Heidmar Launches FFA Unit

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New venture said to expand client options and is second new venture formed under new chief James Pippard.

September 6th, 2018 17:45 GMT

by Joe Brady

Published in Tankers

Tanker pool player Heidmar has launched a new freight futures desk from a London base to broaden options beyond its physical trading activity.

The FFA operation is the second new Heidmar business initiated under new chief executive James Pippard, following on the setup of a bunkering service for pool partners in May.

Pippard explained the futures rationale in a statement today.

“Adding a professional FFA desk to our core pooling business will allow us to provide our partners and customers with additional hedging and risk-management options, and leverage our physical chartering desks’ trading information to further enhance our pool performance,” he said.

While both Pippard and director of commercial projects John Christakopoulos are considered well versed in FFAs, Heidmar is bolstering the effort with the hire of Ben Woodbridge, former head trader for GFI/ACM Braemar for 12 years in London.

“It’s a very specialised market that takes years to learn, and we knew were didn’t want to do it off the sides of our desks, preferring to hire a professional respected FFA player,” Pippard explained.

The effort will mirror the organisation of such desks at large trading companies and provide a base for further growth, he said.

Like the recently established bunkering unit, the FFA arm will be ready for “what could be a more dynamic market” with implementation of sulphur regulations in 2020, Pippard said.

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