Shanghai: Shanghai Shipping Exchange plans to establish a container-shipping derivates market by year-end as the city tries to challenge London as a global centre for shipping finance.
The forward freight agreements, or FFAs will be targeted at small and mid-size exporters, who don't have the volumes needed for long-term shipping contracts, Yao Weifu, a director at the shipping exchange, said in an interview in the city yesterday with Bloomberg. The plan is awaiting government approval.
The exchange has made clear it is chasing business normally associated with London. SSE president Zheng Ye told Seatrade last year that his bulk indices were a far more accurate representation of the market than the Baltic Exchange's.
Seatrade Asia Online's sister site in Chinese http://www.seatradeasia-online.cn carries an exclusive updated container freight index from the SSE. [26/02/10]
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