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Baltic Exchange Launches Shanghai Office

by Mary Swire, Tax-News.com, Hong Kong

20 September 2013


London-headquartered bulk shipping exchange, the Baltic Exchange has announced the opening of a new office in Shanghai, China. The exchange provides data on the cost of moving bulk commodities such as iron ore, coal and oil, by sea.

The Baltic Exchange is best known in China as the publisher of the daily Baltic Dry Index, an independent assessment of the dry bulk shipping markets. Many major Chinese corporations importing bulk commodities rely upon the Baltic Exchange's assessments to deal with their ocean transportation needs.

The exchange explained that the new office in Shanghai is designed to build on relationships between Chinese bulk shipping interests and the rest of the world.

Commenting on the Baltic Exchange's new office, Chief Executive Jeremy Penn said: "This will be the first time in the Baltic Exchange's 269-year history that we have had a physical presence in China. We hope that our presence in China will help develop relationships between Chinese shipping and trading companies and the international maritime industry. We believe that Shanghai has an exciting future as a maritime business centre and hope to help facilitate this great trading city's growth."

The office was officially opened at an inauguration ceremony at the Jumeirah Himalayas Hotel by the Lord Mayor of London Roger Gifford and senior Shanghai officials. The Baltic Exchange office will be managed by Marcus Lee, an experienced former ship broker who was previously posted at the Baltic Exchange's Singapore office.

TAGS: marine

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