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Baltic Exchange Seeks to Double Asian Membership as Trade Shifts

The Baltic Exchange, whose benchmarks for freight rates cover about 75 percent of global commodity cargoes, plans to double its Asian membership in the next two years to reflect a decade-long surge in trade to the region.

Quentin Soanes, who starts as chairman today, wants 25 percent of the Baltic’s members to come from Asia by the end of his two-year term, from 10 percent to 15 percent now. The 268-year-old London bourse will convert its Singapore representative office into a full subsidiary that can collect fees and recruit new members, he said in an interview.