30th November 2016

Ben Courtney elected as FFABA Tanker Chairman

Client news

Ben Courtney, head of tanker derivatives at ICAP Energy, has been elected as Chairman of the Tanker FFA Brokers Association. He replaces Jay Lovell of Braemar ACM who has led the group, which represents the worldwide community of tanker FFA brokers, for two years.

The FFABA is an independent association of 15 Forward Freight Agreement broking Baltic Exchange member firms formed in 1997. The Association runs regular forums with the Baltic Exchange to promote FFA trading and bring together market participants.

Since the drop in oil price, freight risk has become an increasingly important element in the commodity cycle. Those hedging continue to seek an off-set for their exposure to unpredictable spot rates while speculators look to FFAs to exploit opportunities created by a more volatile tanker market.

Ben Courtney said:

“I am delighted to be elected as chairman of the Tanker FFABA at this exciting time for our market. 2017 marks the 20th year since the foundation of tanker derivatives. During my tenure, the FFABA will help principals realise the benefits of off-setting their exposure to turbulent spot prices by locking-in their vessel earnings or freight costs through FFAs.

Our aim will be to spread understanding amongst those physical players who may see themselves as too ‘conservative’ for derivatives but who are in fact exposing themselves to far greater risk, by not using this long established, widely-trusted tool.”

ENDS

For further details please contact Tim Soare
E: tsoare@navigatepr.com
T: +44 (0)20 3326 8462

About the Baltic Exchange

The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 640 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.

Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels.

In November 2016, the Baltic Exchange was acquired by Singapore Exchange (“SGX”), bringing together complementary strengths of Singapore and London, two of the world’s most important maritime centres.

Baltic Exchange services

•         Independent, high quality dry, wet and gas freight market information
•         Self-regulated chartering, sale and purchase and freight derivatives markets
•         Central forum for competing freight market interests
•         Framework ensuring high standards of business practice and co-operation
•         London-based business facilities for members

www.balticexchange.com