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18th November 2015

Shipbroking Lord Mayor commends fairness and transparency

Client news

The newly elected Lord Mayor of the City of London, Alderman the Lord Mountevans commended the City’s reputation for fairness, transparency and predictability in an address delivered at the Baltic Exchange today (18 November).

Addressing the Baltic Exchange’s board of directors and guests at a lunch hosted by the Exchange, the Lord Mayor – a Baltic member himself – emphasised the way in which the principles of fairness and transparency are encapsulated in the Baltic’s motto ‘Our word our bond’ and their galvanising effect on the UK shipping industry.

“This is something to be promoted and it is something to be protected,” the Lord Mayor said. “The high ethical standards that you set for our industry are of crucial importance in all industries. Fair dealing is what makes London a successful financial hub.”

He noted that during his time as Lord Mayor, a key priority would be to help implement the recommendations of the Maritime Growth Study to maintain the UK’s position as a world-leading maritime centre, including a more commercial and responsive UK maritime administration within government and an industry-led promotional body. Published in September, the government funded study sought to ascertain the best ways in which to keep the UK competitive in the global maritime market. Currently the UK maritime sector employs 113,000 people and generates at least £11 billion as a contribution to the UK economy.

The Lord Mayor, who worked for London shipbroking firm Clarksons Platou for over 40 years, recognised the role the Baltic Exchange has to play in this process, saying:
“The Baltic is pivotal in realising the Study’s recommendations – particularly the formation of a single, well-funded, industry led promotional body for shipping.”

Promising support for the Study’s recommendations, Baltic Chairman Guy Campbell said:

“We have appreciated the progress made in recent years and very much hope this report will provide the fresh impetus for round table discussions across government. There are roles to play on both sides and we are committed to playing our part in supporting those initiatives.”

ENDS

For further details, including hi-res photos, please contact Tim Soare.
E: tsoare@navigatepr.com
T: +44 (0)20 3326 8462

About 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 640 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

www.balticexchange.com

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