Opening the Exchange's one hundredth annual general meeting on the trading Floor of the Exchange he said that a little over a century ago the foundation stone had been laid for the former Exchange building.
He said: "There is, therefore, a particular symmetry about this meeting today because we are about to lay down the foundation for a new Baltic Exchange - an electronic exchange - which will take our organisation forward into the new millennium. This new Exchange, balticexchange.com, will be in every sense the cornerstone upon which the future direction and development of our Exchange will be based."
The new electronic platform is an internet-based business tool designed specifically for shipbrokers. It will consist of four principal sections and will include an improved freight market information service together with facilities for advertising and searching for available tonnage and orders and the on-line trading of forward freight agreements (FFAs).
Reviewing the role of the Exchange and the contribution made by members of the Exchange, Mr Kitching said that this year's annual survey of the member companies' overseas earnings - generated by commissions on chartering and sale and purchase transactions - had produced a gross total of US$ ½ billion which he described as a "remarkable achievement". This represented approaching 5 per cent of the City's earnings from overseas services and, net of overseas expenses, member companies of the Exchange had recorded £300 million of overseas earnings.
This was a contribution, he said, of which the Exchange could be proud and confirmed London's position as the leading maritime centre of the world.
Three new directors will join the board following the retirement of Richard Goodall, Michael Guthrie and John Newman on completion of their terms of office. They will be succeeded by Constantinos (Dinos) Caroussis, James Mavor and Albert (Robbie) Roberts.
The meeting endorsed the recommendation of a dividend payment of £2 per share.
