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IMC Shipping joins Baltic Exchange
IMC Shipping has joined the Baltic Exchange after being the first to apply for membership since the Singapore Exchange acquired the London shipping institution.
IMC Shipping - part of the IMC Industrial Group - joins over 650 Baltic Exchange member firms that encompass the majority of global shipping, said the Singapore Exchange (SGX) in an announcement.
The company’s business focus includes dry bulk trade routes that supply iron ore and coal to Asia’s fast-growing economies.
Michael Syn, SGX’s derivatives head said: “We are delighted to welcome another new Baltic member from Asia as we look to enhance growth opportunities amid the shift in seaborne trade to this part of the world.”
“As participation in the Baltic increases, the maritime community as a whole will benefit from a more reliable and independent view of the markets,” he added.
On Nov 8, the SGX completed its acquisition of the Baltic Exchange, the world’s only independent source of maritime market information for the trading and settlement of physical and derivative shipping contracts, including forward freight agreements (FFAs).
Members commit to a code of business conduct encapsulated in the Baltic Code.