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Baltic Exchange Tightens Freight Market Data Redistribution Policy

Date 16/03/2004

The Baltic Exchange has announced a change to its distribution policy for its detailed daily freight market assessments, aimed at encouraging membership and reducing unauthorised access.

With effect from 1 April 2004, the Baltic will only permit the systematic redistribution of its route and time charter average data by member brokers who subscribe for this capability after 1700hrs UK time. In future, companies which require the information immediately after publication - 1300hrs (dry) and 1600hrs (wet) - will have to subscribe directly to these services from the Baltic Exchange or electronic news vendors.

Explaining the reasons for this change, Michael McClure, Vice President of Navios Corporation and Chairman of the Baltic's Freight Indices and Futures Committee which oversees the Exchange's freight market information said:

"We are asking our members to cease the practice of wholesale, systematic and immediate distribution of Baltic data before 1700hrs. This practice has limited the Baltic Exchange in achieving satisfactory international growth in its membership and receiving fair value for its publication of freight indices and other market information. There is of course no intention to prevent brokers from using the data or communicating it to their clients in the context of specific negotiations."

He added:

"The Baltic represents a community of market participants who pool their valuable information for the benefit of the market as a whole. We are determined that the benefits of timely Baltic data should be enjoyed only by those who contribute to the cost of production."

Depending on the size of the company, detailed Baltic freight market information is available annually from £600 to £2,100 to Baltic Exchange members or £3,000 to non-members.