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  • Photo: The Baltic Exchange

22.02.2023

Artikel Nummer: 44053

Vessel S&P service backed by Baltic Exchange


Squire Patton Boggs (SPB), a Cleveland (OH, USA)-based international law firm with 42 offices in 20 countries, has partnered with The Baltic Exchange, owned by the Singapore Exchange (SGX) Group.

 

The contribution of the company, which achieved a turnover of over USD 1 billion in 2022, will be to provide a vessel sale & purchase (S&P) transaction closing service for the global shipping industry.

 

The service will be led by the company’s commodities & shipping group of 30 industry specialists which is co-chaired by Chris Swart and Barry Stimpson, and will be underpinned by the Baltic Exchange’s independent Singapore based escrow operation.

 

The Baltic Exchange’s escrow service is already used for a wide range of transactional work, including the sale and purchase of vessels. The vessel S&P transaction closing service will be driven by a team of SPB specialists, including Singapore-based partners Kate Sherrard and Brian Gordon.

 

A press release on the novelty said: "The Baltic Exchange’s support in providing corresponding escrow services means that shipowners will have access to a trusted, independent and efficient means of holding and exchanging funds when purchasing and selling vessels." (sh)

www.balticexchange.com/en/membership-services/escrow-service

www.squirepattonboggs.com

 

 

 

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