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Home Uncategorized Daily container freight Index launched by Baltic and Freightos

Daily container freight Index launched by Baltic and Freightos

Spot ocean rates will be tracked in real-time for the first time following the launch of the Freightos Baltic Index (FBX) by the Baltic Exchange and Freightos Group.

The Baltic Exchange is a source of independent market information while Freightos Group is an online marketplace established in 2012 and receives significant funds from the Singapore Exchange, among other investors.

The two organisations said in a statement, “For the first time ever, daily spot ocean freight rate indices for 40-foot containers (FEUs) are now available via the Baltic Exchange and the Freightos Group, adding real-time, transparent price discovery and risk mitigation into the container freight market that powers global trade.”

The weekly Freightos Baltic Index (FBX) was first produced in April 2018 by digital freight platform Freightos, based off of live pricing data from hundreds of global logistics providers.

Freightos CEO Zvi Schreiber recognised the part played by the Baltic saying, “With the robust, real-time data, as well as oversight from the Baltic Exchange, the FBX is positioned better than ever to provide a true pulse of the market in one of the world’s largest and most important industries.”

The FBX will offer daily, live pricing updates sourced from live data for the first time, and with oversight by the Baltic the FBX now complies, “With the Principles for Financial Benchmarks set by the International Organization of Securities Commissions (IOSCO). These rules are designed to ensure benchmark quality, integrity, continuity and reliability.”

Schreiber added, “Container shipping pricing has become volatile and FBX will be the foundation of index-linking and future derivatives which allow carriers, forwarders and imports/exporters to hedge their risk, as is already customary in other industries.”

The FBX will cover 12 major trade routes, based on rolling short-term freight of all kinds (FAK) rates along with any related surcharges.

The trade routes include:

FBX01  China/East Asia to North America West Coast

FBX02  North America West Coast to China/East Asia

FBX03  China/East Asia to North America East Coast

FBX04  North America East Coast to China/East Asia

FBX11  China/East Asia to North Europe

FBX12  North Europe to China/East Asia

FBX13  China/East Asia to Mediterranean

FBX14  Mediterranean to China/East Asia

FBX21  North America East Coast to Europe

FBX22  Europe to North America East Coast

FBX24  Europe to South America East Coast

FBX26  Europe to South America West Coast

 





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