Jeremy Penn News

20 Oct 2016

Countdown to London International Shipping Week

Image courtesy London International Shipping Week 2017

The countdown to London International Shipping Week 2017 (LISW17) officially began last night with an exclusive launch reception held at the iconic Norton Rose Fulbright building on London’s South Bank. The launch reception brought together representatives from many of the maritime world’s leading organisations and figures from UK Government to learn of the aspirations, plans and exciting opportunities that LISW17 will deliver between September 11-15, next year. Addressing the 130 invited guests…

14 Oct 2016

Freight Futures Market Avoids Tougher EU Information Disclosures

The European Union's securities markets regulator has dropped proposals to make participants in the multi-billion dollar commodity derivatives market for freight rates disclose knowledge of loading conditions, the Baltic Exchange said. The European Securities and Markets Authority (ESMA) published its report on Sept. 30 on its proposals for more disclosure of inside knowledge about commodity derivatives trading to prevent market abuse. ESMA's initial proposals could have meant that a Freight Forward Agreements (FFA) trader with private information related to a commodity to be shipped could have been found to be in breach of disclosure regulations.

27 Sep 2016

Baltic Exchange Succumbs to Singapore as Shipping Turmoil Deepens

File photo: Nordic Bulk Carriers

The crisis in global shipping and a tax exodus by big Greek vessel owners have helped finally seal the fate of London's Baltic Exchange after at least three approaches to buy it over the last six years of its near-three centuries history. Some 95 percent of shareholders voted on Monday in favour of a takeover deal from Singapore Exchange, valued at 87 million pounds ($112.87 million), trumping more than one effort from the London Metal Exchange to snap it up. "For Baltic shareholders it does release value…

26 Sep 2016

Baltic Exchange Names Jackson as CEO

Mark Jackson (Photo: Baltic Exchange)

Baltic Exchange on Monday named Mark Jackson, a former Chairman and Director, to replace Chief Executive Officer Jeremy Penn. Baltic Exchange shareholders earlier approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions, in a deal that will give SGX access to the multi-billion-dollar freight derivatives market. Jackson, Chief Commercial Officer of AM Nomikos Group, is expected to take up his appointment early in 2017. Penn announced his intention to stand down last year, the Exchange said in a statement.

15 Jun 2016

Inmarsat Global Sponsors LISW 2017

London International Shipping Week Banner

London International Shipping Week (LISW) is proud to announce Inmarsat Global Ltd as Lead Diamond Sponsor for LISW 2017. Inmarsat is a British satellite telecommunications company which provides mobile communication services to the maritime industry worldwide. Inmarsat continues to be highly supportive of LISW, choosing to renew their prestigious diamond sponsorship positioning, which the company held in both 2015 and 2013. “London International Shipping Week is a highlight in the global maritime calendar,” says Ronald Spithout, Inmarsat Maritime President.

17 Mar 2016

China Merchants Offers to Buy Baltic Exchange

Photo by Baltic Exchange

China Merchants Group has made an informal bid for London’s Baltic Exchange, says a report in Reuters. The State-run conglomerate has made an informal offer through a subsidiary, China Merchants Securities. An acquisition of the Baltic, which was founded in 1744, would give the Chinese conglomerate ownership of the industry's benchmark indices - which could be further commercialized - and greater access to the multi-billion dollar freight derivatives market. It emerged in February that the Baltic Exchange…

23 Oct 2015

London's Baltic, China's Ningbo Exchanges in Container Link

London's Baltic Exchange and Chinese state-owned Ningbo Shipping Exchange said on Friday they would collaborate on container indices, the first foray by the Baltic into this segment of the freight market. Sources told Reuters in early October that the London Metal Exchange, which is owned by Hong Kong Exchanges and Clearing , had made an informal approach to the Baltic to acquire it. In a first step, Ningbo's weekly containerised freight index - which tracks rates on various routes - would be published on the Baltic's website, the exchanges said. A Baltic spokesman said it would work with Ningbo to do "more in the container space". Baltic chief executive Jeremy Penn said separately the move underlined its "ever-closer ties with the Chinese market".

