我国企业参与干散货运费衍生品市场的战略性建议

2008年金融危机后,随着全球性的经济萎缩和运力供给的急速增长,国际海运市场日趋动荡,国际运费剧烈波动。鉴于运费衍生品市场的价格先导性,海运企业利用运费衍生品来摆脱被动承担运价损失的困境,并确保成本的稳定及收益的获得变得十分必要。随着近期国际远期运价协议FFA市场的波动溢出以及套期保值功能的强化,积极参与运费衍生品市场已成为国际海运企业把握市场、控制风险、保障自身收益并获取竞争力的重要途径。本文在深入研究国外运费衍生品市场现状及发展新趋势的基础上,从战略层面提出了我国海运企业参与干散货运费衍生品市场的具体建议。

Since the 2008 financial crisis, due to the global economic contraction and the rapid growth of marine transport capacity, the international shipping market has become increasingly volatile and the international freight has been fluctuating violently. Given the price predetermination of the freight derivatives market, it is quite necessary for enterprises to participate in the freight derivatives market to avoid paying the extra shipping cost and to operate their business efficiently. With the recent strengthening of the volatility spillover effect and the hedging function of international FFA market, active participation in the freight derivatives market has become an important approach for international maritime companies to grasp freight market, control freight risk, protect their own revenues and obtain the competitive advantages. This essay aims at making in -depth study of the development status and trends of foreign freight derivatives. Based on this, it puts forward some specific and practical strategic recommendations for Chinese enterprises to participate in the freight derivatives market of dry bulk cargoes.