The Dry Bulk market is a key element in international trade, being a visible supply and demand market subject to volatility. This 2 day course is designed to give a practical insight to understanding the Dry Bulk FFA market and its application as a risk management tool. FFA’s are used by ship owners, commodity traders and charterers globally to manage forward price risk. Having attended and completed this course, participants will gain a clearer understanding of how to hedge using FFA’s, setting up a trading and clearing account in line with current regulations. Participants will come away being able to set up their own trade portfolio to hedge their freight exposure.

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www.ibc-asia.com/drybulkFFA
Dry Bulk
Forward Freight Agreements
21 – 22 August 2014 | M Hotel, Singapore
Key Learning Outcomes
• Understand the principles and use of dry bulk FFAs, its
applications and how they work in managing shipping risks
• Gain an overview of the FFA markets and make assessments
on dry bulk FFAs
• Learn how to calculate freight rates and Value at Risk
• Know your freight positions & exposure and their roles in
trading decisions
• Compare between other freight risk management tools –
FFA vs CoA or Time Charter
• Apply FFA to cover exposures and learn strategies for
shipowners, charterers, and traders
• A clear understanding of the exchange and clearing house
process under the new regulations, Swaps to Futures
transition and its implications
• Benefit from practical exercises on hedging freight positions
and experience FFA trading via class mock trade sessions
• Shipowners
• Charterers
• CFOs and Finance Managers
• Risk & Portfolio Managers
• Dry Bulk Traders
• Commodity Traders
• Hedge funds
• Commodity Financers
• Investment Banks
• FFA brokers
Ron Wilson has over 25 years shipping experience
in the Dry Bulk Freight Market and specializes in
Commodity Futures and Financial Derivatives,
particularly in the Freight Futures markets. He is
Business Development Consultant in these fields and
an Adjunct Professor at the Singapore Management
University.
Who Should Attend
Course Director

2. IBC Maritime Training Academy
IBC Maritime Training Academy is the Asian training division of IBC
Asia, part of the Informa Group and a public listed company in the
UK. Informa’s main business is in the specialist information providing
for global markets. We operate in 70 countries, 150 offices worldwide
with over 7000 employees. We have over 25 years experience in
providing innovative, focused and high quality business information
and training products designed to help you improve the way your
business is managed.
Want to send the whole team? Why not consider one of our On-site packages
and save up to 40%! No matter where you are based in the region let IBC Asia
bring our extensive faculty of internationally recognised trainers directly to
your door. Choose from any one of our 130+ public training courses and we
will ensure a customised fit for your organisation. Either sign up for an existing
course, which we would be more than happy to alter to meet your needs, or
take our Tailor-Made option and let us build a course perfect for ensuring the
delivery of your company’s goals. (8 attendees or more)
Train the Team! Save up to 40%
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To talk through the many options available please call our
training specialist: Miki Kong
+65 6508 2477 onsite.training@ibcasia.com.sg
REGISTER TODAY! +65 6508 2401 www.ibc-asia.com/drybulkFFAregister@ibcasia.com.sg
“Increasing the knowledge of forward freight agreement.
Using the mentioned knowledge adjust my duty to fix the
vessels and understand the choice to minimise the risk
when fixing the vessels under the charterer’s role”
~ CP Intertrade Co Ltd
“FFA is a new product for our company which may help
our risk management”
~ Uni-Asia Holdings Ltd
“Good presentation. Good lecture”
~ Avani Resources Pte Ltd
“Very interactive. Very relevant”
~ J Lauritzen Singapore Pte Ltd
“Class is Interactive, Informative and Industry Relevant”
~ Thoresen Shipping
The Dry Bulk market is a key element in
international trade, being a visible supply and
demand market subject to volatility. This 2 day
course is designed to give a practical insight to
understanding the Dry Bulk FFA market and its
application as a risk management tool. FFA’s
are used by ship owners, commodity traders
and charterers globally to manage forward
price risk.
