Abstract
The trade barriers between nations are crumbling due to sustained efforts of WTO. There has been considerable growth in the volume of world trade since its establishment in 1995. Shipping which is considered to be the backbone of international trade has also undergone transformation during these years. The industry which is highly volatile due to its international character exposes its participants to unexpected financial loss. Over the years new financial instruments have been evolved to hedge against such risks. This paper evaluates the use of freight derivatives as a means to hedge volatility in shipping freight rates with particular reference to India.
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