The U.K.-based Baltic Exchange on Tuesday opened a new office in Shanghai.
The bulk shipping exchange, whose members comprise the world’s leading shipping, chartering and brokering companies, provides data on the cost of moving bulk commodities such as iron ore, coal and oil by sea.
The exchange is best known in China as the publisher of the daily Baltic Dry Index, an independent assessment of the dry bulk shipping markets.
“The move to Shanghai is designed to build on relationships between Chinese bulk shipping interests and the rest of the world,” the organization said. “By joining the Baltic Exchange, Chinese shipowners, shipbrokers and charterers will be able to access global shipping markets more readily.”
The office will be managed by Marcus Lee, a former shipbroker who previously worked at the Baltic Exchange’s Singapore office.
“This will be the first time in the Baltic Exchange’s 269-year history that we have had a physical presence in China,” said Chief Executive Jeremy Penn in a statement. “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 center and hope to help facilitate this great trading city’s growth.” - Eric Johnson