London: Reflecting both China’s dominance of the iron ore trades and the encroaching power of rival, the Shanghai Shipping Exchange, London’s venerable Baltic Exchange has brought the time of the publication of its nine capesize routes and index (BCI) forward by two hours to 1100 hrs (London time) from today.
“The move underlines the increased levels of chartering authority in the Asia-Pacific region and follows a period of consultation with the market,” the institution said in a release.
Baltic Exchange chief executive Jeremy Penn said:

“Whether it’s changing publishing times or vessel descriptions, the Baltic Exchange works hard to ensure that its products reflect the ever-changing shipping markets, and especially the needs of the users of our services in Asia. This change reflects the reality of today's capesize market."
China, the world's top iron ore consumer and buyer, imported 740m tons of the iron ore in 2012, up 8.4% year-on-year, accounting for nearly two thirds of the global seaborne iron ore trades. [01/02/13]
