Angus Procter named chairman of FFABA

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 had chaired the group, which represents the worldwide community of tanker Forward Freight Agreement (FFA) brokers, since 2017.

Angus 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.”

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.