The Baltic's new service that hold deposits for members in ship sale transactions went live on Monday and currently supports the buyer, who is a member of the Baltic, in a sale and purchase transaction.
The new service is run from Singapore by Chris Jones, the Baltic's Head of Asia. The service is subject to detailed compliance and money laundering procedures by the Singapore Exchange, which owns the Baltic and OCBC Bank is providing the joint deposit account.
There are plans to expand the service to other areas as well as to sellers and brokers and S&P transactions. "There's been a good deal of interest in this service since we initially announced it in April. We hope to expand this service to dispute-related issues such as bunkers in the near future,” Jones said.
The service is charged at $5,000 per party.
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