Baltic Exchange calls EGM
The Baltic Exchange has called an Extraordinary General Meeting of shareholders on 19 April to consider proposals to enhance the way in which the organisation is run.
However, following a thorough consultation with its shareholders, the Baltic will not at this time be asking its shareholders to approve the matter of appointing Baltic executives as directors to its Board.
In a letter to shareholders dated 27 March, Chairman Anthony Cooke writes:
During the course of the consultation process it became clear to us that one particular measure, to make it possible to elect Baltic executives to the Board, was surprisingly controversial. Recognising this situation, your Board feels that although it still believes its view to be correct, it would be helpful to allow more time for consideration and debate of this measure.
The proposals being put to shareholders include a share split, a requirement on all members, including overseas members, to hold shares, but the Board given the power to grant dispensations, and the inclusion of up to two non-executive directors nominated by the Board. A number of other amendments and modernisations are proposed.
ENDS
For further details please contact Bill Lines, Navigate PR
T: +44 (0)20 7369 1653
E: blines@navigatepr.com
Notes to editors
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 550 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.
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
A collective voice for members worldwide
Shipping market information
The Baltic Exchange provides the shipping market with the following information:
Six daily indices covering capesize, panamax, supramax dry bulk carriers and tankers carrying clean and dirty products
Over 50 separate route assessments
Mark-to-market information
Four dry cargo reports
Second-hand ship values
Ship demolition values
Daily dry cargo fixture list
Self-regulated market
The Baltic exercises a light-handed supervision of the shipping market through a self-regulatory process and expects its members to conduct their business within a set of defined guidelines and work practices encapsulated in its 260 year old motto "Our Word Our Bond."
