Exchange chair namedLONDON (Bloomberg) — The Baltic Exchange, London’s 263- year-old shipping association, named Michael Drayton, a director at London-based shipbroker Galbraith’s Ltd., as its new chairman.Drayton will assume his new role from July 11 after an annual general meeting, the London-based exchange said in an e-mailed statement. He takes over from Anthony Cooke. Drayton is also chairman of Arlington Tankers, a Hamilton, Bermuda-based tanker owner.