Josh Smithson Elected as New Tanker FFABA Chairman

[By: Baltic Exchange]

Josh Smithson from Braemar-GFI Freight Derivates has been elected as the new Chairman of the Tanker FFA Brokers’ Association (FFABA). He replaces Sam Mitchell, also from Braemar-GFI Freight Derivates, who has chaired the group since 2023.

The Tanker FFABA is an independent association of Forward Freight Agreement (FFA) broking members of Baltic Exchange that represents the worldwide community of tanker FFA brokers.

The group works with Baltic Exchange to organise industry forums in major global shipping centres to promote FFAs as an important tool for managing risks and exposure to freight rates. Current members include Braemar-GFI, Clarksons Futures, Marex and Oil Brokerage Ltd.

Smithson has been with Braemar-GFI since 2015, and has risen through the ranks, with over a decade of experience of working with tanker FFAs. He has also been involved in the LPG and bunker fuel sectors during his tenure.

“I’m honoured to have been elected Chairman of the Tanker FFABA as we approach what promises to be an exciting yet challenging year ahead. With ongoing geopolitical tensions, the need to effectively manage and hedge freight exposure remains more crucial than ever,” noted Smithson.

“One of my top priorities for the year ahead is to foster open dialogue — not only between brokers and traders, but also within the brokerage community itself. In today’s market, where EU ETS costs and the variables involved, are a central issue, it is essential that we all align our efforts and ensure we're working from the same playbook.

“As we continue to discuss EU ETS costs, there is a strong possibility that we will see a two-tier market emerge on the routes with both inclusive and exclusive curves. To support this shift, I’m committed to enhancing transparency in reporting and methodology. This will not only benefit current market participants but also help new entrants navigate what may be a more challenging landscape for them,” he added.

Tanker FFA volumes spiked at the start of 2025, with more than 97,000 lots traded in 2025 so far (as of 24 January), the majority of which were in the dirty tanker market. The recent rise in tanker FFAs comes amid volatility in the physical market amid increased uncertainty around trade sanctions and environmental regulations, leaving many to seek out tanker FFAs to minimise their exposure to risk.