London headquartered bulk shipping exchange, the Baltic Exchange has today (17 September 2013) opened a new office in Shanghai. The exchange, whose members comprise the world’s leading shipping, chartering and broking companies, 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 move to Shanghai is designed to build on relationships between Chinese bulk shipping interests and the rest of the world. By joining the Baltic Exchange, Chinese shipowners, shipbrokers and charterers will be able to access global shipping markets more readily.
Commenting on the Baltic Exchange’s new office, its 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.
Roger Gifford said:
“I’m delighted to have the opportunity to praise the wider partnership between the City of London, as a global financial centre, and China, and Shanghai in particular – a partnership deepened and strengthened through the opening of the Baltic Exchange’s office here.”
“Today marks the start of a new chapter in a story of success. Through the continuing development of London as a centre for RMB business – with the internationalisation of the currency an important strand in China’s own development as an economic and political entity. And through Chinese investments in London – with a 35 acre site earmarked for development by a Chinese company for Asian businesses seeking to establish themselves in Europe – and with a Chinese company proposing to acquire the iconic Lloyds of London Building, in the heart of the City of London itself. As the British Prime Minister has said, we welcome this investment – and we want you to see the UK as the destination of choice for Chinese investment. And also through the partnership between London and Shanghai – one renewed through the new Memorandum of Understanding between the two cities two years ago. We want to support Shanghai’s own vision of becoming a global financial centre.”
The Baltic Exchange office will be managed by Marcus Lee, an experienced former shipbroker who has previously worked at the Baltic Exchange’s Singapore office.