Salcombe RNLI Update: The Baltic Exchange IV Announced

The Baltic Exchange has had a close affiliation with Salcombe RNLI since 1962. Over the last 64 years, three All Weather Lifeboats have been funded by the generosity of Baltic members and the Baltic Exchange Charitable Foundation. Steve Walter retired from a 35-year career in the City of London in 2023 and is now a volunteer crew member of the current Salcombe All Weather Lifeboat (ALB), The Baltic Exchange III. Here is Steve’s latest update from the Salcombe station.

Professional mariners 

Things in Salcombe quieten down in the winter months as the holiday makers return home and activity on the water vastly reduces. Shouts become less frequent but if the pager does sound, it comes with the higher likelihood of it being a “commercial” job. Professional mariners are good at getting themselves out of trouble, so if we are called, we know it could have the potential to be a serious incident. A mission deep into the shipping lanes of the English Channel to tow a vessel with engine failure that is a hazard to navigation, an injured fisherman pulled under the water by shooting crab pots or even keeping a coaster off the treacherous headland of Start Point are all notable Salcombe shouts that all occurred mid-winter.

In order to be continually at the top of their game 

In order to be continually at the top of their game and ready for a shout, the crew spend the winter months honing their skills with weekly exercises. Practicing when it's dark and wet is hard and uncomfortable, but it makes the crew better. There is an operational sea going crew of 30 covering two lifeboats. Getting to know each other and being able to work as a team is vital, and there is no better alternative than being at sea together.

One of the great things about the RNLI

One of the great things about the RNLI is its training programme. Volunteers are able to progress through various levels of shore and deck crew, through navigation and mechanic qualifications and even to deputy Coxswain if the willingness and aptitude is shown. The long winter evenings are a good time to study for these various certifications!

The RNLI’s Lifeboat Fleet Strategy

Towards the end of last year, some big news reached Salcombe RNLI. As part of the RNLI’s Lifeboat Fleet Strategy, Salcombe is to have its Tamar class ALB replaced by a brand-new Shannon class lifeboat. The Tamar has been with us here in Salcombe since 2008. The profile of life saving has altered in recent years. Salcombe RNLI are being called to more inshore jobs that require a higher level of manoeuvrability and the ability to navigate in shallow waters. We still have the need to be able to access casualties that are further offshore, and the Shannon class lifeboat has the versatility for us to respond to a wide range of incidents.

The latest design of ALB’s being built

 It is the latest design of ALB’s being built by the RNLI at their dedicated facility in Poole. A jet boat without the need for propellers, it is able to operate in extremely shallow water – something that will no doubt be of benefit when crossing the infamous Salcombe Bar that guards the entrance to the estuary. It has the ability to operate to a range of 250nm at a speed of 25kts, carries a crew of 6 and is fitted out with the latest navigation and communication systems.

The Baltic Exchange IV

It has been confirmed by the RNLI that the name of the new Salcombe Lifeboat will be RNLB The Baltic Exchange IV. This recent news has been met with delight by the crew and the community of Salcombe alike as the tradition of Salcombe lifeboats carrying the Baltic Exchange’s name will continue for many years to come.

Transfer of all open interest in the Baltic Panamax 4TC

On the other hand SGX and EEX successfully completed the transfer of all open interest in the Baltic Panamax 4TC (P4TC) index to the Panamax 5TC (P5TC) index on 16 January 2026, with the migration executed smoothly and without market disruption. This milestone concludes the transition from the long-established 74,000 dwt Panamax vessel specification to the updated 82,500 dwt standard.

The Clearing Houses (CCPs) 

Throughout 2025, Baltic Exchange worked closely with the Clearing Houses (CCPs) to prepare the industry for this change. This included market forums, direct stakeholder engagement, and the publication of official circulars outlining the transition process and timeline.

The Baltic will cease publishing the P4TC index, 

Following the successful migration of open interest to the P5TC, the Baltic will cease publishing the P4TC index, with 30 January 2026 set as the final publication day. For many years, the P4TC has been derived from the P5TC through a fixed differential ($1,336), and although it will no longer be published, the Baltic will continue to provide a calculated P4TC value under licence upon application.

The P5TC superseded the P4TC 

The P5TC superseded the P4TC after the Baltic completed its Panamax vessel-review process, raising the standard vessel from 74,000 dwt to 82,500 dwt, following consultation with the market and in accordance with the criteria set out in the Guide to Market Benchmarks. As an FCA-regulated benchmark administrator, Baltic Exchange follows defined regulatory protocols in transitioning from one index to another to ensure transparency, governance, and market continuity.With the Panamax migration now complete, the Baltic is managing the planned update to the Capesize sector.

Capesize (BCI182) as the standard Baltic Capesize vessel,

On 2 January 2026, the Baltic formally adopted the 182,000 dwt Capesize (BCI182) as the standard Baltic Capesize vessel, replacing the legacy 180,000 dwt specification. As part of this transition:· C5TC(182) has now become the official Baltic benchmark for the Capesize market.· The derived C5TC(180) will cease publication on 24 December 2026 and will remain available to market participants under a Licence, ensuring continuity for those requiring legacy data or valuation support.

The Capesize transition progresses.

Baltic Exchange will work closely with SGX and EEX to coordinate the eventual transfer of open interest from C5TC(180) derivatives to C5TC(182) using a migration mechanism equivalent to the Panamax transition.

These coordinated changes across the Panamax and Capesize sectors ensure that Baltic benchmarks continue to reflect the modern fleet, and support the long-term health and transparency of the freight derivatives market. Baltic Exchange remains committed to engaging with all stakeholders as the Capesize transition progresses

.The Baltic Exchange

The Baltic Exchange is the world's leading independent source of maritime market data, providing daily, regulated, and trusted benchmarks for dry bulk, tanker, gas, and container freight markets. Based in London and owned by the Singapore Exchange (SGX), it acts as a membership organization for shipping professionals, facilitating the trading and settlement of physical and derivative shipping contract

About : "SGX"

"SGX" most commonly refers to the Singapore Exchange Limited, a major multi-asset exchange based in Singapore. However, in the context of computing and technology, it can also refer to Intel® Software Guard Extensions. 

Related :Baltic Exchange hosts annual forum during Singapore Week

Source : Press - Release

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