Singapore Tops World's Shipping Centre Rankings in 2018
Singapore has emerged as the world's top maritime center for the fourth consecutive time in the Xinhua-Baltic International Shipping Center Development Index. "Singapore remains unmoved at the top of the International Shipping Centre Development (ISCD) Index for the fifth successive year, following a benchmark report published today (10 July 2018) by the Baltic Exchange and Xinhua, China’s news agency," said a press release. The index covers 43 of the world’s largest ports and…
Noble Execs Cut Deal with SEC Ahead of Bribery Trial
Two executives from offshore drilling contractor Noble Corp have agreed to settle civil claims they participated in a bribery scheme to obtain permits for oil rigs in Nigeria, days before the case was set to go to trial. Jury selection had been scheduled for next Monday in the U.S. Securities and Exchange Commission's case against Mark Jackson, Noble's former chief executive officer, and James Ruehlen, director of the oil and gas services company's Nigerian subsidiary. The two men were sued under the Foreign Corrupt Practices Act (FCPA), which bans U.S.
Baltic Exchange Chief Outlines Growth Plan
Newly appointed Baltic Exchange Chief Executive Mark Jackson has set out the Exchange’s vision of the near-future in a wide-ranging speech in Singapore during the concurrent MPA Singapore Maritime and Singapore Iron Ore Weeks. “The recent acquisition of the Baltic Exchange by the Singapore Exchange (SGX) has reinvigorated this key international maritime institution, allowing us to grow our leadership profile and play a bigger role than ever before in setting standards, building consensus and leading change in the shipping markets.
Baltic Exchange Names Sykes Chief Commercial Officer
The Baltic Exchange has appointed a new chief commercial officer; Janet Sykes, former head of communications at shipping services provider Clarksons Platou, will join the Baltic Exchange on July 3. Sykes worked at Clarksons Platou between 2010 and 2017 where she was responsible for all internal and external communication and marketing. She was previously head of marketing at the Baltic Exchange (2001-2010) and has previously worked as shipbroker at Howe Robinson (1991-2000). Baltic Exchange chief executive, Mark Jackson, said, “We're delighted that Janet Sykes will be joining the team.
Baltic Exchange Mulls New Freight Indexes for Grains, LNG
The Baltic Exchange is looking into launching freight indexes for grains and liquefied natural gas (LNG) as the London-run business targets new markets after its acquisition by Singapore Exchange last year, the Baltic's chief executive said. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates and owns a trading platform for the multi-billion dollar freight derivatives market. SGX's ownership of the Baltic has enabled the exchange to set its sights on developing new areas…
Shippers Must Reduce Costs, Boost Efficiency
So what’s keeping ship operators awake at night these days? Plenty, it seems. Sluggish recovery from a lingering worldwide recession, unsustainable debt loads, endemic overcapacity in most shipping trades, punishing freight rates, rising costs of fuel and regulatory compliance and a lingering sense that ships are not running as efficiently as they could. The last two topics – reducing fuel costs while complying with emission regulations and improving ship operating efficiency – will take center stage at SHIPPINGInsight 2014, scheduled for Sept. 30 – Oct. 2 in Stamford, Conn.
Baltic Exchange to Develop LNG Freight Index
The Baltic Exchange is looking into launching a freight index for liquefied natural gas (LNG) and is working with leading ship brokers to explore potential shipping routes that might be used as the LNG market grows, the company said on Thursday. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates, including ones used by the multi-billion dollar freight derivatives market. Singapore Exchange acquired the exchange in 2016 and since then the Baltic has been looking for new markets to develop.
Baltic Exchange Names Jackson as CEO
Baltic Exchange on Monday named Mark Jackson, a former Chairman and Director, to replace Chief Executive Officer Jeremy Penn. Baltic Exchange shareholders earlier approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions, in a deal that will give SGX access to the multi-billion-dollar freight derivatives market. Jackson, Chief Commercial Officer of AM Nomikos Group, is expected to take up his appointment early in 2017. Penn announced his intention to stand down last year, the Exchange said in a statement.
Baltic Exchange Sets Out New Code of Conduct
The Baltic Exchange said it will introduce a new code of conduct for shipowners, charterers and shipbrokers using the physical shipping and freight derivatives markets.Following a detailed review of the current arrangements led by law firm Norton Rose Fulbright with oversight by the Baltic Exchange Council and the Baltic Membership Council, the New Baltic Code has been drafted to bring together a set of principles and business practices which will be applicable to not only Baltic Exchange members, but also the wider market.
Baltic Exchange Developing Container Shipping Index
London's Baltic Exchange is developing a container shipping index with Hong Kong-headquartered group Freightos in another sign that the centuries-old business is moving into new markets. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates, including ones used by the multi-billion dollar freight derivatives market. The Baltic and its partner on the initiative Freightos, a digital container platform which also has a global database of freight rates…