As the year draws to its close, I have been reflecting on what has been a notable and, in many respects, defining year for the Baltic Exchange. When I first addressed the membership as Chairman, I spoke of being both honoured and humbled by the responsibility, shaped as it has been by almost forty years of involvement with this institution and the people who give it life. Those sentiments have only strengthened over the past twelve months.

This year marked the fortieth anniversary of the Baltic Freight Index, a milestone that has allowed us not only to acknowledge and celebrate a pioneering achievement but also to appreciate how far our industry has travelled since 1985. What began with a single index comprising thirteen dry cargo routes has developed into a comprehensive suite of more than two hundred indices covering the dry bulk, tanker, gas, container, chemical and, most recently, air freight markets. The principles that underpinned that original index, namely independence, accuracy, trust and support from our excellent panellists, remain at the heart of everything we do, and it is that continuity of purpose that has enabled the Baltic to retain its relevance through four decades of profound transformation within our maritime industry.

The volatile freight markets in 2025 have demonstrated once again the resilience of our industry in the face of considerable uncertainty. Persistent geopolitical tension, evolving trade patterns and shifting regulatory expectations have all shaped the environment in which our members operate. Yet throughout these challenges, the Baltic indices have continued to provide clarity and stability, ensuring that the market has access to the reliable information it requires to make sound commercial decisions. 

One theme has stood out above all others this year and that is trust. Trust remains the cornerstone of our institution. It underpins our indices, it binds our membership and it enables the wider market to conduct its business with confidence. In an increasingly complex operating environment, where diligence is essential to responsible practice and where regulatory scrutiny continues to intensify, trust has never been more important. For this reason, the Baltic has invested considerable resource in developing a Know Your Customer (KYC) service which going forward will undoubtedly become a significant feature of the support service that we offer. It provides our members with a robust and dependable framework through which customers and counterparties can be verified, supporting the integrity of transactions and reinforcing the standards that the Baltic has upheld for generations.

This year also provided an important opportunity to recognise someone whose service to the Baltic has been exceptional. Harry Fafalios came onto the Baltic began in 1985 and whose contribution over the ensuing forty years has been remarkable. His intricate knowledge of the industry, his commitment to its development and his longstanding service on both the Board and the Baltic Council have left a lasting impression on all who have been fortunate to work with and alongside him. It was therefore a particular pleasure to confer upon him Honorary Membership of the Baltic Exchange, an accolade reserved for only a very small number of distinguished individuals.

As we look ahead to 2026, I am proud of the progress the Baltic continues to make. Our membership is broader and more global than at any point in our history. Our services continue to evolve in response to the needs of the market. Our commitment to integrity, transparency and excellence, the principles upon which the Baltic was founded, remains unwavering.

I would like to express my sincere thanks to our members, our panellists and our talented staff for their support throughout this year. It is your engagement and your dedication that ensures the Baltic retains its standing as a trusted and indispensable institution within the maritime community.

With my very best festive wishes to you and your families for a peaceful and prosperous 2026.

 

Guy Hindley

Chairman

Baltic Exchange