The Baltic Exchange, a centuries-old provider of maritime market information, has turned its attention to the sky by entering a partnership with air cargo pricing publisher TAC Index.
The London-based exchange will generate six outbound airfreight indices and 17 individual destinations, which will be offered under the Baltic Air Freight Index (BAI). TAC, based in Hong Kong, will keep these indices current.
The BEI indices will be priced in U.S. dollars per kilogram of freight and cover the key air hubs of London, Hong Kong, Chicago, Shanghai, Singapore and Frankfurt, Germany, to main international import regions, the exchange said.
This activity will be operated by Baltic Exchange Information Services Ltd., with TAC Index serving as the “calculating agent.”
Rates are provided to TAC by large international freight forwarders and published each Monday by the Baltic Exchange. The indices are available on the exchange’s website, www.balticexchange.com, to subscribers to the BAI data.
“This would provide the air cargo industry with new ways of managing its freight rate risk and potentially bring in new market participants,” said Baltic Exchange Chief Executive Mark Jackson in a statement.
Click for more FreightWaves/American Shipper articles by Chris Gillis.
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