The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is run out of Singapore and led by Chris Jones, the Baltic Exchange’s Head of Asia who is a former Sale & Purchase shipbroker with over 40 years of experience.

Based on a new Baltic Escrow Form developed by the Baltic Exchange, the service will be subject to the Singapore Exchange's (SGX) detailed compliance and money laundering procedures. OCBC Bank will be providing the joint deposit account.

To use the service the buyer needs to be a member of the Baltic Exchange, although there are plans to expand this in the future to support transactions where the seller or broker is a Baltic Exchange member.

Commenting on the new service Chris Jones said:

“There’s been a good deal of interest in this service since we initially announced it in April. We hope to expand this service to dispute-related issues such as bunkers in the near future.”

The service costs US$5,000 per side.

ENDS

For further details please contact:
Sebastian Button, Navigate PR
E: sbutton@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 600 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