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Baltic Exchange establishes Asia-Pacific office

Baltic Exchange establishes Asia-Pacific office

Singapore: The London-based Baltic Exchange has today announced it is setting up an Asia-Pacific Representative Office in Singapore, to ensure closer contact with its growing number of members in the region and focus on the development of Baltic freight market information to meet their needs.

Unveiling the news at the inaugural meeting of the Baltic's Asian Dry Freight Market Information Users Group, Baltic Exchange chief executive Jeremy Penn said: "Opening our office (here) in Singapore is an important step in ... ensuring the Baltic is fully attuned to the needs of the shipping market in the Asia-Pacific region."

MPA (Maritime and Port Authority of Singapore) chairman Peter Ong welcomed the move, saying: "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."

The new office will be run by Philip Williams, an experienced shipbroker who has previously worked for Braemar Seascope (Perth), Navios and Fiona Maritime Agencies. The Baltic Exchange currently has 60 member companies based in the Asia Pacific region.  [12/12/06]