The European Energy Exchange (EEX) has expanded its range of products for the dry bulk freight market with the launch of Handysize 7TC Freight Futures which is now available for Trade Registration.
Following a period of strong growth in the charter market, the new Handysize contract will help customers manage their exposure by enabling them to clear Forward Freight Agreement (FFA) trades for the 38 000-DWT Handysize Time Charter basket of routes.
The launch of the new contract follows an 18-month period of sustained growth for EEX’s Dry Bulk Freight business with 2020 marking its most successful year to date, achieving an annual trading volume of 789 921 lots. This strong development has continued into 2021, with the business setting a new all-time monthly record in March with 122 544 lots traded.
Speaking on the launch, Steffen Koehler, EEX Chief Operating Officer, comments; “Having listened to the market and consulted with the shipping community, I’m very happy that we have been able to add the Handysize 7TC contract to our Dry Freight product suite. Since entering the freight market in 2016, we have continued to expand and develop our product and service offering as a sign of our commitment to the industry. This new contract is the next step in our developmental roadmap which will help our customers better optimise their freight portfolio.”
Also commenting on the new contract, Mark Jackson, Chief Executive Officer of the Baltic Exchange, the leading index provider for the Dry Freight market said; “With the support of world-class clearing, world-class settlement data and an expert network of FFA brokers, the stage is now set for ship owners and traders to manage their exposure to the volatile market for smaller dry bulk ships.”
The new EEX Handysize basket will further expand and complement the exchange’s existing Dry Bulk Freight portfolio which includes Capesize, Panamax, and Supramax contracts.
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/23042021/eex-expands-product-range/