Baltic Exchange highlighted that the move into Shanghai is designed to build on relationships between Chinese bulk shipping interests and the rest of the world.
“This will be the first time in the Baltic Exchange's 269 year history that we have had a physical presence in China,” said Jeremy Penn, chief executive of Baltic Exchange.
“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,” Penn commented.
The official opening of the Shanghai office was graced by the Lord Mayor of London, Roger Gifford, who believed that the new office indicated strengthening ties between London and Shanghai as global financial centres.
The Shanghai office will be managed by Marcus Lee, an experienced former shipbroker who has previously worked at the Baltic Exchange's Singapore office.
Baltic Exchange, best known for its daily Baltic Dry Index (BDI), said that many major Chinese corporations importing bulk commodities rely upon the exchange's assessments to deal with their ocean transportation needs.
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