Having attended and completed this course,
participants will gain a clearer understanding
of how to hedge using FFA’s, setting up a trading
and clearing account in line with current
regulations. Participants will come away being
able to set up their own trade portfolio to hedge
their freight exposure.
Ron Wilson,
Business Development Consultant, Freight and Commodity
Markets.
Adjunct Professor at the Singapore Management University
Ron has over 25 years shipping experience and specializes
in Commodity Futures and Financial Derivatives, particularly
in the Shipping and Freight Futures markets. His past
experience include providing shipbroking services for dry
cargos in both voyage and time charters. He was previously
the Director (Senior Vice President) and FFA Dry Desk
Manager for Imarex Asia based in Singapore where he
executed day to day broking of FFA Swaps across various
market segments, and advised clients on hedge strategies
and risk management. He was contracted as a consultant
to NASDAQ OMX Commodities for the integration process
of futurization of their freight, bunker fuel and iron ore
derivative products.
Ron holds membership in various professional associations
including Singapore Chamber of Maritime Arbitration
(SCMA), The Maritime Law Association of Singapore and
a Fellow of The Institute of Chartered Shipbrokers. He has
been lecturing for the past seven years at the Singapore
Management University on Dry Cargo Chartering; Tanker
Chartering; Sale & Purchase; Forward Freight Agreements
(FFAs) and also tutors for the Institute of Chartered
Shipbrokers Distance Learning program, and is the
Education Officer and Vice Chairman of ICS Singapore.
This year he was a guest lecturer at NTU for their MSc
Maritime Studies program covering broking, chartering
and FFAs.
Ron has previously presented professionally on FFA’s to
business groups including JP Morgan forum, CME Group
forum, Handymax Conference and the Maritime Port
Authority of Singapore. He has been an Expert Witness
in both an FFA (Forward Freight Agreement) OTC
Bilateral Contract default and early termination dispute
in the London High Court and in a Dry Cargo voyage
charter party arbitration in the SCMA. Ron has a degree
in Business Administration. Has studied Finance and
Marketing at The Wharton School and Darden as well
as Management at IE Business School. He continues to
study in his spare time.
What Delegates Like About
This Course
About the Course
About the Course Director
Dry Bulk Forward Freight Agreements

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COURSE OUTLINE
Course Registration: 8:30am
Course Commencement: 9:00am
Course Conclusion: 5:00pm
Explanation ofTimings: These times act as a guide and may be modified slightly depending
on the depth of class discussion and whether assessments are being conducted.
Course Programme: This program is a guide and may be altered to better address
participant requirements on a consensus basis.
REGISTER TODAY! +65 6508 2401 www.ibc-asia.com/drybulkFFAregister@ibcasia.com.sg
Freight Market Economics
• Vessel types in the dry bulk market
• Supply and demand of vessels
• Market participants
• Market cycles and trading routes
• Shipping trend observations in major commodities traded
Physical Chartering
• Time Charter – Trips (TCT) and Period
• Voyage Charter – Spot and Contract of Affreightment (CoA)
Understanding Freight Position
• Defining exposure
• Value at Risk (VaR)
• Freight Rate Calculations
• Market expectation analysis
• Forecasting and Market Reports
The Futures Markets
• OTC Swaps,
• Cleared Swaps
• Futures
Principles and use of FFAs
• Overview of the Dry Bulk FFA market
• Practicalities of trading FFAs – who trades , trading volumes.
• OTC, Cleared and Exchange traded FFAs
• New regulations – CFTC and EMIR from Swaps to Futures
Pricing and Settlements
• The Baltic Index
• The Baltic Forward Assessment (BFA)
• Daily Mark to Market (M2M)
• Contract Settlement
Correlations
• Between FFA routes and the Physical Market
~ Trade routes and contracts available
~ Deciding which contract to use
• Between Paper and Physical – choosing the right period and
volume
Workshop
• Assessing the future market and identifying price risk period
• What to trade, when and why
• Using a traded contract – managing your own daily book.
