Commenting on his appointment Andy Lucey said: "These are exciting times for the freight derivatives industry. The price increases in freight rates over the past year, but especially the last 4 months, has brought freight to the attention of a new trading community who have subsequently come to realise that freight is a manageable and tradable commodity. This is helping to drive huge growth in the trading of freight derivative products. I am delighted to have been appointed chairman of this important group at such a pivotal time for the industry. I look forward to working with the Baltic Exchange to ensure that through its index products it continues to meet the needs of the derivatives market."
Paul Mazzarulli, a tanker derivatives specialist of US based Mallory Jones Lynch Flynn & Associates has also been appointed as FFABA vice-chairman.
The Association, which has 18 member companies, was established in 1997 by members of the Baltic Exchange and operates within the framework of the Exchange, the world's premier maritime market. All FFABA companies are members of the Baltic Exchange.
The FFABA promotes the trading of forward freight agreements (FFAs) and works closely with the Exchange in the production and development of route indices for use as settlement mechanisms for FFA contracts through its membership of the Baltic's Freight Market and Futures Consultative Group.
