Singapore Intros Maritime Reporting Guide
Singapore has launched its first Maritime Sustainability Reporting Guide to support local companies' sustainability development practices.The guide was jointly launched by the Maritime and Port Authority of Singapore (MPA), Singapore Exchange Limited (SGX), Global Compact Network Singapore (GCNS), Institute of Singapore Chartered Accountants (ISCA), and sustainability consultants from Ernst & Young LLP, KPMG and PwC Singapore.According to MPA, the Guide provides a practical framework, including best practices for creating a maritime sustainability report, for both listed and non-listed maritime companies.The need for the Guide was spurred by industry feedback on the growing need for sustainability reporting guidelines…
Singapore Exchange in Talks to buy Baltic Exchange
Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the heart of the global shipping industry for centuries, the two companies said on Wednesday. Founded in 1744, the Baltic Exchange is no longer a forum for chartering vessels but owns benchmark indexes for global shipping rates and provides a trading platform for the multi-billion dollar freight derivatives market. The takeover talks come as the global shipping industry grapples with the worst market conditions for decades after a slump in commodity markets coincided with an increase in the number of vessels, sending freight costs to record lows.
Baltic Exchange Mulls Sale
Baltic says holding discussions with several parties. The Baltic Exchange confirmed on Friday it had received a number of "exploratory approaches" after the Singapore Exchange Ltd revealed it was seeking to buy the business which has been the hub of the global shipping market for centuries. Reuters exclusively reported on Thursday that the Baltic Exchange had held talks with SGX and other potential buyers, months after sources had said the London Metals Exchange (LME) made an approach to buy it. "The Baltic Exchange confirms that it has received a number of exploratory approaches and that it is now in confidential discussions with selected third parties regarding its future strategy and ownership," it said in a statement.
