A large part of the world’s ship chartering and sale & purchase business is negotiated at some stage by members of the London-based Baltic Exchange, the world’s oldest shipping market.
Today, the Baltic warned its U.K. members not to broker, charter or sell vessels to persons connected to Russia, citing U.K. sanctions put in place following Russian’s invasion of Ukraine. Those sanctions cast a very wide net in terms of who they target and who must comply.
Here’s what the Baltic said in its...