The Baltic Exchange said on Wednesday it aims to move into the LNG and container spaces as part of plans to boost its role in the maritime industry.
The Baltic Exchange, along with its parent company the Singapore Exchange, plans to develop a freight LNG index to support its spot LNG pricing and Singapore’s ambitions of becoming a regional natural gas hub, it said in a statement.
SGX completed its 7 million pound ($108 million) takeover of one of London’s oldest institutions, the Baltic Exchange in November last year.
The Exchange wants to “play a bigger role than ever before in setting standards, building consensus and leading change in the shipping markets,” said Mark Jackson, its newly appointed Chief executive.
“The Baltic Exchange will also be creating the Baltic Asia Advisory Committee whose key role will be to represent the voice of the shipping community in Asia,” added Jackson.
On the regulatory side, the Exchange said it plans to provide greater clarity on the role of the shipbroker and raise global freight trading standards.