First ever Baltic Exchange Singapore board meeting highlights growing Asian influenceMarkets, News — By admin on November 6, 2013 at 6:20 PM
The London headquartered Baltic Exchange yesterday (6 November 2013) held its first ever board meeting outside of the UK. Baltic Exchange directors met at Thomson Reuters Singapore offices to discuss a range of shipping market issues including proposed changes to the Baltic Exchange’s index definitions.
Holding a board meeting in Asia reflects the importance of the region to the Baltic Exchange which currently has around 200 member firms with offices based in Asia and 100 in Singapore alone. A total of 610 companies and 2,477 individuals drawn from across the bulk shipping markets are currently members of the Baltic Exchange.
Baltic Exchange Chairman Quentin Soanes said: “We would like to increase Asian representation on our board and holding our meetings outside of the UK will help to encourage this. We hope to hold regular board meetings in the region in the future.”
Earlier this year the Baltic Exchange upgraded the status of its Singapore representative office to a Singaporean registered entity Baltic Exchange (Asia) Pte Ltd. It also acknowledged the increased levels of chartering authority in the Asia-Pacific region by moving the time of the publication of its nine capesize routes and index forward by two hours. This September also saw the opening of a Baltic Exchange office in Shanghai.
As well as today’s board meeting, the Baltic is holding a series of events in Singapore this week including a reception at the Raffles Hotel which will be attended by the Singapore Minister of Transport Lui Tuck Yew and the British High Commissioner Antony Phillipson.
On 7 November the Baltic Exchange and Forward Freight Agreement Brokers’ Association (FFABA) will be holding the Asia Derivatives Forum at the ParkRoyal on Pickering hotel. Presentations and discussions will be given by leading market traders and analysts to an audience of traders, shipowners and charterers.
The Baltic Exchange is the world’s only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 600 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.
Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels.
Baltic Exchange services
• Independent, high quality dry, wet and gas freight market information
• Self-regulated chartering, sale and purchase and freight derivatives markets
• Central forum for competing freight market interests
• Framework ensuring high standards of business practice and co-operation
• London-based business facilities for members
Baltic Exchange Derivatives Trading was set up by the Baltic Exchange in June 2011. Baltex is a central, neutral and FCA approved Multilateral Trading Facility for dry freight derivatives developed by the Baltic Exchange, the world’s only independent provider of daily dry bulk shipping indices and route assessments.
Baltex is designed to bring liquidity, price transparency, counterparty anonymity and a more efficient clearing process to the global freight derivatives market.