The Baltic Exchange is overhauling the way its forward curves for freight derivatives are formulated, in response to feedback submitted by the Independent Forward Freight Agreement Association.

Members of the association, which comprises traders, shipowners and end users, say they have found the curves inaccurate and not a true reflection of the current market.

The IFFAA said this is down to the large burden placed on brokers to submit data to the Baltic — up to 228 different data points, many of which are for cleared products that are not being traded.