The Baltic Exhange is adding to its dry bulk, tanker and gas carrier indexes with a container shipping index by auditing and republishing the Freightos International Freight Index.
The Freightos Baltic Indices, including the headline FBX Global Container Index was announced at Singapore Maritime Week.
The Freightos International Freight Index reflects weekly spot rates for 40-foot containers based on 12 to 18 million price points collected every week on 12 main shipping trade lanes. The FBX will be a weighted average of the 12 routes and desiged set the stage for the launch of derivative financial instruments. The Baltic Exchange is owned by the Singapore Exchange which has a strong position in the clearing dry commodities and dry bulk freight derivatives.
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“By offering our robust auditing methodology to the FBX, we hope to provide the framework for the container shipping industry to develop sophisticated risk management tools,” said Mark Jackson, chief executive of the Baltic Exchange.
Freightos Founder and ceo Zvi Schreiber said, “We're incredibly proud to drive more efficiency to the container freight market, cannot think of a stronger partner than the Baltic Exchange and the Singapore Exchange, and are looking forward to the future financial instruments that this index unlocks."
At present the Shanghai Containerised Freight Index (SCFI) is widely used as the benchmark for the container shipping sector.
FBX Global Container Index covers the following shipping lanes:
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: Freightos Europe to North America East Coast China/East Asia
FBX24: Europe to South America East Coast
FBX26: Europe to South America West Coast
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