25 Sep 2015

Baltic Exchange CEO Stepping Down

Jeremy Penn, chief executive of London's centuries old Baltic Exchange will step down next year, the exchange said on Friday. Penn, who took the helm as CEO in 2003 after previous top positions with international news agency Reuters, will leave next summer. "It has been a privilege to work for the interest of the Baltic, its members and shareholders for the last 12 years and in many ways I shall be sorry to go," Penn said in a statement. During his tenure, Penn rebuffed overtures in 2010 and 2013 from the London Metal Exchange (LME) over a potential tie-up and also faced heat from brokers over the launch in 2011 by the Baltic of the first central freight derivatives platform Baltex, fearing they would lose business. Reporting by Jonathan Saul

11 Sep 2015

London Tops Xinhua/Baltic Exchange Index for Maritime Services

Image: Gibraltar Port Authority (GPA)

London has come top of a listing of maritime service centres published by the Baltic Exchange and Xinhua, China’s news agency, whilst Singapore heads the overall list for its combined port and maritime services offering. The International Shipping Centre Development Index (ISCD) covers 46 of the world’s largest ports and cities and is designed to bring clarity to investors and governments on the relative performance of shipping centres around the world. London makes second place on the overall index, closely followed by Hong Kong.

19 Jul 2015

HRH Princess Royal to Patronize LISW 2015

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London International Shipping Week (LISW) is delighted to confirm that HRH Princess Royal has agreed to be Patron for LISW in 2015. Jeremy Penn, Chairman of the LISW Steering Group, said: “We’re all absolutely thrilled that HRH Princess Royal has agreed to be Patron for London International Shipping Week this year. It’s a huge honour for us and we couldn’t be more pleased. Taking place from September 7 to 11 2015, LISW 2015 promises to be the must-attend event of the global maritime calendar with more than 100 industry functions and unique networking opportunities.

29 Jun 2015

Baltic Exchange Eyes Move into Commodities

Baltex reaches breakeven level since start of 2015; Baltic previously faced broker opposition over platform. London's Baltic Exchange is studying a potential foray into commodities and is open to proposals on tie-ups as other exchanges attempt to boost volumes, its chief executive said. Baltex, the Baltic's digital shipping platform, was launched in 2011 as the first central electronic marketplace for freight forward agreements (FFAs), which allow investors to take positions on freight rates at a point in the future. Since the beginning of this year, the previously loss making platform, has reached break even levels after Baltex became a venue for presenting block futures at the start of December.

13 Jun 2015

LISW15 Lines Up Speakers

London International Shipping Week 2015 (LISW15) is pleased to announce the line up, so far, of high level government and industry speakers for the official LISW15 Conference being held at the Grosvenor House Hotel on London’s Park Lane, on Thursday 10th September. The conference will begin with Jeremy Penn, Chairman of the LISW15 Steering Group and Chief Executive of The Baltic Exchange, formally welcoming everyone to the event before handing over to The Rt Honourable The Lord Mayor of the City of London, Alderman Alan Yarrow who will then address the Conference alongside a Senior UK Government Minister. This session will focus on World…

08 May 2015

Singapore's Transport Minister to Speak at LISW 2015

Minister for Transport Mr Lui Tuck Yew Courtesy Singapore Transport Ministry

London International Shipping Week 2015 (LISW) is delighted to announce that Mr Lui Tuck Yew, Singapore’s Minister for Transport, has confirmed that he will speak at the official LISW Conference on 10th  September 2015 at the Grosvenor House Hotel on London’s Park Lane. Mr Lui Tuck Yew will speak in the session on: “National, Supranational and Global Governance – The role of governments in a global maritime industry: Should governments lend their support and how can they participate in growing their domestic sectors?

14 Jul 2014

Baltic Exchange Appoint Guy Campbell Chairman

Guy Campbell: Photo credit Navigate PR

Guy Campbell of the China Navigation Company has been appointed by the Baltic Exchange Board of Directors as Chairman for a two year term of office. He replaces Quentin Soanes who served as Chairman from 2012. Guy Campbell, FIFC, MCIArb is aged 47 and began his shipping career at shipbroker JE Hyde & Co Ltd in 1990. A dry cargo specialist, he became a Baltic Exchange member in 1991, remained at JE Hyde for seven years before joining Koch Industries, where he spent 10 years as a chartering manager and eventual Director, Ocean Freight for Koch Carbon LLC.

