Posted on: 9 March 2020
The Baltic Exchange Escrow Service continues to gain traction, with new transactions completed in Q4 2019 and Q1 2020. The service, operated from Singapore, facilitates both shipping and non-shipping transactions around the world. So far transactions supported have included asset sales and disputes. The service is available for any transaction requiring an escrow agent.
The Baltic Exchange is an independent organisation whose international membership is mainly made up of shipowners, shipbrokers and charterers. It is the provider of trusted benchmarks and settlement data in the shipping industry. Its escrow service builds on this independence and trust. Users of the service are assured of the highest levels of confidentiality, professionalism and security.
The Baltic Exchange follows a robust due diligence process and complies with the Monetary Authority of Singapore (MAS) requirements without compromising on flexibility and service speed to ensure the transactions are handled seamlessly. This is reinforced by the strict internal control of fund movements from the dedicated escrow account held with AA-rated Singapore banks OCBC and UOB.
Commenting on one of the recent transactions completed, V Bala, Partner, Shipping & International Trade at law firm Rajah & Tann, said: “We approached the Baltic Exchange to provide escrow services in a complex settlement agreement. Speed was key in achieving the settlement, and the Baltic Exchange lent a listening ear and provided excellent service to the parties and their advisors in assisting them in reaching the desired outcome. We have since recommended Baltic Exchange’s escrow service to many clients.”
Federico Grimaldi, Sale & Purchase Manager at shipping company Vroon B.V., added: “The Baltic Exchange acted as escrow agent in the context of a recent sale and purchase transaction providing a professional, swift and efficient support at each stage of the process – from the very initial drafting of the contractual agreements to the KYC on-boarding and through to the actual documentary closing. A customer-oriented approach, professionalism and high responsiveness of the Escrow team allowed for a seamless transaction.”
Dmitry Pismenny, who heads up the escrow service, commented: “We are very pleased to see growing interest in our escrow service. Our flexibility and efficiency in supporting different types of transactions has earned plaudits from our clients. The Baltic Exchange, which is part of the Singapore Exchange group of companies, carries a reputation for independence and trust that adds to the credibility of the service. We look forward to continuing to support our diverse client base and aim to become the go-to service provider for any situation which calls for an escrow agent.”