Mark to Market and Final Settlement
Shipping Risk Management
• Sources of risks in the shipping industry
• Risk management and the use of derivatives in shipping
• Comparison of risks across different shipping segments
• Freight risk management tools available – FFA v CoA or Time
Charter
The FFA Market in Practice
• The Forward curves – firm and indicative
• Bids and Offers – price matching
• OTC v Screen trading
• Trade flow process – OTC Cleared and Exchange traded
• General Clearing Merchants (GCMs) – their role and function
FFA to Cover Exposures
Strategies for:
• Charterers
• Owners
• Traders
Other Freight Risk Management Tools
• Fuel Oil Swaps (Bunker hedging)
• FX exposure
• Index linked Time Charters
Clearing Houses and Exchanges
• The function of a Clearing House
• Setting up a Clearing account
• Initial Margins and Margin Calls
• Default and Netting
• Exchanges - mechanism and Futurization
• Swaps to Futurization. What the new regulations mean and
what implications they have in trading FFAs today
Freight Options
• What are they
• How are they different from freight futures?
• How do they work – volatility and pricing models
Workshop
• Risk Manage a one year time charter
• Buying or Selling an FFA step by step through the clearing
and exchange process
• Trading the contract and managing it dynamically. Reducing
your VAR and profiting.
• Balancing your P&L – profit or loss
DAY ONE DAY TWO
Sugar Pricing and Trade Risk Management
23 – 24 June 2014, Singapore
Maritime Law and Contract Fundamentals
11 – 12 September 2014, Singapore
Ship Arrest
19 – 20 June 2014, Singapore
Ship Winterization and Ice Operations
26 – 27 June 2014, Singapore

4. M Hotel
81 Anson Road, Singapore 079908
Tel: +65 6500 6202 / +65 9339 3854
Fax: +65 6224 3173
Contact person: Adrian Wong
Email: adrian.wong@millenniumhotels.com
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• Special Group Discount pricing is applicable to groups of 3 or more delegates from the same organisation registering for the same event, at the same time.
Fee stated is the discounted price PER DELEGATE. Only one discount applies - either the early bird rate OR special rate OR Special Group Discount.
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CANCELLATIONS / SUBSTITUTION
Should you be unable to attend, a substitute delegate is welcome
at no extra charge. Cancellations must be received in writing at
least 10 business days before the start of the event, to receive a
refund less 10% processing fee per registration. The company
regrets that no refund will be made available for cancellation
notifications received less than 10 business days before the event.
IMPORTANT NOTE
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number on the advice when remitting payment. Bank charges are
to be deducted from participating organisations own accounts.
Please fax your payment details (copy of remittance advice, cheque
or draft to +65 6508 2407).
Attendance will only be permitted upon receipt of full payment.
Participants wishing to register at the door are responsible to ensure
all details are as published. IBC assumes no further liability or
obligation, beyond the refund of the paid registration fee, in the
event of postponement or cancellation by IBC.
If undelivered, please return to:
111 Somerset Road,
TripleOne Somerset #10-06, Singapore 238164
Tel: +65 6508 2400 Fax: +65 6508 2408
21 – 22 August 2014 | M Hotel, Singapore
6 EASY WAYS TO REGISTER
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register@ibcasia.com.sg
Customer Service Hotline
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Fax
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www.ibc-asia.com/drybulkFFA
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Somerset #10-06, Singapore
238164
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Book a group of 3 or more delegates and pay per delegate
SGD 2,895 (Save SGD 500 per delegate and 4th
attends FREE!)
SGD 2,995 (SAVE SGD 400) SGD 3,195 (SAVE SGD 200) SGD 3,395
Dry Bulk Forward Freight Agreements
P52098 O Z AR MM
Dry Bulk Forward Freight Agreements