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Ian Staples of Freight Investor Services and Ben Goggin of Simpson Spence & Young Futures have been elected chairmen of the Baltic Exchange’s FFA Brokers’ Association (FFABA) dry and wet sections respectively for 2008.
Commenting on his appointment Ian Staples said: “This is another big year for the freight derivatives industry with 2007 trading volumes the largest on record. As chairman of the dry section, I look forward to working with the Baltic Exchange and the users to ensure that independent information products and an open and frank dialogue will be maintained as we try to enhance our industry and its collective aims in 2008 and beyond.”
Ben Goggin said: "This year has again seen some great growth and volatility for tanker FFAs. The market is currently experiencing rates and levels of activity not seen since 2004 and is expanding into previously unchartered areas. We’re delighted that IMAREX will be contributing data to the Baltic’s forward assessments from the beginning of January. Having a single authoritative source of forward pricing representative of the entire market will add transparency and go a long way to helping grow this sector.”
The pair replace Betina Goodall of Clarksons Securities and Adam Sonin of ACM/GFI who served as FFABA chairmen for 2007.
The association is made up of 20 companies who are members of the Baltic and operate within its framework. The FFABA promotes best practice in the trading of forward freight agreements (FFAs) and works closely with the Baltic Exchange in the production and development of indices and assessments for use as settlement mechanisms for shipping derivative contracts.
