The Baltic Exchange has opened new offices in Shanghai today (September 17th).

According to Ship Management International, the move will open and improve worldwide relations for Chinese shipping interests. Joining the exchange allows companies with an interest or role in shipping to better access other shipping markets.

Based in London, the exchange is well known and used by shipping companies, providing information on bulk commodities and similar interests.

As such, opening up to China signifies the country's growing importance as a shipping nation, as Chinese companies can now operate on the Baltic Exchange. It had previously been publishing daily Baltic Dry Indices in the country.

The opening ceremony was attended by the Lord Mayor of London Roger Gifford and officials from Shanghai.

Jeremy Penn - the new office's chief executive - commented that this is the first time the exchange has had a physical presence in China in it's 269 year history. It is hoped this will help grow relationships between Chinese shipping and the global maritime industry.