Baltic Exchange has launched a new suite of indices covering four key short-range tanker routes in northwest Europe in order to create the definitive benchmark for the region’s tanker sector and bring greater transparency to the short-range tanker market.
The new indices, known as the Baltic Intermediate Tanker Indices (BITI), mark the latest development of the Baltic’s global tanker benchmarks, and reflect the Baltic’s commitment to responding to market needs and strengthening its role as the global benchmark provider for freight indices.
The BITI consists of four routes – TC25, TC26, TD30 and TD31 – which have been selected to represent the core of short-range tanker activity in northwest Europe. These routes are geographically specific, reflecting the structure of regional trade and the operational realities faced by shipowners, charterers, and brokers.
The new BITI will be published weekly on Wednesdays.
With approximately 200 spot fixtures regularly occurring in this sector each month, the BITI provide a reliable and representative benchmark for market participants. The strong level of activity ensures that the indices are grounded in real market activity, while the involvement of Baltic panelists ensures the assessments are relevant and robust.
“The launch of the BITI addresses a long-standing need for greater transparency in the short-range tanker market. It is a sector that remains underreported but with a high and robust level of commercial activity. We simply could not ignore a portion of the market that is this active,” said Matthew Cox, Head of Benchmark Production at Baltic Exchange.
“By providing a clear, independent benchmark, the new indices enable market participants to assess freight rates with confidence, manage risk more effectively, and make better-informed commercial decisions. The indices also support the development of new financial instruments and risk management tools, further enhancing the efficiency and resilience of the market,” he added.
The new indices, which began development in August 2025, includes the expertise of the Baltic’s tanker panelists, including Affinity (Shipping), BRS Shipbrokers, EA Gibsons, Fearnleys Shipbrokers, Howe Robinson & Partners, and Ifchor Galbraiths.
The BITI is accessible and easy to use, with all routes assessed in US$ lumpsum and US$/mt. By using the Baltic’s standard terms and clear route descriptions, the indices offer a straightforward reference point for chartering decisions and managing freight risk. This transparency benefits not only shipowners and charterers but also traders, analysts, and investors seeking reliable market intelligence.
Crucially, the development of the new indices has been shaped by continuous interaction and consultation between Baltic Exchange and the wider market. With regular dialogue taking place between market users and Baltic panellists, the BITI reflects the realities of short-range tanker trade in northwest Europe, with route descriptions and specifications refined in response to practical recommendations and evolving market needs.