Pat Donnelly, of Braemar ACM-GFI, has been elected as Chairman of the Tanker FFA Brokers Association. He replaces Ben Courtney of ICAP Energy who has chaired the group, which represents the worldwide community of tanker Forward Freight Agreement (FFA) brokers, since 2016. 

Founded in 1997, the FFABA is the worldwide association for Forward Freight Agreement 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.

Pat Donnelly said:

“It is a pleasure to have been elected Chairman of the Tanker FFA Brokers Association as we head into an exciting yet challenging 2018. FFAs are increasingly recognised as an essential tool for managing exposure to freight rates. When we talk about ‘risk’ in a derivatives context, we are referring to physical market risk in volatile markets, faced by even the most conservative companies. FFAs provide a flexible mechanism for managing this exposure, bringing balance sheet stability when used effectively and complimenting physical market activities. This is one of the key messages that we will be promoting over the coming 12 months. Outside of market development, the FFABA’s role as an association is to provide consensus on market issues and work with the Baltic Exchange on benchmark development and implementation. MIFID II is also on the horizon and we will be working with all of our clients to help them navigate these changes as they take effect.I look forward to building on the positive work of the FFABA and to encouraging further development of this important market over the coming months.”

Pat joined Braemar ACM-GFI in 2012, where he focuses on tanker FFAs. He has also previously been active as a broker for LPG, fuel oil and dry FFAs.

ENDS 

For further details please contact Bill Lines
E: blines@navigatepr.com T: +44 (0)20 3326 8460 

Notes to editors

About 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 640 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.

In November 2016, the Baltic Exchange was acquired by Singapore Exchange (“SGX”), bringing together complementary strengths of Singapore and London, two of the world’s most important maritime centres. 

Baltic Exchange services

•         Independent, high quality dry, wet and gas freight market information
•         Self-regulated chartering, sale and purchase and freight derivatives markets 
•         Central forum for competing freight market interests 
•         Framework ensuring high standards of business practice and co-operation
•         London-based business facilities for members