The Baltic Exchange has entered into discussions with a group of Dry Panellist Brokers with the aim of jointly developing a charterparty and recap tool for the dry bulk market. The goal is for the Baltic Exchange and Panellists to work together and produce an industry standardised recap manager and charterparty editor.
 
The Baltic Exchange Recap Manager (BERM) concept was presented at a meeting with representatives of a group of Baltic Exchange panellists on 21 March in London. Commenting on the discussions, Baltic Exchange Chief Executive Mark Jackson said:

"We've been looking at the post trade space for 12 months and after consultation with our members and Panellists the area of contract management was highlighted. Our joint aim is to develop a broker-centric product that will be adopted by the market. Contract management systems can maximise efficiency and accuracy in contract production and is a key service Shipbrokers provide to their customers. The Baltic is partnering with Chinsay as its technology provider – with this arrangement in place we can build on Chinsay's existing charterparty management system, which is used by many of the major principals and shipbroking companies."

ACM Braemar, E A Gibson, Howe Robinson and CSBL members; Arrow Shipbroking Group, Barry Rogliano Salles, Hartland Shipping Services, Ifchor and Thurlestone Shipping, have agreed to explore this project further with the Baltic Exchange. A working group will look at the possible structure of an agreement and scope the system's functionality.

ENDS

For further details please contact Bill Lines

T: +44 (0)20 3326 8460
E: blines@navigatepr.com

About the Baltic Exchange

The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 640 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.

Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels.
In November 2016, the Baltic Exchange was acquired by Singapore Exchange ("SGX"), bringing together complementary strengths of Singapore and London, two of the world's most important maritime centres.

Baltic Exchange services

•         Independent, high quality dry, wet and gas freight market information
•         Self-regulated chartering, sale and purchase and freight derivatives markets
•         Central forum for competing freight market interests
•         Framework ensuring high standards of business practice and co-operation
•         London-based business facilities for members

www.balticexchange.com