BRUNO BOULANGER APPOINTED BALTIC TANKER FREIGHT MARKET INFORMATION GROUP CHAIRMAN
BP Shipping’s head of freight trading Bruno Boulanger has been appointed chairman of the Baltic Exchange Tanker Freight Market Information User Group (FMIUG). He replaces Simon Toyne, formerly of Hess Energy Trading Company LLC (HETCO) whose resignation from the position was previously announced (14 April).
The FMIUG is a forum for freight derivatives traders and other interested principals to provide input and feedback in the choice and description of the Baltic Exchange's wide range of dry and wet indices as well as any other matter they wish to raise with the Baltic.
Currently, the Baltic Exchange produces daily Worldscale assessments for 19 of the world's most important tanker routes in the Baltic International Tanker Routes assessments (BITR).
Welcoming his appointment Baltic Exchange Chief Executive Jeremy Penn said:
“I’m delighted that such a well-known tanker market FFA participant will be heading this important group. I would encourage any principals in the wet trades to join this influential group and ensure that their views on Baltic tanker route reporting are taken into full consideration by the Baltic Exchange.”
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Notes to editors
Bruno Boulanger is the head of freight trading at BP Shipping. BP Shipping provides all marine assurance activity for the BP Group; operates a fleet of crude oil, refined product and LNG tankers and runs an industry-leading ship and port vetting service.
Membership of the group is open to any principal who is a Baltic member and the group takes input from across the industry. The group meets on an ad-hoc basis and communicates through an e-mail forum within the Baltic's Consultative Group which brings together the views of panellists, freight derivatives brokers and members generally.
The Baltic Exchange is the world's only self-regulated shipping market maintaining professional standards, resolving disputes and providing market information. With over 500 member companies from all over the world it is the largest shipbroking market and its international members handle a very large proportion of all dry cargo and tanker fixtures.
Each day the Exchange handles over 600 separate pieces of information to compile its unique freight market information, including some 41 route rates from 25 panellists in 10 countries.
More than half the world's new and second hand tonnage is bought and sold by Baltic members in a market which, according to Clarkson's Research, was worth around US$34 billion in 2002. Commissions from chartering and sale and purchase in 2002 (latest available figures) amounted to more than US$½ billion.
The Baltic Exchange ensures the relevance and robustness of its freight market information by regularly consulting with the users of its data.
Control of responsibility for Baltic freight market information lies with the Freight Indices and Futures Committee (FIFC), which is made up of five Baltic Exchange directors and in turn reports to the Baltic Board.
The FIFC receives industry input from the Freight Market and Futures Consultative Group which covers the:
Forward Freight Agreement brokers