Peter Kitching, Chairman of the Exchange said today: "The Code is the ethical foundation of our market place and we attach great importance to ensuring that Baltic members observe all aspects of the Code in the conduct of their business and by doing so safeguard the reputation which the Exchange enjoys internationally. The Code sets out in unambiguous terms those practices which are considered unacceptable."
This latest edition of the Code is the fifth since it was first published in its present form in 1983. The last revision was produced two years ago.
Areas of the Code which have been updated include brokers' commissions on direct continuations; commissions deducted at source; the fixing by charterers of two vessels for one cargo and then holding both vessels over a period of time on 'subjects'; and the distribution of route or index rates, produced by the Exchange from its panel reporting companies, for the purpose of pricing charters or contracts without an appropriate commission to the broker.
The Exchange has long-established procedures for investigating disputes between members and between members and non-members which arise from breaches of the principles and best practise enshrined in the Code. In the last twelve months the Exchange has helped resolve US$1.8 million worth of disputes on behalf of members.
