Asia/Pacific News
Baltic Exchange Opens New Office in Shanghai
London headquartered bulk shipping exchange, the Baltic Exchange yesterday opened a new office in Shanghai, China, the organisation has announced in an emailed press release.
"This will be the first time in the Baltic Exchange's 269 year history that we have had a physical presence in China," commented Baltic Exchange Chief Executive Jeremy Penn.
The publisher of the daily Baltic Dry Index said 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, they said.
"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," said Penn.
The new office will be managed by Marcus Lee, who Baltic Exchange said was an experienced former shipbroker who has previously worked at the Baltic Exchange's Singapore office.
Attendees at the official opening ceremony included the Lord Mayor of London, Roger Gifford, along with senior Shanghai officials.
"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," said Gifford.
"Through the continuing development of London as a centre for RMB business ... 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."
