FEBRUARY 26, 2016 — An iconic shipping industry institution with roots going back to 1744, appears to be up for sale — or at least listening seriously to offers.
Following is the text of a statement released today:
The Baltic Exchange confirms that it has received a number of exploratory approaches and that it is now in confidential discussions with selected third parties regarding its future strategy and ownership.
There can be no certainty that an offer will be made or the terms on which any offer might be made. Further announcements will be made as appropriate.
Baltic Exchange Chairman Guy Campbell said:"At this stage, no formal offer has been received, but when considering any approach the Board will first carefully consider the views and interests of all its stakeholders. Should we receive an offer, we will only recommend an offer that meets not only the interests of shareholders, but also the interests of ordinary Baltic members, index panel members, the users of Baltic Exchange freight market information and the principals and brokers who trade in the FFA market."
The Baltic Exchange has appointed Nomura International PLC and Norton Rose Fulbright LLP as advisors.
The Baltic Exchange, founded in 1744, is an iconic name in global shipping and a successful, profitable business. Its diverse and international membership has grown to 650 companies; its information underpins the growing FFA market. The organization has a strong balance sheet which includes a valuable property asset and an investment portfolio.
We will make no further comment at this time.