Baltic Clean Tanker Index

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The Baltic Clean Tanker Index ( BCTI ) is published by the Baltic Exchange in London and is an important price index for the worldwide shipping of oil products ( petrol , diesel , heating oil or kerosene ) on standard routes.

concept

The Baltic Clean Tanker Index (BCTI) is published from Monday to Friday at 1:00 p.m. UTC (2:00 p.m. CET ) by the Baltic Exchange, founded in London in 1744, and is determined from standardized information from various market participants. Subgroups of the index take into account 7 main shipping routes and record the costs for time charter of product and chemical tankers .

The demand and thus also the freight rates for oil products depend primarily on the growth of the gross national product , on structural changes in the economy and on technical progress as well as the development of heating oil and fuel prices. In addition to the fluctuations in the available cargo space, the development of the index also affects port capacities, fluctuations in demand (severe winters in Europe and the USA ) and new demand markets such as the People's Republic of China and India .

The index is not traded on the Baltic Exchange. Unlike the stocks and bonds markets , the BCTI is free from speculation . Arbitrage is not possible between the Forward Freight Agreements (FFAs) on the BCTI and the index itself . FFAs are freight derivatives and cannot be traded on the exchange.

The freight rates are determined exclusively from the information provided by ship brokers , shipping companies and charterers . Only real demand and real supply for the transport of oil products on standard routes are included in the price. In contrast to the economic data, the BCTI data are not subject to any subsequent changes. Manipulation is not possible with the method of determining the index. The daily updates are made in real time.

history

Historical overview

On April 20, 1998, the Baltic Exchange calculated the Baltic International Tanker Routes Index (BITR) for the first time and, three years later, on October 1, 2001, divided it into the Baltic Clean Tanker Index (BCTI) and the Baltic Dirty Tanker Index ( BDTI). The BCTI records tankers that transport cleaned cargo such as oil products ( gasoline , diesel , heating oil or kerosene ), while the BDTI records tankers that transport uncleaned cargo such as crude oil.

1998 began OTC trading with futures contracts on freight rates in the form of tanker FFAs .

On November 5, 1999, the Baltic Clean Tanker Index fell to an all-time low of 592 points. On December 27, 2000, the BCTI marked an all-time high of 1955 points.

Lower demand for heating oil and fuels during the global recession caused the index to drop by 68.2 percent to 621 points by December 2001.

In 2005 freight rates were at their highest level since 2000. On October 24, 2005, the BCTI rose to 1929 points. The main reason was the disruptions in refining activities in the USA caused by the hurricanes , as this meant that the USA had to import more oil products from Asia. In August and September 2005, Hurricanes Katrina and Rita temporarily unbalanced the global commodity and fuel trade.

In 2008, the international financial crisis , which had its origins in the US housing crisis in 2007, led to a global recession. Because of the lower demand, there was a sharp drop in the price of freight rates for oil products, especially from the end of the third quarter of 2008. On April 15, 2009, the index fell to an all-time low, closing at 345 points. The loss since June 19, 2008 (1509 points) is 77.1 percent.

On January 11, 2010, the index stood at 902 points, 161.4 percent higher than on April 15, 2009.

Annual development

The annual highs, lows and closings as well as the annual performance since 1999 are listed below.

year Peak Lowest point Final stand Change
in%
1999 777 592 682
2000 1,955 656 1,955 186.7
2001 1,820 621 688 −64.8
2002 1,033 654 1,033 50.1
2003 1,527 782 1,099 6.4
2004 1,793 843 1,610 46.5
2005 1.929 920 1,589 −1.3
2006 1,669 799 1,280 −19.4
2007 1,185 746 1,086 −15.2
2008 1,509 835 838 −22.8
2009 634 345 634 −24.3
2010 902 595 759 19.7
2011 908 608 908 19.6
2012¹ 762 553 756 −16.7

¹ December 31, 2012

Web links

Individual evidence

  1. Alster Trader: Tanker Routes ( Memento of the original from September 18, 2012 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.alstertrader.de
  2. GEBAB: The developments in shipping. In: GEBAB performance balance reporting year 2005.
  3. Capital Link Shipping: Historical data ( Memento of the original from January 6, 2011 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / shipping.capitallink.com