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Derivatives

Ex-TFS Head Launches First Freight Hedge Fund

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A group of shipping and freight derivatives professionals, including the former head of freight at inter-deal broker TFS in London, are setting up what is thought to be the first hedge fund to take long/short positions in tanker forward freight agreements (FFAs).

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A group of shipping and freight derivatives professionals, including the former head of freight at inter-deal broker TFS in London, are setting up what is thought to be the first hedge fund to take long/short positions in tanker forward freight agreements (FFAs). Azimuth Marine Management expects to start trading in September and has a target size of USD50 million in funds under management, according to an official familiar with the plans. Calls to the directors of the firm in Luton, James Tweed and David Wardley, were not returned by press time. Tweed left the top freight role at TFS at the beginning of the year, the official added.

The fund is launching now to take advantage of greater liquidity in tanker FFAs--over-the-counter instruments that are similar to swaps--as well as volatility in the underlying markets, the official explains.

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