High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
By Roslan Khasawneh SINGAPORE, April 26 (Reuters) – The Baltic Exchange said on Wednesday it will offer new products and services to enhance its role in the maritime industry.
In 2017, the Exchange aims to provide more freight market benchmarks and move into the liquefied natural gas (LNG) and container spaces, as well as becoming more involved supporting its members in post-trading activities, it said in a press release.
The Exchange, along with its parent company the Singpoare Exchange (SGX), plans develop a freight LNG index to support its spot LNG pricing and Singapore’s ambitions of becoming a regional natural gas hub.
The Baltic wants to grow its “leadership profile and play a bigger role than ever before in setting standards, building consensus and leading change in the shipping markets,” said Mark Jackson, its newly appointed chief executive.
The Exchange will also create a Baltic Asia Advisory Committee “whose key role will be to represent the voice of the shipping community in Asia,” said Jackson.
On the regulatory side, the Exchange said it intends to provide greater clarity on the role of the shipbroker and raise global freight trading standards.
The Exchange also announced changes to its data policy to enhance the role of its so-called panellists, or shipbrokers that contribute market levels for its indexes, and tighten non-authorised access to its data, the Exchange said.
Baltic Exchange data is used to settle freight derivative contracts and is increasingly written into charterparty agreements.
SGX completed its takeover of the Baltic Exchange in November, sealing an 87 million pound ($108 million) deal for one of London’s oldest market institutions.
(Editing by Christian Schmollinger)
(c) Copyright Thomson Reuters 2017.
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