If stock markets on Monday were like a Quentin Tarantino movie — lots of blood, lots of action — the freight derivatives market was more Samuel Beckett. There were dramatic overtones, but not much actually happened.
Shipping stocks worldwide were caught in the crossfire as investors reacted to a troubling US jobs report and fears of an American recession.
But the bloodletting in Monday’s forward freight agreement (FFA) market was minimal — not so much flesh wounds as a few paper cuts.
