Baltic Exchange

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Baltic Exchange, Ltd.

logo
legal form Limited
founding 1744
Seat London , UK
management Jeremy Penn (CEO)
Number of employees 20 (2008)
sales $ 8.4 million (2008)
Branch Exchanges
Website www.balticexchange.com

The Baltic Exchange is a UK company and a global marketplace for ship brokers , shipowners and charterers .

history

The company was founded in 1744 on Threadneedle Street in London under the name Virginia and Baltick Coffee House . In 1810 it moved to the Antwerp Tavern. In 1857 the Baltic Company Limited was founded . After the merger with the London Shipping Exchange , the Baltic Exchange was registered as a private limited company in 1900 . On January 4, 1985, the internationally recognized Baltic Freight Index (since November 1, 1999 Baltic Dry Index ) was published for the first time.

On Friday, April 10, 1992, terrorists from the Provisional Irish Republican Army (IRA) destroyed the building of the Baltic Exchange. They used a delivery truck to detonate a bomb in front of the building. Parts of the facade of the listed building were sold to Tallinn . Between 2001 and 2004, the 30 St Mary Ax skyscraper for reinsurance company Swiss Re was built on the site of the destroyed building .

On Monday April 13, 1992, the Baltic Exchange relocated trading to Lloyd's of London . In 1995 it moved to its current location at 38 St Mary Ax.

Global marketplace

The Baltic Exchange is owned by more than 550 member companies and a further 2,000 people (as of 2006). 400 of the member companies are based in the UK, with the remainder in the US, Europe and East Asia. The Baltic Exchange cannot be traded on the stock exchange. It is led by a board of 12-15 directors elected by its members. The company has 20 employees. Michael Drayton is the chairman and the CEO is Jeremy Penn.

The Baltic Exchange publishes daily indices and prices for the worldwide shipping of main cargo on standard routes and is a market for Forward Freight Agreements (FFAs). The indices are not traded. The freight rates are determined from the information provided by brokers, shipping companies and charterers. The prices are not subject to revision. The daily updates are made in real time. Originally started as floor trading, today transactions are carried out exclusively over the telephone.

The indices are not published on most UK bank holidays . No trading on the Baltic Exchange takes place annually on Good Friday, Easter Monday, May Day (first Monday in May), Spring Day (last Monday in May) and Summer Day (last Monday in August). In addition, the Baltic Exchange is closed between Christmas (December 25th) and the New Year. If New Year falls on a weekend, the holiday will be made up on Monday.

Indices

Baltic Dry Index since 1985

The Baltic Exchange publishes seven different indices every day, including the Baltic Dry Index (BDI) since January 4, 1985. It is divided into the Baltic Capesize Index (BCI), the Baltic Panamax Index (BPI), the Baltic Supramax Index (BSI) and the Baltic Handysize Index (BHSI). Subgroups of the index take into account 26 main shipping routes and record the costs for time charter and travel charter for four ship classes ( Capesize , Panamax , Supramax and Handysize ) in bulk transport.

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

In comparison with the freight rates of the two tanker indices, the freight rates for bulk carriers were hardest hit by the credit crunch during the international financial crisis . The decline in the Baltic Dry Index between May 2008 (11,793 points) and December 2008 (663 points) was 94.4 percent. The BDI was thus just above its all-time low of July 1986 (554 points). The Baltic Dirty Tanker Index (freight rates for crude oil) and the Baltic Clean Tanker Index (freight rates for oil products) lost a little less of their value. The BDTI fell by 80.7 percent between July 2008 (2,347 points) and April 2009 (453 points) and the BCTI between June 2008 (1,509 points) and April 2009 (345 points) by 77.1 percent.

The following indices are published daily by the Baltic Exchange.

index
All-time high
in points
date
All-time low
in points
date
Baltic Dry Index 11,793 May 25, 2008 554 July 31, 1986
Baltic Capesize Index 19,687 0June 5, 2008 830 0Dec 2, 2008
Baltic Panamax Index 11,713 Oct 30, 2007 418 27 Sep 2012
Baltic Supramax Index 6,956 Oct 30, 2007 389 0Jan. 8, 2009
Baltic Handysize Index 3,407 May 22, 2008 269 0Jan. 9, 2009
Baltic Dirty Tanker Index 3,194 Nov 17, 2004 453 Apr 15, 2009
Baltic Clean Tanker Index 1,955 Dec. 27, 2000 345 Apr 15, 2009

Web links

Individual evidence

  1. ^ Hoover's: The Baltic Exchange - Company Overview
  2. Eesti Päevaleht: Ajalooline börsihoone pannakse püsti ilmselt Ahtri tänavale , from September 27, 2010
  3. ^ Baltic Exchange: Baltic Exchange History
  4. ^ Baltic Exchange: The Baltic Market
  5. ^ Baltic Exchange: Publication dates and times
  6. ^ Baltic Exchange: Index History
  7. ^ Baltic Exchange: Index Summary
  8. Strateji: Data from all Baltic indices ( Memento of the original from June 28, 2009 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.strateji.com.tr