Baltic Exchange, in the City of London, is an important market for chartering cargo space in ships. The exchange connects shipping companies with traders of such commodities (unprocessed goods) as crude oil, grains, and iron ore. It also provides independent market information and resolution of disputes for its members. Its membership includes thousands of individuals and hundreds of companies with trade connections throughout the world. The exchange was founded in 1744 at a London coffee house popular with traders and shipowners. In 1992, a terrorist bomb set off by the Irish Republican Army (IRA) destroyed much of the exchange. The exchange moved to its current location in 1995.
