The Baltic Exchange is the world's leading international shipping market. Two-thirds of all the world's open market bulk cargo movement is at some stage handled by Baltic members. The five main dry bulk commodities are: iron ore, grain, coal, bauxite/alumina and phosphate rock.
Other cargoes include sugar, forest products, ores and minerals, fertilisers, some manufactured commodities and various agricultural products. The wet bulk market comprises crude oil as well as refined products such as petrol, kerosene and chemicals. Many operators in these trades are themselves members of the Baltic, particularly international commodity traders in grain, oils, seeds and fats. In addition it is calculated that about half of the world's sale and purchase of ships is dealt with through firms represented on the Baltic.
The International Bunker Industry Association Ltd (IBIA) was conceived in October 1992 by eight members of the industry. Since then it has expanded steadily with a world wide membership comprising Ship Owners, Charterers, Bunker Suppliers, Traders, Brokers, Barging Companies, Storage Companies, Surveyors, Port Authorities, Credit reporting companies, Lawyers, P and I Clubs, Equipment Manufacturers, Shipping Journalists and Marine consultants. There are now well in excess of 570 members representing of 66 countries.
IBIA today represents the industry at the International Maritime Organization (IMO) as a consultative non-governmental organisation. At IMO it has influence over the outcome of debates regarding future legislation. IBIA was represented on the Expert Panel in 2007 which reported to IMO about the implications of proposed revisions to MARPOL Annex VI. IBIA attends all meetings of the Marine Environment Protection Committee (MEPC), Maritime Safety Committee (MSC) and the Bulk Liquids and Gases (BLG sub-committee).
IBIA has also been granted “liaison status” with the International Standards Organisation (ISO). This will enable IBIA to contribute to future discussion regarding ISO 8217 and ISO 13739.