In March 2026, Christopher Loveday, an employee at the Baltic Exchange, quietly protested what he saw as an unreliable benchmark rate for shipping oil. On March 23, he labeled the rate as “nonsense” in an internal document, repeating the criticism two days later. By March 31, his frustration peaked as he filled out a spreadsheet used to set the price of a key benchmark for freight derivatives trading, marking it as a “b/s rate.”
The Baltic Exchange, a 282-year-old institution, is responsible for one of the most critical prices in global oil markets. Loveday’s actions highlighted internal dissent over the accuracy and reliability of the benchmark rate, which underpins billions of dollars in freight derivatives trading. His protests suggest deeper issues within the exchange’s pricing mechanisms.
The incident raises questions about the integrity of the benchmark rate and its impact on global oil markets. As the Baltic Exchange continues to set this crucial price, the internal turmoil could have broader implications for traders and investors relying on its accuracy.