06 Feb 2014

Baltic Exchange Appoints Jones A-P Director, Singapore

Christopher Jones: Photo courtesy of Baltic Exchange

Jones joins the Baltic Exchange from ICAP Shipping Singapore where he was director of sale & purchase. He will replace Philip Williams who retires from the role in April, and he 
will be based at the Exchange's Singapore office. Baltic Exchange Chief Executive Jeremy Penn said:

 “We’re delighted to welcome Chris Jones to the team. The Baltic Exchange’s presence has grown significantly in Asia with our Singapore office leading the drive. More of the Baltic’s freight market information than ever before is produced from Singapore.

13 Dec 2013

London's Baltic Exchange Redefines Capesize Terms

Capesize Bulk Carrier: Wiki CCL photo

The move follows a formal consultation process with the dry bulk market which began on 11 October 2013. Trial reporting on the new routes and vessel description will begin in late January/early February with a lifting of the trial anticipated by the end of March 2014. The existing routes and new routes will be published side-by-side until there is no further open interest in either Forward Freight Agreements (FFAs) or options to be settled. This vessel will routinely be referred to as the 'Baltic Capesize 2014'. 15 knots ballast/14 knots laden on 62mt fuel oil (380 cst), no diesel at sea.

03 Sep 2013

Iron Ore and Coal World Shipping Summit 2013

The fifth annual Iron Ore and Coal World Shipping Summit will take place on October 1 in Athens, Greece. The conference will focus on the maritime transportation of iron ore and coal, making an attempt to forecast the trends of global economy; iron ore, coal and other commodities, production and distribution; the trading markets, shipping capacities, shipbuilding and shipping requirements; the financing and investment climate, shipping innovation effects on ship-values and the environmental imperatives. •    Nicky Pappadakis, President Emeritus Intercargo and Chairman, I.G. Pappadakis & Co. •    Harris Vafias President & CEO, StealthGas Inc. •    George D. •    John Su Managing Director, Keen Maritime Services Inc. •    Janos Koenig Managing Director, Eurofin International Ltd.

29 Apr 2013

U.K. Government Ministers to Speak at LISW

The U.K. Government has put its support firmly behind the inaugural London International Shipping Week (LISW) by confirming two of its Ministers as main speakers at the LISW Conference to be held at the Lloyd’s Building on Thursday, September 12. Lord Green of Hurstpierpoint, Minister for Trade and Investment will address delegates on the key issue of London’s role in propelling world trade while the Rt Hon Stephen Hammond, Parliamentary Under Secretary of State for Transport and the Shipping Minister, will give a keynote address emphasizing London’s position at the center of world trade, shipping and maritime services. Confirmed speakers include The Lord Mayor of the City of London…

18 Apr 2013

London International Shipping Week Appoints Board of Advisors

The industry-led Steering Group running the inaugural London International Shipping Week (LISW) has established an official Board of Advisors which will act as guardians of the event to ensure it maintains objectivity and furthers London’s role as a major global maritime center. The purpose of the Board of Advisors is to lend credibility and high profile support to the LISW event, its aims, objectives and international engagement; while also taking a strategic view of the impact of LISW’s focus, its activities and attractiveness of London’s role in the global shipping industry. The Board of Advisors will have responsibility and accountability for reviewing and assessing LISW’s progress in achieving its strategic aims…

11 Mar 2005

New Shipping Risk Management Course

The Baltic Exchange and the Centre for Shipping, Trade & Finance at London’s Cass Business School unveiled plans today (10 March) to deliver a series of executive courses focusing on the management of a range of financial risks in the shipping markets. The two day course “Shipping Risk Management” will cover freight, bunker, ship price, credit, foreign exchange and interest rate risk and will be held in London, Hamburg, Athens, Hong Kong and Singapore during 2005. The course will be delivered by the Centre for Shipping, Trade & Finance through Cass’s Executive Education division, CassExec. “The shipping markets are becoming increasingly risky as fluctuations in freight rates and ship prices have increased substantially.

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