Baltic Exchange enters air cargo market
EU authorised benchmark administrator the Baltic Exchange has partnered with Hong Kong-based air cargo pricing publisher TAC Index Company. Both partners will provide new regional general air cargo rate assessments.
Launched in 2016, TAC’s "Regional General Air Cargo Indices" provide weekly average assessments for general cargo on 32 major air trade lanes based on transaction data submitted by global freight forwarders. They will be rebranded as the "Baltic Air Freight Index (BAF Index) powered by TAC Index" and come under the governance of Baltic Exchange Information Services Limited (BEISL). TAC Index will act as the calculating agent.
The Baltic Exchange already performs benchmark assessments for the maritime markets which are used to settle billions of USD-worth of derivatives and physical trades every year. (ah)