• ITVI.USA
    15,841.280
    3.720
    0%
  • OTRI.USA
    26.920
    0.070
    0.3%
  • OTVI.USA
    15,818.420
    1.300
    0%
  • TLT.USA
    2.540
    0.000
    0%
  • TSTOPVRPM.ATLPHL
    2.850
    0.220
    8.4%
  • TSTOPVRPM.CHIATL
    3.310
    0.440
    15.3%
  • TSTOPVRPM.DALLAX
    1.400
    0.050
    3.7%
  • TSTOPVRPM.LAXDAL
    2.670
    0.660
    32.8%
  • TSTOPVRPM.PHLCHI
    2.120
    0.240
    12.8%
  • TSTOPVRPM.LAXSEA
    3.070
    0.300
    10.8%
  • WAIT.USA
    125.000
    -2.000
    -1.6%
  • ITVI.USA
    15,841.280
    3.720
    0%
  • OTRI.USA
    26.920
    0.070
    0.3%
  • OTVI.USA
    15,818.420
    1.300
    0%
  • TLT.USA
    2.540
    0.000
    0%
  • TSTOPVRPM.ATLPHL
    2.850
    0.220
    8.4%
  • TSTOPVRPM.CHIATL
    3.310
    0.440
    15.3%
  • TSTOPVRPM.DALLAX
    1.400
    0.050
    3.7%
  • TSTOPVRPM.LAXDAL
    2.670
    0.660
    32.8%
  • TSTOPVRPM.PHLCHI
    2.120
    0.240
    12.8%
  • TSTOPVRPM.LAXSEA
    3.070
    0.300
    10.8%
  • WAIT.USA
    125.000
    -2.000
    -1.6%
American ShipperShippingTrade and Compliance

SGX completes acquisition of Baltic Exchange

In addition, the Singapore Exchange confirmed the appointment of Mark Jackson as chief executive officer of the nearly 275-year-old Baltic Exchange, effective Jan. 31, 2017, according to a joint statement from the firms.

   Singapore Exchange Ltd. (SGX) has officially completed its acquisition of the Baltic Exchange Ltd., “bringing together complementary strengths of Singapore and London, two of the world’s most important maritime centers,” the firms said in a joint statement.
   Negotiations for the deal, which began back in February and became exclusive in May, culminated in late June with an offer that will see shareholders receive 160.41 British pounds per share in cash, plus £19.3 per share in a special cash dividend, for a total consideration of £87 million (U.S. $108.4 million at today’s exchange rate). Payment of the cash consideration and special dividend to Baltic Exchange shareholders is expected to take place on Nov. 18, the companies said.
   Founded in 1744 in a London coffee house, the Baltic Exchange moved to a new purpose-built exchange at 30 St. Mary Axe in 1903, and in 1985, it launched the first in a series of freight market indices. Today, the exchange develops and publishes information about freight rates in the dry bulk and tanker shipping markets and is best known for its Baltic Dry Index.
   The Baltic Exchange has about 650 companies as members – a mix of shipowners, ship brokers, charterers and freight derivative traders.
   In addition to the completion of the purchase, SGX also confirmed the appointment of Mark Jackson as chief executive officer of the nearly 300-year-old Baltic Exchange, effective Jan. 31, 2017.
   Jackson, the current chief commercial officer of AM Nomikos Group and a former chairman and director of the Baltic Exchange, replaces Jeremy Penn, who last year announced his intention to resign this summer. Current SGX UK Country Manager Alex Lenhart will serve as interim CEO.