A case of wait and see

With the well publicised interest that the Singapore Exchange has in possibly buying the Baltic Exchange an announcement during in Singapore Maritime Week seemed like an obvious one to many.

Speaking at the reception Jeremy Penn, chief executive of the Baltic said he’d been told by Chris Jones, the Baltic’s local representative that a larger usual turnout was expected, “because everyone is hoping I’ll announce something of interest”.

“Bad luck!” Penn quipped before repeating previous statements about being in discussions with a number of parties about a possible acquisition of the Baltic. “I would just like to reiterate tonight that, while not being a position to anymore than that, the position of the board is that a transaction will only be recommended to shareholders if it is believed it is long term benefit to members large and small, brokers, principals, FFA market participants and even the wider shipping market.

“Beyond that I simply have to say wait and see,” he concluded.