Baltic Exchange has launched two new Aframax tanker benchmarks, TD28 and TD29, to reflect rising Canadian crude exports to Asia-Pacific markets and expand its global freight index coverage, reports Saint Petersburg's PortNews.

TD28, now live on the Intercontinental Exchange, tracks voyages from Vancouver to Ningbo, China. TD29, still in development, will assess shipments from Vancouver to the Pacific Area Lightering zone off the US West Coast.

Both routes gained prominence after the Trans Mountain Expansion began operations May 2024, nearly tripling pipeline capacity from 300,000 to 890,000 barrels per day and boosting Canada's export reach.

Vancouver's Westridge Marine Terminal now handles up to 34 Aframax tanker calls monthly, up from five before the upgrade. VLCCs cannot load at Vancouver, making Aframax vessels the standard for these trades.

Baltic Exchange developed the benchmarks through blind trials, consultation and market engagement. Head of Benchmark Production Matt Cox said the indices reflect genuine trade flows and meet criteria for liquidity and relevance.

The launch underscores Baltic Exchange's commitment to adapting benchmarks to evolving trade patterns, regulatory shifts and geopolitical dynamics. The new routes are expected to enhance transparency and risk management.

Mr Cox said TD28 and TD29 show strong early potential and will likely become trusted references for Pacific crude trade participants as Canadian exports continue to grow.