NEW FFA BROKER ASSOCIATION CHAIRMEN
Chris Reilly of BRS Futures and Andre Berry of SSY Futures have been elected chairmen of the FFA Brokers’ Association (FFABA) dry and wet sections respectively for 2009. The pair replace Ian Staples of Freight Investor Services and Ben Goggin of SSY Futures who served as FFABA chairmen for 2008.
Commenting on his appointment Chris Reilly said: “These are testing times for the freight derivatives sector, but the FFABA will continue to work hard to enhance the industry and grow volumes in 2009. The FFABA performs an important role, acting as a collective voice for the FFA broking community and ensuring close contact with our clients on major issues affecting the industry. It is vital that clients have a single point of contact so that collectively we can help ensure the smooth operation of this market. ”
Andre Berry said: “We will continue to liaise closely with the Baltic Exchange providing input into its range of tanker assessments as well as reporting trading volumes. The recent addition of time-charter equivalent calculations for tankers by the Baltic Exchange has been a hailed as a new alternative structured hedging tool which will draw much interest and create more liquidity. We will continue to liaise with end users to ensure that we deliver the best solutions for this market.”
The association is made up of 20 companies who are members of the Baltic. The FFABA promotes best practice in the trading of forward freight agreements (FFAs) and works closely with the Baltic Exchange in the production and development of indices and assessments for use as settlement mechanisms for shipping derivative contracts. The association is administered by the Baltic Exchange.
ENDS
For further details please contact Bill Lines, Navigate PR
T: +44 (0)20 7369 1653
E: blines@navigatepr.com
Note to editors
Chris Reilly has been with BRS for 10 years, and is head of its FFA subsidiary BRS Futures, based in London. Chris has over 30 years experience in the dry cargo market, having studied modern languages at Oxford University and then started in shipping as a graduate trainee with Clarksons. He then spent many years at SSY, where he worked on the mineral team and became a partner in the firm, before joining BRS at the beginning of 1999 to set up a new dry bulk chartering desk in London.
BRS offers broking services across the full range of vessel types and sizes. BRS has offered freight derivatives broking to its clients as an additional service since 2003.
Andre Berry trained as a dry cargo chartering broker with Anderson Hughes in London for three years before joining Clarkson Asia, Hong Kong for four years specialising on panamax and capes. Returning to London he took up a new challenge in the oil sector working for Channoil for five years, a boutique oil consultancy where he focused on sourcing crude oil for clients. Seeing how important freight was in the oil trading equation, he returned to develop tanker FFAs with SSY, setting up its Singapore tanker FFA desk for three years before returning to London this year where he presently works as a director of SSY Futures. He is also a Fellow of the Institute of Chartered Shipbrokers FFA Brokers’ Association
The FFABA is made up of the following companies:
Banchero Costa
Bravo Tankers
BRS Futures
Clarkson Securities
Eugene Futures Co
Freight Investor Services
GFI Group
HSBC Shipping Services
ICAP Hyde
Ifchor
IMAREX
McQuilling Brokerage Partners
Mallory Jones Lynch Flynn
Pasternak Baum
Tullett Prebon (Europe)
Samsung Futures
Simpson Spence & Young
Tradition Financial Services
Tong Yang Futures Trading Co
Yamamizu Shipping
The Baltic Exchange
The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 550 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic. Baltic Exchange members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels.
