Baltic Exchange welcomes UK’s Maritime Growth Study findings

Associations, Events, Conferences,Forums and Symposiums, Markets — By on September 7, 2015 at 7:05 PM
London - The Baltic Exchange

London – The Baltic Exchange

The Baltic Exchange has warmly welcomed the findings of the UK Maritime Growth Study, published today (7 September 2015). The study, based on lengthy and in-depth consultation with industry and government, was led by Lord Mountevans.

It provides ideas and reforms designed to enable Britain’s maritime industries to build on their multi-billion pound contribution to the economy. The Study calls for the establishment of a ministerial working group in government to drive forward action on maritime issues, set clear targets and monitor progress and recommends that the UK maritime industry funds and sets up a new single industry body to promote the UK maritime sector to international markets.

Baltic Exchange Chief Executive Jeremy Penn commented:

“We look forward to participating in the government working group. We are also committed to the plan to more effectively promote the UK to international markets. The Baltic Exchange, along with other industry bodies, was instrumental in founding Maritime UK (formerly One Voice) to promote the industry to government. We will be working with our colleagues to review the role and funding of Maritime UK in response to Lord Mountevans’ proposals.”

He added:

“The Baltic Exchange would be happy to commit funding towards this new body, if there is a similar willingness to commit financially from other sectors of the maritime industry.”

Other key findings of the report include:

· Creating a new standalone unit within the Maritime and Coastguard Agency to focus on attracting more ships to be UK registered and fly the Red Ensign

·  Government and industry to develop a joint strategy to identify skills gaps and increase apprenticeships i‎n the UK maritime sector and increase apprenticeships

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 640 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

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