Port of StocktonSailors SocietyTMS Awards 2019Marine Fuels 360 ChinaTOC EventsTelestack
  • Sailors Society
  • 5th Biennial LNG Bunkering
  • TOC Events
  • TBA Group
  • Port of Belledune
  • Telestack

Baltic Exchange launches Escrow Service for vessel sales

(Posted on 02/05/18)

The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exchange members to take advantage of the Exchange's trusted position in the marketplace when undertaking the sale or purchase of a vessel.

Announcing the initiative last week at its Freight & Commodities Forum during Singapore Maritime Week, the paid-for service will be available for use in transactions where the buyer of the vessel is a Baltic Exchange member. The service is likely to be extended to disputes related payments.

The Escrow Service will be run by the Baltic Exchange's Asia office in Singapore and will be subject to the Singapore Exchange's (SGX) detailed compliance and money laundering procedures. OCBC Bank will be providing the joint deposit account.

Headed up by the Baltic Exchange's Head of Asia-Pacific, Chris Jones, a sale & purchase broker with over 40 years of experience, the service will initially be offered from Singapore with a view to further expansion to other Asian shipping centres.

Chris Jones said: "Having the Baltic Exchange provide this service solves the problem as to where the deposit should be held in a vessel transaction. Buyer and seller alike can be certain that the Baltic Exchange will apply its high standards of compliance as well as have a full understanding of the complexities of any maritime transaction."

He added: "This service will add real value to the many sale & purchase brokers who are Baltic members and are currently expected to provide this service to clients. It will allow them to undertake the highest level of due diligence and compliance checks, reduce the administrative burden of organising a client escrow account and allow them to focus on adding value to the transaction."

The service will go live in May 2018 and will cost US$ 5,000 per side.

Latest News

Frank Tsao dies at 94

(Posted on 14/08/19)

Frank Tsao Wen-king, founder of International Maritime Carriers (IMC), has died peacefully with family... Read more


Wallem to deliver swifter agency services

(Posted on 13/08/19)

Wallem Group is introducing collaborative inboxes to its agency business line, in a move designed to... Read more


HFO with scrubbers best option claim

(Posted on 13/08/19)

Members of the Clean Shipping Alliance 2020 have welcomed a new addition to the canon of scientific... Read more


Polsteam’s latest bulker delivered

(Posted on 08/08/19)

Polska Zegluga Morska (Polsteam) has taken delivery of the bulk carrier M/V "Karlino" from the Chinese... Read more


COSCO strengthen cooperation with MacGregor

(Posted on 08/08/19)

MacGregor, part of Cargotec, has signed a framework purchasing agreement with COSCO Shipping to support... Read more


ClassNK works for zero emission fuels

(Posted on 08/08/19)

Leading Classification Society ClassNK is participating in the “Cross-industrial Working Group... Read more


SSA forms Digital Transformation Committee

(Posted on 08/08/19)

The Singapore Shipping Association (SSA)—the industry voice of Singapore’s maritime community... Read more


ICS comments on Panama Canal tolls

(Posted on 31/07/19)

The Panama Canal Authority (ACP) is conducting a public consultation on a proposal to adjust the Panama... Read more


Eagle Bulk into the red

(Posted on 31/07/19)

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the Supramax / Ultramax... Read more


Scorpio profit boost

(Posted on 31/07/19)

Scorpio Bulkers has seen second-quarter profits rise as it reports results for the three months ended... Read more


TBA Group25th Coaltrans AsiaMULTIMODAL 2019Bühler GmbH5th Biennial LNG BunkeringCleveland Cascades Ltd
  • Marine Fuels 360 China
  • Indonesia Coal Mining 2019
  • TMS Awards 2019
  • 25th Coaltrans Asia

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping