Freight Derivatives 101

by Andrew Elmslie, SSY Futures

Introduction
The oil tanker trade is one of the most physically hazardous and risk laden areas of commerce, being exposed to the mercy of both the sea and volatile trading conditions. Fortunes have been made and lost, with dramatic periods of intense activity being contrasted by lengthy periods of stagnation.

The vessels themselves have advanced greatly in terms of technical sophistication, with developments in communications and rapid changes in information technology altering the methodology of tanker operations on a continuous basis.

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