Making the announcement, Peter Kerr-Dineen said: "We are delighted Jeremy is taking up this pivotal role. He has a keen appreciation of the long history of the Baltic and of its position in the market place; and brings to the role great experience in real time and historical information provision. He has worked closely with a number of financial markets on the international stage. His background and personality seem tailor-made for the Baltic at this important time."
Mr Penn has worked in a number of countries around the world including Singapore and the USA, having had responsibility for both a large business unit and managing substantial product development programmes. Since leaving Reuters and returning to the UK in late 2001 he has been working as an independent consultant, largely in the area of financial information.
Commenting on his appointment Jeremy Penn said: "This is a very exciting opportunity. My expertise is in the development and distribution of electronic information services and I relish joining the Baltic at a time when its key focus will be on the further development of its unique range of freight market information and associated services. At the same time, I am very conscious of the traditional values and member services of the Exchange."
The present Chief Executive, Jim Buckley, is 60 in April next year and will be retiring. "I'm really pleased that we've been able to make this appointment at an early stage" he said. "The Baltic has many complexities and relationships and I'm looking forward to introducing Jeremy to our members and to the other key players in the market."
Mr Penn is expected to take up his appointment at the beginning of October, taking over from Mr Buckley on 1 April 2004.
The Exchange is the world's only self-regulated shipping market maintaining professional standards, resolving disputes and providing market information. With over 500 member companies from all over the world it is the largest shipbroking market and its members handle some 30 per cent of all dry cargo fixtures and 50 per cent of tanker fixtures.
Each day the Exchange handles over 600 separate pieces of information to compile its unique freight market information, including some 40 route rates from 25 panellists in 10 countries.
More than half the world's new and second hand tonnage is bought and sold by Baltic members in a market which, according to Clarkson's Research, was worth around US$34 billion in 2002. Commissions from chartering and sale and purchase last year amounted to more than US$½ billion.
