Hugh Mccoy News

The Baltic Exchange -- the world's oldest shipping market -- is seeking mutual status as a means to overcome conflicts between shareholders over the use of assets. "The board feels that a company moving toward mutual mode is the best for the future of the Baltic Exchange," chairman Hugh McCoy said. Under proposals to be put out for consultation, the shipping market would be restructured so that existing shareholders became members of a new corporate body limited by guarantee. A one-off dividend would be paid to existing shareholders with remaining assets transferred to allow the new company to continue operating the market for trading members. The proposals were designed to end conflict between existing shareholders and trading members, McCoy said.

The Baltic Exchange -- the world's oldest shipping market -- is seeking mutual status as a means to overcome conflicts between shareholders over the use of assets. "The board feels that a company moving toward mutual mode is the best for the future of the Baltic Exchange," chairman Hugh McCoy said. Under proposals to be put out for consultation, the shipping market would be restructured so that existing shareholders became members of a new corporate body limited by guarantee. A one-off dividend would be paid to existing shareholders with remaining assets transferred to allow the new company to continue operating the market for trading members. The proposals were designed to end conflict between existing shareholders and trading members, McCoy said.