"Profits ahoy!" cry ship funds cap'ns

As hedge funds enter the freight derivatives market, Jay Blanche hoisted the jib to see how they will find their risk-adjusted 'pieces of eight'

"Sea freight [will] become a barometer of the world economic climate" - so said Andy James of the befallen Enron in this very publication in November 2001.

And, indeed, with so much of this climate reliant upon China's increasing economic interaction with the rest of the world and the prevailing oil price, as with so many other commodities markets, the market for freight derivatives, in particular freight forward agreements (FFAs), is now seen as a hot ticket.

Trading was thin until about three

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