The Shangai Shipping Exchange (SSE) will launch on November 28 China’s first dry bulk and oil import indices with focus on China. The SSE President, Mr. Zhang Ye made it clear that it was not aimed at challenging Baltic Dry Index. He added: “China owns the largest shipping capacity and is one of the world’s biggest dry bulk consumers… we have to provide an index that focuses on China’s market, which is very important for us”. Baltic Exchange responded to the idea saying that SSE’s benchmarks are “poorly modeled on the Baltic indices”. Baltic Exchange Chief Executive Mr. Jeremy Penn pointed out that Baltic already reported on the majority of the routes planned by SSE. He also said that they always get a more reliable and defensible result because the panelists do not trade the market on their own account. Mr. Zhang said: “We have our own index compiling committee and are adopting a very strict index compiling process”.
Monday, 26 November 2012
China for launching its own dry freight index
The Shangai Shipping Exchange (SSE) will launch on November 28 China’s first dry bulk and oil import indices with focus on China. The SSE President, Mr. Zhang Ye made it clear that it was not aimed at challenging Baltic Dry Index. He added: “China owns the largest shipping capacity and is one of the world’s biggest dry bulk consumers… we have to provide an index that focuses on China’s market, which is very important for us”. Baltic Exchange responded to the idea saying that SSE’s benchmarks are “poorly modeled on the Baltic indices”. Baltic Exchange Chief Executive Mr. Jeremy Penn pointed out that Baltic already reported on the majority of the routes planned by SSE. He also said that they always get a more reliable and defensible result because the panelists do not trade the market on their own account. Mr. Zhang said: “We have our own index compiling committee and are adopting a very strict index compiling process”.
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