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