New FFA broking group formed

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Braemar Seascope Limited and Tullett Prebon PLC have announced a joint venture into the Forward Freight Agreements market. The two firms will today join forces to form TP Braemar, a joint arrangement that will broke FFAs from a base at Braemar’s London office. The new group says it will employ four FFA brokers to work on the wet FFA market.

Denis Petropoulos, joint managing director of Braemar commented: “This is an initial step to building a presence in the rapidly growing FFA market. Tullett Prebon’s wide experience in this and other derivatives markets will be invaluable to achieving this goal. We expect to expand the activity to cover other areas of the FFA market, including the dry markets in due course.”

Andrew Polydor, head of EMEA energy at Tullett Prebon, commented: “We already have the team in place and believe we can significantly increase our market presence with the assistance of Braemar’s shipbroking expertise. There is a growing market appetite for FFAs and we intend to be a major player in the market place.”