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SINGAPORE: April 25, 2018. The Baltic Exchange has agreed to audit the Freightos Index of weekly spot rates covering 12 ocean trade lanes and republish as the Freightos Baltic Index.

The index reflects spot rates for 40-foot containers based on 12 to 18 million price points and complements a new ‘FBX Global Container Index’ (FBX) – a weighted average of the 12 underlying route indexes.

The Baltic ExchangeThe FBX represents ocean freight prices, including all ocean surcharges, and is published weekly every Sunday based on the previous week’s rolling price of Freight All Kind (FAK) spot tariffs between carriers, freight forwarders and high-volume shippers. Freightos says 50 to 70 million price points are collected every month.

The Baltic Exchange already provides daily assessments for the dry bulk, tanker and gas freight markets that are used to settle Forward Freight Agreements (FFAs), while the Freightos index is used by over 1,000 logistics providers and 3,000 shippers for market intelligence and bookings.

“Baltic Exchange benchmarks are already widely used as settlement mechanisms in the derivatives and physical markets for billions of dollars-worth of bulk freight transactions,” explained CEO Mark Jackson. “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,” he continued.

The organisation has a 274-year history of providing services to the bulk shipping industry and financial services, and is backed by the Singapore Exchange, one of the world’s major derivative exchanges.

Freightos.com is the digital platform for international freight that allows shippers to instantly compare and book freight quotes for air, ocean and truck movements, while managing shipments online.

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