what is the meaning Baltic Exchange in maritime law and international law

The Baltic Exchange is a membership organisation at the heart of the global
maritime marketplace. It provides independent daily shipping market information,
maintains professional shipbroking standards and resolves disputes.
Baltic Exchange members are at the heart of world trade, arranging for
the ocean transportation of industrial bulk commodities from producer to
end user. The bulk freight market relies on the co- operation of shipbrokers,
shipowners and charterers to ensure the free flow of trade.
Baltic Exchange shipbrokers undertake to abide by a code of business
conduct based on the motto “Our Word Our Bond” and those who breach
the code are disciplined or expelled.
With a total membership of nearly 600 companies and 3,000 + individuals
(January 2012), approximately 400 Baltic member companies are based in the
UK. The Baltic also has a growing membership base in the USA, Europe and
the Far East. The Baltic Exchange is headquartered in London with a regional
office in Singapore.

Membership of the Baltic Exchange is not just limited to shipbrokers,
charterers and shipowners, but also includes financial institutions, maritime
lawyers, educators, insurers and related associations.
The Baltic Exchange is a company limited by shares and owned by its
shareholders, most of whom are member companies. The Baltic is governed
by a board of between 12 and 15 directors, with up to 12 elected by shareholders
and up to three elected by non- shareholding members.