Baltic marks Singapore opening

BALTIC EXCHANGE MARKS SINGAPORE OPENING

THE Baltic Exchange marked the official opening of its Singapore Representative Office yesterday with a reception at Raffles Hotel attended by Mrs Lim Hwee Hua, Singapore’s Minister of State for Finance & Transport.

Welcoming the opening of the Baltic Exchange office Mrs Lim said: “With the establishment of its Asia office, the Baltic Exchange is in an excellent position to assist in the development of the Asian freight market by providing the much needed information that is relevant to the Asian shipping community. I understand that the Baltic Exchange is already looking at increasing the number of Asian trading routes reported daily, as well as the number of Asian route assessments published, for both the tanker and dry cargo sectors.”

Baltic Exchange chief executive Jeremy Penn said: “The Baltic’s provision of benchmark shipping rates serves both the physical market and the derivatives market. However, this success depends on the continuing worldwide consensus which supports the Baltic rates. By opening an office here in Singapore we demonstrate our determination to maintain that consensus in Asia and to make sure we are responsive to the needs of the market in this time zone, recognising its specific requirements and making engagement with the Baltic as natural in Asia as it is in London or Athens.”

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