The Baltic said chief executive Penn would stand down next summer after 12 and half years in the role.
"It has been a privilege to work for the interest of the Baltic, its members and shareholders for the last 12 years and in many ways I shall be sorry to go,” Penn said.
“However, now is the time to give myself the opportunity to pursue other projects and interests, some of which will certainly be in shipping."
The search will now be undertaken for his successor. "Jeremy advised the Board some time ago of his plans and we will of course be sorry to lose him. We are now in a position to launch a formal search for his successor, which will be managed by Odgers Berndtson," said Guy Campbell, chairman of the Baltic Exchange.
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