Baltic Exchange Is Taking No Action Against China Cosco
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The Baltic Exchange, the world’s biggest shipping bourse, is taking no action against China Cosco Holdings Co. after the shipowner resumed charter payments for vessels it hired.
An exchange committee held a “round-table discussion” on Sept. 7 at a regularly scheduled meeting regarding concerns raised by “key shipowners” about Cosco, Jeremy Penn, the bourse’s chief executive officer, said by phone today. Cosco, the Chinese government-controlled owner of the world’s third-largest dry-bulk fleet, had three vessels arrested in July and August as owners sought late charter payments, court documents showed.