Inter-dealer broker GFI has added a Delivered Ex Shipping (DES) contract to its screen-based platform in response to market demand.
The main feature of DES is that risk is transferred from the seller to the buyer when the goods are placed at the disposal of the buyer on board the ship. This means that if a cargo has been broken into pieces the titles of ownership/responsibilities while in voyage are much clearer. Take-up of the new contract has been strong, says GFI.
Meanwhile, GFI has