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Baltic Exchange honours Maersk Mc-Kinney Møller

The occasion marked his 20 years as a Life Honorary Member of the Exchange. The achievements of Maersk Mc-Kinney Møller (98) were celebrated at a lunch attended by the legendary Danish shipowner and held in his honour on Wedseday on 12 October, at London's Baltic Exchange.The occasion marked his 20 years as a Life Honorary Member of the Exchange. Welcoming Mr Mc-Kinney Møller to the Baltic Exchange, its Chairman Mark Jackson said:"It is a delight that you have been able to accept our invitation and I very much hope that you will feel that you are back among friends."Referring to Mr Mc-Kinney Møller's speech of 1991 when he accepted his Life Honorary Membership, Mark Jackson said:"During your speech in October 1991 you talked about the professionalism of the Baltic membership; their thoroughness and attention to detail, but nonetheless the way in which everyone was expected to stand by the arrangements they had agreed verbally. I am pleased to say that the Baltic still demands these standards of behaviour and remains a firm proponent of the highest possible standards in all matters in shipping."Mr Mc-Kinney Møller first visited the Baltic Exchange in 1936 as an apprentice to the British shipping firm ...

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Baltic Exchange elects new Vice Chairman

The Baltic Exchange Board of Directors has elected Quentin Soanes The Baltic Exchange Board of Directors has elected Quentin Soanes to serve as its Vice Chairman with immediate effect. He replaces Paul Over, who will continue to serve on the Baltic Exchange Board and as Chairman of Baltic Exchange Derivatives Trading, the subsidiary company which runs the Baltex Multilateral Trading Facility for dry freight derivatives.Quentin Soanes said: "I am honoured to have been appointed to this position and look forward to supporting the current Chairman Mark Jackson as ably as my predecessor."Paul Over said: "As is widely known my core raison d'être for participation at the Baltic has been in the development of the freight futures business. With the successful launch of Baltex, it is natural for me to wish to focus my energies in that direction. The expansion of the Baltic's activities through Baltex has greatly increased the time commitment of all those involved especially in respect to the responsibilities for FSA regulatory requirements that Baltex has secured and must hold and maintain."Quentin Soanes (56) is a founding shareholder and main board director of Braemar Seascope PLC where he is head of business development. He is also joint managing ...

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Baltic index fell to its lowest in more than three months

A slowdown in cargo demand took its toll The Baltic Exchange's main sea freight index , which tracks rates to ship dry commodities, fell to its lowest in more than three months on Monday as a slowdown in cargo demand took its toll at a time when there is a growing glut of ships."It's more of the same. It's a quiet market and rates are slipping," said Peter Norfolk, research director at freight broker FIS. "It would not be surprising to see a quiet period at this time of the year. How long it lasts is hard to call."The overall index fell 0.63 percent or 8 points to 1,256 points in a 17th session of straight declines and was at its lowest since April 26. The index has stayed erratic in recent weeks and has declined over 25 percent this year."Once again capesize rates underperformed the sector this week as new cargoes were few and far between in both basins," said Deutsche Bank.The Baltic's capesize index fell 0.63 percent with average daily earnings falling to $9,289 -- falling below the psychological $10,000 a day for a third straight session. Capesizes typically haul 150,000 tonne cargoes such as iron ore and ...

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Baltic dry freight rates fall on economic concerns

Fell down 0.97 percent since last Friday The Baltic Exchange's main sea freight index , which tracks rates to ship dry commodities, fell nearly one percent on Monday as both capesize and panamax contracts pulled down the market over economic fears and low iron ore trade volumes.The renewed fall means that the index has fallen for five straight sessions to its latest settlement of 1,340 points, down 0.97 percent since last Friday.Although the Baltic dry index was fairly stable in June, it has shed over 20 percent in value since the beginning of the year as the market remains oversupplied and new vessels continue to enter the market."The situation is unchanged from last week, with iron ore trading in India very low because of the monsoon season, but also because markets are really concerned about the health of the global economy," one freight analyst said."Shipping markets in particular react nervously when there are fears over the health of global trading, and this is even more so the case when there are more than enough ships covering demand," he added.Capesize rates were also down nearly one percent, shedding 18 points to 1,900 points.Average capesize daily earnings dropped $188 to $11,341. Capesizes ...

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