ICAP, part of the TP ICAP Group, a provider of financial markets infrastructure and data solutions, has launched a new global Dry Forward Freight Agreement (FFA) Desk, expanding its freight derivatives capabilities.
The Dry FFA Desk has been established with a truly global footprint, reflecting the international breadth of ICAP’s client base. The team is situated across key freight trading hubs, with brokers located in London, Copenhagen, Dubai and Singapore, providing around‑the‑clock coverage for clients in Europe, the Middle East and Asia, including China and Hong Kong.
The desk will be led by Max Nijhawan, who brings deep experience in freight derivatives markets.
The desk serves a diverse, global client base, including ship owners and operators, miners, grain houses, investment banks, hedge funds and trading houses covering Capesize (C5TC, C5 and C3), Panamax (P5TC and P6), as well as Supramax and Handysize time charters.
ICAP’s Dry FFA Desk benefits from close collaboration with the firm’s established Dry Bulk physical desk, particularly in Denmark, enabling ICAP to deliver a more joined‑up service to counterparties active across both physical and derivatives markets.
Dry freight remains one of the most volatile markets globally, influenced by a wide range of factors including weather, geopolitics, conflict and shifts in trade flows. With approximately 80% of global trade transported by sea, the development of liquid and well‑functioning freight derivatives markets plays a critical role in enabling market participants to manage risk more effectively.
