The Baltic Code

The Baltic Code contains guidance for shipbrokers and is based on the distilled experience of Baltic Exchange members over many years.

The motto of the Exchange our word our bond symbolises the importance of ethics in trading. Members need to rely on each other and their principals for many verbally expressed contracts which are only later confirmed in writing.

The Baltic Exchange regards ethical trading as essential.
 

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The Baltic Code, updated in February 2014, covers the basic principles of shipbroking and highlights a range of unacceptable practices.

Areas covered include the misrepresentation of authority, holding multiple vessels or cargoes firm, the withholding of commissions, unsolicited offers, subjects, disbursements, market information and contractual obligations.

All Baltic Exchange members are expected to adhere to this Code.  

 
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Financial standing & professional indemnity

Every member of the Baltic Exchange is required to demonstrate that they are of sufficient financial standing to carry out with confidence the business in which they are engaged.

A member who holds funds on behalf of a client must maintain a separate account for clients' monies and must act in a fudiciary capacity.  

Every member is expected to maintain professional indemnity insurance at a level appropriate to the scale and scope of their business.

Baltic Exchange Ltd., St Mary Axe, London, EC3A 8BH
Registered in England Number 64795
Tel + 44 (0) 20 7283 9300, Fax + 44 (0) 20 7369 1622.
Calls to Baltic Exchange staff are recorded
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