Friday 29 Mar 2024
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SINGAPORE (Dec 9): Singapore Exchange (SGX) has announced that IMC Shipping, part of the IMC Industrial Group, has joined as a member of the Baltic Exchange.

IMC Shipping was the first firm to apply for membership since SGX acquired the London shipping institution on Nov 8, SGX said in a press release on Friday.

IMC Shipping’s business includes dry bulk trade routes that supply iron ore and coal to Asia’s fast-growing economies.

On Friday, it joined more than 650 Baltic Exchange member firms that encompass the majority of global shipping.

The Baltic Exchange is 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).

“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,” SGX’s Head of Derivatives Michael Syn.

“As participation in the Baltic increases, the maritime community as a whole will benefit from a more reliable and independent view of the markets,” Syn adds.

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