Baltic Dirty Tanker Index

The Baltic Dirty Tanker Index (BDTI) is a composite freight index compiled daily by the Baltic Exchange in London, covering a weighted basket of dirty tanker routes — vessels carrying crude oil and heavy fuel oil (as distinct from the Baltic Clean Tanker Index, BCTI, which covers refined products). The BDTI aggregates multiple route assessments including VLCC, Suezmax, and Aframax segments, making it the broadest single measure of global crude and fuel oil freight market conditions.

In May 2026, the BDTI reached an all-time high above 1,900 points, representing a +120% year-on-year increase. This extraordinary level was driven by a confluence of disruptions: Hormuz transit remained physically obstructed weeks after the April 2026 Ceasefire, with mine clearance and port infrastructure repair still incomplete; shadow fleet re-routing added demand on VLCC segments; and a Brent-Dubai EFS above $6/BBL pulled Atlantic basin crude east, adding VLCC tonne-miles. The benchmark TD3C route (270kt Middle East Gulf to China) was assessed at WS458.75 on 11 May 2026, a daily TCE of $462,102.

For European oil markets, a high BDTI has a dual effect: it raises the delivered cost of crude from distant origins (West Africa, US Gulf, Brazil) to European refiners, and it elevates fuel oil bunkering costs for the tankers delivering that crude. The index is widely watched by refining margin analysts because freight costs are a direct input to the crack spread calculation — particularly when a key route like TD3C reflects systemic disruption rather than routine cyclical tightening.