Stepping up a stage

After an explosion in traded volumes between 2003 and mid-2005, the freight derivatives market looked as if it was settling down to a period of consolidation. By the end of 2005, some of the earlier optimism surrounding the market had waned and some participants were frustrated the market hadn't achieved the level of maturity and sophistication they'd hoped for. When Azimuth, the world's first and only pure freight hedge fund, withdrew from the market last year, it added to fears that the

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