Monday certainly marked an historic moment in the history of the Baltic Exchange. We concluded the meetings at which the Baltic’s shareholders voted in favour of the acquisition of the Baltic by the Singapore Exchange – SGX. We expect to complete the sale towards the end of this year.
This general meeting was an appropriate moment for me to step down as your Chairman. I wish Lambros Varnavides the very best success in managing the transition and indeed the ongoing honour as Chairman.
I can honestly say I did not expect my own term to be quite so historic in terms of Baltic Exchange history. The last 12 months have been exciting, stressful, disruptive, and educational and I don’t mind admitting emotional, all at once! Thankfully, a strong team surrounded me each with different skills to bring what I absolutely believe is a positive and exciting path forward for the Baltic Exchange, it’s members and the marketplace as a whole. I wish SGX every success.
I want to publicly thank all my fellow Board Directors for their support throughout this transaction. The sub-committee worked tirelessly to ensure the support of almost all our existing panelists, to ensure a platform for governance that will enhance the Baltic brand, ensure the robust integrity of the Baltic indices and give our new owners the platform they believe will generate the additional liquidity that will benefit the FFA and physical markets.
The Baltic Management, Jeremy Penn and Clive Weston especially have burned the midnight candle on many a night and deserve recognition for their work. Thank you.
And thank you to the team at Nomura who played a key role throughout the entire process.
My greatest thanks though go to the staff of the Baltic Exchange. This has been without doubt an unsettling time for each of them. Despite that, there has been very little complaint and a very professional attitude throughout. I hope that they too share the excitement at the opportunities ahead with our new partners.
Fortunately, my ‘day job’ colleagues still recognise me. I look forward to a new BHSI index, a stronger market and a pint in the Baltic Bar from time to time.