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The freight derivatives market for dry cargo vessels saw a big increase in traded volumes in 2021. Dry forward freight agreement (FFA) volumes hit 2,524,271 lots, up 61% on 2020. Options trading in the dry market hit an all-time high of 409,255, up 25% on the previous year.
Shanghai Shipping Freight Exchange is the first electronic shipping freight exchange in the world. It has three lines of businesses, including International Dry Bulk, Domestic Coastal Coal, and International Container. The container freight derivatives were launched in 2011 and shortly became the most liquid container freight contracts.
Some of these exchanges also trade financial derivatives, such as interest rate and foreign exchange futures, as well as other instruments such as ocean freight contracts and environmental instruments. In some cases these are mentioned in the lists below.
The International Maritime Exchange or Imarex is an Oslo-based exchange for trading forward freight agreements (FFAs). It started trading tanker freight futures contracts in 2001, followed by dry cargo freight futures contracts in 2002. All futures contracts are cleared by the Norwegian Futures and Options Clearing House (NOS).
The Baltic Exchange (incorporated as The Baltic Exchange Limited [1]) is a membership organisation for the maritime industry, and freight market information provider for the trading and settlement of physical and derivative contracts. Situated since Edwardian times at 24–28 St Mary Axe, London EC3, the building was destroyed by a bomb in 1992.
Container Freight Swap Agreements are a financial futures contract that allow for hedging and speculating against the volatility of seaborne, intermodal container box-rates. [ 1 ] A container freight swaps most commonly takes the form of a cash-settled agreement between two parties with an equal and opposite opinion of the future of the market.
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This is known as mixed operations or belly freight, and makes up 47.9% airline cargo traffic as of 2018. [1] Alaska Airlines operates a series of short flights nicknamed the "Milk Run" to small towns in Southeast Alaska that do not have road access, using five Boeing 737-400 Combi aircraft whose cabin is divided in half with cargo up front and ...