The Wolfson Centre for Bulk Solids Handling Technology Cleveland Cascades LtdViganSailors SocietyVan AalstTOC Events
  • TOC Events
  • Vigan
  • Telestack
  • Port of Stockton
  • Bühler GmbH
  • The Wolfson Centre for Bulk Solids Handling Technology

BIC decision on timecharter indices

(Posted on 02/04/19)

The Baltic Index Council (BIC) has announced its decision on the implications of the IMO 2020 Sulphur Cap for the Baltic Exchange’s timecharter indices. As formally announced to the Baltic Exchange members, the Baltic will be adding clarificatory wording to its Capesize, Panamax, Supramax and Handysize vessel descriptions to confirm that the index vessels are not scrubber-fitted. 

Explaining the consultative decision-making process, BIC Chairman Stefan Albertijn said: 
“The Baltic Index Council was presented with extensive submissions and views from across the market. Our unanimous decision to clarify the vessel descriptions as a response to the IMO 2020 change in sulphur limits, involved careful examination of all the data and feedback received from the consultation process. We are confident that it is the right decision and one which best meets the needs of the shipping markets we serve.”

The clarified vessel descriptions will be applied from 1 April 2019. 

The process to consider the possibility of amending the Baltic Exchange indices ahead of the IMO 2020 Sulphur Cap began in late 2017 and took in feedback from five open forum events in London, Singapore, Athens and Copenhagen; two working group sessions for Baltic Exchange members; meetings with the Baltic Advisory Councils and meetings with panellists. The Baltic Exchange also approached a wide segment of shipowners, operators and brokers for information on the anticipated extent of scrubber installation, fuel specifications and vessel performance with low sulphur fuels and scrubbers. The impact of any decision on derivatives open interest was also carefully considered and the Baltic engaged with the FFA Brokers Association (FFABA) as well as the relevant clearing houses. A detailed consultation paper was issued to all members, the CCPs and FFABA in January 2019 summarising the feedback obtained in 2018, and providing a further opportunity to provide written feedback. 

Commenting on the consultation process, Baltic Exchange Chief Executive Mark Jackson noted:
“This was a lengthy and rigorous process that underscored the robustness of the Baltic’s IOSCO-based index administrative practices. It was essential for us to take the time to gather the necessary evidence and collective feedback, ensuring that our diverse membership and the wider market was properly consulted and provided with an opportunity to be heard. I am pleased that we are able to give the market the clarity it needs.”  

Latest News

ClassNK releases PrimeShip-HULL 2022 for new structural rules

(Posted on 12/05/22)

Leading classification society ClassNK has released its design support system “PrimeShip-HULL... Read more


International segments drive solid Algoma performance

(Posted on 05/05/22)

Algoma Central Corporation has reported its results for the three months ended March 31, 2022. Revenues... Read more


Report highlights INTERCARGO members’ commitment to quality

(Posted on 05/05/22)

The International Association of Dry Cargo Shipowners (INTERCARGO) has launched the thirteenth edition... Read more


ClassNK issues AiP for ammonia-ready LNG-fuelled bulk carrier

(Posted on 27/04/22)

Leading Classification Society ClassNK has issued an Approval in Principle (AiP) for the design of an... Read more


Inmarsat combats rising maritime cybercrime with fleet secure UTM

(Posted on 27/04/22)

Inmarsat, the world leader in global, mobile satellite communications, has launched Fleet Secure Unified... Read more


Bulk shipping offering between UAE and Bangladesh

(Posted on 20/04/22)

AD Ports Group has announced that its feeder service, SAFEEN Feeders, has signed a long-term trade facilitation... Read more


CMS and MHSS to support seafarers impacted by Ukraine war

(Posted on 20/04/22)

Columbia Shipmanagement, together with its owning company and its clients, have raised an unprecedented... Read more


Blue Fin Shipping orders six combi freighters from Damen

(Posted on 14/04/22)

Impressed by the outstanding performance of the first two Combi Freighters 3850, German ship owner Blue... Read more


New ICS training resource to plug on board technology gap

(Posted on 14/04/22)

The International Chamber of Shipping (ICS) has launched a new resource designed to help ship operators... Read more


Swedish Club’s loss prevention solutions at the touch of a button

(Posted on 14/04/22)

The Swedish Club has just launched a brand new version of its hugely popular Swedish Club OnLine portal... Read more


Bühler GmbHTBA GroupPort of South LouisianaTelestackPort of StocktonCimbria
  • Cimbria
  • Port of South Louisiana
  • Cleveland Cascades Ltd

Subscribe to our newsletter

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