Angus Procter elected as Wet FFABA Chairman

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Angus Procter, of Braemar ACM-GFI, has been elected as Chairman of the Wet FFA Brokers Association (FFABA). He replaces Pat Donnelly, also of Braemar ACM-GFI, who has chaired the group, which represents the worldwide community of tanker Forward Freight Agreement (FFA) brokers, since 2017.

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.

Mr Procter said: “I am honoured to be elected as the Chairman of the Tanker FFA Brokers Association (FFABA Wet) ahead of what is set to be a very interesting 2019.

“The FFABA’s role is to help guide the FFA market and provide solutions for traders looking to manage volatility and freight price risk, making it easier for them to hedge physical exposure. Over the coming 12 months we’ll be working with the Baltic to introduce new routes, helping traders reduce basis risk as well as advising clients as we head towards IMO 2020 legislation.

“We’ll reinforce this with educational forums and workshops during the year, helping to make FFAs more accessible and build understanding of how derivatives are used to stabilise a physical chartering book. I look forward to working closely with all involved in the Wet market over the coming year.”

The Baltic Exchange provides the tanker FFA market with daily independent assessments of 24 dirty and clean routes and responds to new trades and routes by introducing new assessments. A further five new clean and dirty tanker routes are currently being trialled.

In 2018 the Exchange introduced daily timecharter equivalent assessments on all its tanker routes; a Balance of Month Assessment for tanker forward assessments and began publishing weekly $/mt forward curves for routes TC2, TC5, TC14, TD3C, TD7, TD8, TD9, TD19 and TD20.

Mr Procter has worked on the wet freight desk at Braemar ACM-GFI since October 2010, working his way up to senior broker. In addition to wet FFAs, Angus has experience in brokering LPG, fuel oil and Dry FFAs.