first ammonia-powered vessels expected... Read more


New cutting-edge cement carrier for Great Lakes trade

(Posted on 28/04/24)

Eureka Shipping, a leading provider of sustainable, high-efficiency cement carrier services jointly... Read more


CimbriaBühler GmbHGeneva DryPort of StocktonTBA Group
  • Telestack
  • Sailors Society
  • Van Aalst
  • Port of Stockton

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping