Baltic Exchange 4TC_P to 5TC_P Transition

What's Changing

The Baltic Exchange will cease publication of the 4TC_P (P4TC) forward and settlement rates, with the final publication date being January 30, 2026. The index will be replaced by 5TC_P (P5TC).

Transition Details

To facilitate this change, Baltic Exchange will convert all open FFA positions from 4TC_P to 5TC_P after the close of trading on 15 January 2026. This will be executed by closing open 4TC_P positions and opening equivalent positions in 5TC_P. The price conversion applies a differential of 1,336 (i.e., 5TC_P price = 4TC_P price + 1,336), reflecting the consistent spread between the two indices.

Action Required

If this change affects you, please take the following steps:

FFA Positions: If you wish to continue utilizing the 4TC_P route in IMOS, you'll need to close out your 4TC_P positions and open corresponding 5TC_P positions to align with the Clearing House.
Index-Linked Time Charter Contracts: If you have TC contracts linked to the 4TC_P route/curve, please update the relevant pricing configuration and coordinate with your counterparty (Owner or Charterer) accordingly.

For more information or assistance, please contact Veson Support.