Baltic Exchange adds Aframax benchmarks to cover Pacific flows

Baltic Exchange has introduced two Aframax tanker assessments, TD28 and TD29, reflecting evolving Pacific crude trades linked to Vancouver liftings.

TD28 covers Vancouver–Ningbo, while TD29 covers Vancouver–Pacific Area Lightering off the US West Coast. TD28 was listed on Intercontinental Exchange on 13 October 2025.

The Baltic Exchange positions the launch as a direct response to observed market needs.

Baltic Exchange head of benchmark production Matt Cox said, “This is a classic example of the Baltic responding directly to market needs. The development of these new routes reflects how trade flows evolve in response to geopolitical realities, from tariff disputes and shifting alliances to sanctions and changing energy security priorities.”

Both assessments arise from trades that have developed since the Trans Mountain Expansion project entered commercial service, opening greater access to Pacific outlets from Vancouver.

In practice, Aframax cargoes either sail directly to China under TD28 or proceed to lightering under TD29 off California before continuing their journey.

Fully loaded VLCCs cannot load at Vancouver, which has made Aframaxes the typical lift for these flows.

The Baltic Exchange states the indices were built using its established process – monitoring, consultation and blind trials – before adoption.

Mr Cox said, “New routes are launched after extensive monitoring, consultation and testing to ensure it reflects genuine trade flows and provides real value to the market. Collaboration with our panel and advisory councils is central to this process and ensures our benchmarks mirror market reality as closely as possible.”

Mr Cox added the pipeline of potential assessments is guided by ongoing engagement with market users, “Our engagement with the market is continuous. TD28 and TD29 are the latest examples of how we listen to members and deliver products that meet the industry’s changing needs. They also show how benchmarks can act as early indicators of deeper geopolitical and commercial trends.”

The Baltic Exchange also points to early traction for the two routes and Mr Cox said flows of Canadian crude are growing quickly and the transparency delivered by the new assessments should support a maturing trade.

“Ultimately, the success of any index depends on adoption, and we’re confident these routes will quickly become trusted reference points for market participants across the Pacific,” he said.