Mondo Visione Worldwide Financial Markets Intelligence

FTSE Mondo Visione Exchanges Index:

Rise In Baltic Members' Income

Date 20/05/2002

Baltic Exchange shipbroking members' net income rose to £350 million (US$ ½ billion) in 2001, according to a survey conducted by the Exchange in April. This reports an increase on 2000 of 18 per cent.

Nearly two thirds of UK based Baltic trading members, including dry and wet cargo shipbrokers, sale and purchase brokers, freight derivative brokers, bunker brokers and air charter brokers, responded to the survey.

A similar survey conducted last year revealed that Baltic members' net income stood at £300 million in 2000.

Commenting on the results Baltic Exchange Chief Executive Jim Buckley said: "These figures show that London and the UK are unmatched as a source of ship chartering and cargo broking expertise. Together with the huge range of professional services such as shipping finance, ship classification, legal services, arbitration and accountancy, London remains the world's leading shipping centre and contributes nearly £1 billion from services in overseas earnings to the UK's economy."