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Event X

SSY Futures Limited Transact First Trade in New FFA Contract.

The first futures contract based on a Baltic type 58kt Supramax priced from a basket of ten time charter routes has been traded with SSY Futures Ltd acting as broker.

London: Friday April 7th, 2017: Simpson Spence Young, the world’s largest independent shipbroker, has today confirmed that its derivatives broking subsidiary, SSY Futures Ltd has arranged the first futures contract in the new Supramax time charter average contract, priced against a basket of ten of The Baltic Exchanges new Supramax indices.

The trade was cleared via Nasdaq OMX and involved units of well-known FFA market participants Cargill and Louis Dreyfus.

SSY’s veteran FFA broker and Supramax specialist Jeff Brown said; “We are delighted to have concluded this first transaction in the new Supramax contract and are grateful to Cargill and Louis Dreyfus for their support. It is important to the freight industry to keep our indices up to date and relevant to the underlying markets, the new contract achieves this extremely well. We are confident of further support from the market as this new contract finds traction.”

Forward Freight Agreements (FFAs) are used by freight market participants to mitigate shipping price risk. The Baltic Exchange is the world’s leading publisher of Freight Market Data, FFAs settle against their indices and are cleared by several of the world’s leading exchange groups, including SGX, LCH Clearnet and Nasdaq OMX.