Forward F F A
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Ffa
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Author :
language : en
Publisher:
Release Date : 1998*
Ffa written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998* with Freight forwarders categories.
Forward Ffa
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Author : W. Arthur Ross
language : en
Publisher:
Release Date : 1964
Forward Ffa written by W. Arthur Ross and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1964 with categories.
Forward F F A
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Author : W. Arthur Ross
language : en
Publisher:
Release Date : 1939
Forward F F A written by W. Arthur Ross and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1939 with categories.
Forward F F A
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Author : William Arthur Ross
language : en
Publisher:
Release Date : 1945
Forward F F A written by William Arthur Ross and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1945 with Agricultural education categories.
Forward Freight Agreements Ffa
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Author : Drewry Shipping Consultants
language : en
Publisher:
Release Date : 2008
Forward Freight Agreements Ffa written by Drewry Shipping Consultants and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Freight and freightage categories.
The Impact Of The Introduction Of Ffa Trading And Clearing On The Volatility Of The Underlying
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Author : Maximilian Debatin
language : en
Publisher:
Release Date : 2019
The Impact Of The Introduction Of Ffa Trading And Clearing On The Volatility Of The Underlying written by Maximilian Debatin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
The shipping industry, and in particular the dry bulk sector, is notorious for its volatility. To mitigate the inherent risks, freight forward agreements (FFAs) were introduced in 1992. To eliminate the credit risk associated with these forward contracts, clearing services were introduced in the early 2000s. Following the shipping crisis of 2008, FFA clearing became tremendously popular, with clearing rates of almost 99 percent in the years 2009 and later. In light of these developments, this thesis sets out to analyze two questions: How did the introduction of FFAs affect freight rate volatility? And, how did the onset of FFAs affect freight rate volatility? An exponential GARCH (EGARCH) model was used in conjunction with a dummy variable to investigate both research questions. A panel data analysis was employed to verify the results. The analysis reveals two central findings. First, the introduction of FFAs resulted in a reduced volatility of freight rates in the dry bulk market. Second, the onset of FFA clearing caused an increase in freight rate volatility. These findings reflect structural changes in terms of market efficiency and information transmission.
Is There Accuracy Of Forward Freight Agreements In Forecasting Future Freight Rates An Empirical Investigation
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Author : Evangelia Kasimati
language : en
Publisher:
Release Date : 2022
Is There Accuracy Of Forward Freight Agreements In Forecasting Future Freight Rates An Empirical Investigation written by Evangelia Kasimati and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Participants in the maritime industry place much interest in the Forward Freight Agreements (FFA/FFAs), being an indispensable tool for hedging shipping freight risk. Our paper innovates by directly comparing the FFA predictions with their actual future settlement prices as well as by examining contracts going forward as far as next calendar year. We combine straightforward comparison measurements with cointegration analysis to test for the accuracy and efficiency of the FFA projections. We find that FFAs display limited usefulness in predicting future freights, only slightly superior than simple naïve models. The shorter the contract period and the smaller the vessel the better the forecast. We also find FFAs being relatively good predictors of future market direction but missing the turning points of the market cycles.
Modelling And Forecasting In Dry Bulk Shipping
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Author : Shun Chen
language : en
Publisher: CRC Press
Release Date : 2014-04-24
Modelling And Forecasting In Dry Bulk Shipping written by Shun Chen and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-24 with Law categories.
This book models price behaviour and forecasts prices in the dry bulk shipping market, a major component of the world shipping industry. Recent uncertainties in the world economy, shipbuilding developments and fleet changes mean the dry bulk shipping market has become extremely volatile, highly speculative and more sensitive to external shocks. In response to these challenging circumstances, this book models price behaviour and forecasts prices in various markets including the freight market, the new build ship market and the second-hand ship market. The authors have carried out an extensive investigation of dry bulk shipping over a 60-year period in diverse sub-markets, trading routes, market conditions and dry bulk vessels. The authors also propose a framework for analysing and modelling the economic processes of numerous variables in the dry bulk shipping market, making use of modern econometric techniques and other economic approaches. This will be especially useful for the control and assessment of risk for ship owners and charterers in ship operation, ship chartering and ship trading activities. This book will be extremely useful for shipbuilders, owners and charterers, as well as shipping analysts and policymakers. It will also be of great interest to academics and researchers concerned with the economics of the shipping industry.
Freight Derivatives And Risk Management In Shipping
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Author : Manolis G. Kavussanos
language : en
Publisher: Taylor & Francis
Release Date : 2021-04-29
Freight Derivatives And Risk Management In Shipping written by Manolis G. Kavussanos and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-04-29 with Transportation categories.
This advanced practical textbook deals with the issue of risk analysis, measurement and management in the shipping industry. It identifies and analyses the sources of risk in the shipping business and explores in detail the “traditional” and “modern” strategies for risk management at both the investment and operational levels of the business. The special features and characteristics of all available freight derivative products are compared and contrasted between them. Practical applications of derivatives are showcased through realistic practical examples, while a number of concepts across the contents of this book appear for the first time in the literature. The book also serves as “the reference” point for researchers in the area, helping them to enhance their knowledge of risk management and derivatives in the shipping industry, but also to students at both undergraduate and postgraduate levels. Finally, it provides a comprehensive manual for practitioners wishing to engage in the financial risk management of maritime business. This second edition has been fully updated in order to incorporate the numerous developments in the industry since its first edition in 2006. New chapters have been introduced on topics such as Market Risk Measurement, Credit Risk and Credit Derivatives, and Statistical Methods to Quantify Risk. Furthermore, the second edition of this book builds upon the successful first edition which has been extensively (i) taught in a number of Universities around the world and (ii) used by professionals in the industry. Shipowners, professionals in the shipping industry, risk management officers, credit officers, traders, investors, students and researchers will find the book indispensable in order to understand how risk management and hedging tools can make the difference for companies to remain competitive and stay ahead of the rest.
Over The Counter Forward Contracts And Spot Price Volatility In Shipping
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Author : Roy Batchelor
language : en
Publisher:
Release Date : 2014
Over The Counter Forward Contracts And Spot Price Volatility In Shipping written by Roy Batchelor and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The purpose of the paper is to investigate the impact of the introduction of Forward Freight Agreement (FFA) trading on spot market price volatility in panamax 1, 1A, 2, and 2A trading routes of the dry-bulk shipping industry. The main concern about the impact of derivatives trading emanates from the results of studies that have found that the activities of speculators may destabilise (or stabilise) prices in the spot market. The proposed methodology is considering the link between volatility and information, and of possible asymmetric effects in the conditional volatilities. A GJR-GARCH (Glosten, et al., 1993) process is found to be the most appropriate specification. The results suggest that the onset of FFA trading has had (a) a stabilising impact on the spot price volatility in all investigated routes, (b) an impact on the asymmetry of volatility in routes 2 and 2A, and (c) substantially improved the quality and speed of information flow in routes 1, 1A and 2. However, after including in the conditional variance equation other explanatory variables that may affect spot volatility, the results indicate that only in voyage routes 1 and 2 the reduction in volatility may be a direct consequence of FFA trading. The results suggest that the introduction of FFA trading has not had a detrimental effect on the spot market. It appears that there has been an improvement in the way that information is transmitted into spot prices following the onset of FFA trading.