Tom Stockton, of Clarksons-Platou, has been elected as Chairman of the Wet FFA Brokers’ Association (FFABA). He replaces Angus Procter of Braemar ACM-GFI who has chaired the group, which represents the worldwide community of tanker Forward Freight Agreement (FFA) brokers, since 2018.
Founded in 1997, the FFABA is the worldwide association for Forward Freight Agreement (FFA) broking firms. Working with the Baltic Exchange, the FFABA organises educational workshops and industry forums in major shipping centres, with the aim of promoting FFAs as an important tool for managing exposure to freight rates.
Tom Stockton said:
“I’m delighted to have been elected Chairman of the Wet FFABA. With the geopolitical and regulatory environment constantly changing and redefining the shape of the shipping world, FFAs will continue to become an ever more important risk management tool. We have seen more new and returning players over the last 12 months than at any time over the last seven to eight years and I expect to see that trend continue.”
“More owners could be involved in the market and we, as the FFABA, are the ones to facilitate this. We will hold the FFABA Forum, scheduled for the Monday of IP Week (24 February 2020), and I intend to propose further events throughout next year – not just in London but also the USA, the fastest growing area for wet FFAs.
“I intend to continue the good work of previous FFABA Chairman and look forward to the opportunities and challenges of the year ahead.”
The Baltic Exchange provides the tanker FFA market with daily independent assessments of 33 dirty and clean routes and responds to new trades and routes by introducing new assessments.
In 2019 the Exchange introduced five new clean and dirty routes and new $/mt forward curves for TD22 and TD25.
Tom Stockton has worked as tanker FFA broker at Clarksons-Platou since 2018, having previously worked at ICAP Shipping.