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Baltic Exchange Screen-Trading System to Start in May, Penn Says

The Baltic Exchange’s Baltex electronic system for trading dry-bulk shipping derivatives will start operating next month, Chief Executive Officer Jeremy Penn said.

“We expect that to be in May,” Penn told a Coaltrans conference in Geneva today. “It will meet requirements of traders for a more transparent marketplace.”

Traders of the contracts, known as forward freight agreements, had been concerned about the time taken to develop Baltex, according to a Feb. 8 letter to the exchange from the Freight Market Information Users’ Group.

To contact the reporter on this story: Alistair Holloway in London at aholloway1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.

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