Baltic Dirty Tanker Index
The Baltic Dirty Tanker Index ( BDTI ) is published by the Baltic Exchange in London and is an important price index for the worldwide shipping of oil on standard routes.
concept
The Baltic Dirty Tanker Index (BDTI) is published 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 the standardized information provided by various market participants. Subgroups of the index take into account 17 main shipping routes and record the costs for time charter for four ship classes ( VLCC , Suezmax , Aframax and Panamax ).
The demand for oil and thus also the freight rates for crude oil 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 the oil price . 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 markets for stocks and bonds , the BDTI is free from speculation . No arbitrage is possible between the Forward Freight Agreements (FFAs) on the BDTI 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 on standard routes are included in the price. In contrast to the economic data, the BDTI 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 Dirty Tanker Index (BDTI) and the Baltic Clean Tanker Index ( BCTI). The BDTI records tankers that transport uncleaned cargo such as crude oil, while the BCTI records tankers that transport cleaned cargo such as oil products ( petrol , diesel , heating oil or kerosene ).
1998 began OTC trading with futures contracts on freight rates in the form of tanker FFAs .
A global economic downturn and the associated drop in demand in shipping as well as overcapacity caused the Baltic Dirty Tanker Index to fall to an all-time low of 619 points on August 20, 2002.
In 2004, tanker freight rates increased due to high demand for oil. Supertankers in the class between 200,000 and 320,000 tons earned their owners spot rates of up to $ 230,000 a day. On November 17, 2004, the BDTI marked an all-time high of 3,194 points.
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 oil freight rates, especially from the end of the third quarter of 2008. On April 15, 2009, the index fell to an all-time low of 453 points. The loss since July 23, 2008 (2,347 points) is 80.7 percent.
On January 15, 2010 the index stood at 1,216 points, 168.4 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 | 1,077 | 643 | 1,077 | |
| 2000 | 2,287 | 922 | 2,287 | 112.3 |
| 2001 | 2,033 | 746 | 845 | −63.1 |
| 2002 | 1,449 | 619 | 1.311 | 55.1 |
| 2003 | 2,267 | 740 | 2,267 | 72.9 |
| 2004 | 3,194 | 1,083 | 2,100 | −7.4 |
| 2005 | 2,254 | 973 | 2.154 | 2.6 |
| 2006 | 1,893 | 951 | 1,463 | −32.1 |
| 2007 | 1,535 | 765 | 2.143 | 46.5 |
| 2008 | 2,347 | 968 | 1,243 | −42.0 |
| 2009 | 849 | 453 | 814 | −34.5 |
| 2010 | 1,216 | 678 | 1,043 | 28.1 |
| 2011 | 1,065 | 657 | 930 | −10.8 |
| 2012¹ | 879 | 604 | 764 | −17.8 |
¹ December 31, 2012
Web links
Individual evidence
- ↑ Alster Trader: Tanker Routes ( Memento of the original from September 16, 2012 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.
- ↑ Der Spiegel: Shipping companies gamble away with oil tankers , November 10, 2007
- ↑ Capital Link Shipping: Historical data ( Memento of the original from September 26, 2008 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.
