General Announcement::News release: SGX welcomes IMC Shipping as new Baltic Exchange member

Issuer & Securities

Issuer/ Manager
SINGAPORE EXCHANGE LIMITED
Securities
SINGAPORE EXCHANGE LIMITED - SG1J26887955 - S68
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
09-Dec-2016 17:12:58
Status
New
Announcement Sub Title
News release: SGX welcomes IMC Shipping as new Baltic Exchange member
Announcement Reference
SG161209OTHRVPLT
Submitted By (Co./ Ind. Name)
Ho Lily
Designation
AVP, Marketing & Communications
Description (Please provide a detailed description of the event in the box below)
Singapore Exchange (SGX) is pleased to announce that IMC Shipping has joined the Baltic Exchange, having been the first to apply for membership since SGX acquired the London shipping institution.

IMC Shipping, part of the IMC Industrial Group, joins more than 650 Baltic Exchange member firms that encompass the majority of global shipping. The company's business focus includes dry bulk trade routes that supply iron ore and coal to Asia's fast-growing economies.

Michael Syn, Head of Derivatives at SGX, said, "We are delighted to welcome another new Baltic member from Asia as we look to enhance growth opportunities amid the shift in seaborne trade to this part of the world. As participation in the Baltic increases, the maritime community as a whole will benefit from a more reliable and independent view of the markets."

Lim Sim Keat, Managing Director for Transport Logistics, IMC Industrial Group, said, "We are proud to become a Baltic member and help promote Singapore in global shipping. Throughout his career, our founder, Tan Sri Frank Tsao, has been an advocate for Singapore, championing its development as an international maritime centre."

SGX on 8 November completed its acquisition of the Baltic Exchange, the world's only independent source of maritime market information for the trading and settlement of physical and derivative shipping contracts, including forward freight agreements (FFAs). Members commit to a code of business conduct encapsulated in the Baltic Code.

-End-

Attachments

20161209_SGX_welcomes_IMC_Baltic_member.pdf
Total size =275K