The Baltic Exchange has set up an Asia-Pacific Representative Office in Singapore. The exchange says: “The office will provide close contact with the growing number of Baltic Exchange members in the region and will focus on the development of Baltic freight market information to meet their needs.”
Announcing the opening of the new office at the inaugural meeting of the Baltic’s Asian Dry Freight Market Information Users Group, Baltic Exchange chief executive Jeremy Penn said: “Having lived and worked in this area for more than 10 years, including three based in Singapore, I know how hard it is for any organisation with its centre of gravity in another time-zone to really respond to the needs here. Opening our office in Singapore is an important step in redressing the balance and ensuring the Baltic is fully attuned to the needs of the shipping market in the Asia-Pacific region.”
He added: “We plan to grow this office and look forward to welcoming new members to the Baltic.”
Welcoming the Baltic’s announcement, Peter Ong, chairman of the Maritime and Port Authority of Singapore (MPA) said: “We are honoured that the Baltic Exchange has chosen Singapore as the location for its first office outside of London. We are confident that the Baltic Exchange’s presence in Asia will be well received by the maritime community in Singapore and in Asia. We look forward to working with the Baltic Exchange to develop the freight derivatives market in Asia and beyond.”