Josh Smithson of Braemar-GFI Freight Derivatives has been elected for a second year as Chairman of the Tanker FFA Brokers’ Association (FFABA). He previously succeeded Sam Mitchell, also of Braemar-GFI Freight Derivatives, who chaired the association from 2023.

Smithson started with Braemar in 2015 and possess over a decade of expertise in the industry.

"It is an honour to be elected for a second year as Tanker FFABA Chairman. The tanker FFA market experienced record trading volumes throughout 2025 across all sectors, reflecting the growing importance of freight derivatives as a core risk-management tool,” he said.

The Tanker FFABA operates as an independent association of Baltic Exchange Forward Freight Agreement broking members, serving and representing the international tanker FFA brokerage community.

Working closely with Baltic Exchange, the association helps organise industry forums in key shipping hubs around the world, highlighting the role of FFAs in managing freight rate risk. Its current membership includes Braemar-GFI, Clarksons Futures, Marex and Oil Brokerage Ltd.

Last year was a record year for FFAs in the tanker market. About 1.1 million lots were traded in 2025 due to major challenges faced by the tanker sector. Increased volatility in freight markets due to geopolitical tensions, evolving trade sanctions and stricter environmental regulations has caused a wider range of participants to turn to tanker FFAs and minimise their exposure to risk.

As Smithson noted, “participants successfully navigated the complexities of the Inclusive/Exclusive dual pricing structure. The transition required coordination, transparency, and engagement across the market, and the outcome has been a more streamlined and efficient framework heading into 2026; an improvement that should support liquidity, confidence, and long-term market growth.”

“Looking ahead, 2026 shows no signs of slowing. With global tensions continuing to influence trade flows, fleet deployment, and freight volatility, the importance of robust risk-management strategies has never been greater,” he continued.

Under Smithsons leadership for a second year, the Tanker FFABA is well-positioned to support the market in the coming year as volatility remains high and tanker FFAs continue to be used by a wider market.