什么是 FFAS?   

2009.05.31

What are freight derivatives?

Freight derivatives provide a means of hedging exposure to freight market risk through the trading of specified time charter and voyage rates for forward positions.

Settlement is effected against a relevant route assessment, usually one published by the Baltic Exchange.

FFAs

Forward Freight Agreements (FFAs) are 'over the counter' products made on a principal-to-principal basis. As such, they are flexible and not traded on any exchange.

Contracts traded will normally be based on the terms and conditions of the FFABA standard contracts amended as agreed between the principals.

The main terms of an agreement cover:
(a) The agreed route.
(b) The day, month and year of settlement.
(c) Contract quantity.
(d) The contract rate at which differences will be settled.

Settlement is between counter parties in cash within five days following the settlement date. Commissions will be agreed between principal and broker. The broker, acting as intermediary only, is not responsible for the performance of the contract.

Cleared contracts

Cleared contracts, also known simply as futures, are settled on a daily basis through a clearinghouse and settlements are based on a close-of-play trading price. At the end of each day, traders pay or receive the difference between the price of the paper contract and the market index.

The International Maritime Exchange (IMAREX) in Norway is an exchange dedicated to shipping freight derivatives, and uses the Norwegian Futures and Options Clearinghouse (NOS) to clear its transactions. NOS relies on the Baltic Exchange to provide it with independent freight market assessments. Clearing services are also provided by NYMEX, The London Clearing Houuse (LCH) and the Singapore Exchange (SGX).

来源: 劳氏船务日记