By the type of hedging positions, a hedge is classified into short hedge and long hedge. Short hedge is mainly used by liners, i.e., capacity suppliers, to lock in freight revenues and offset future price declines. Long hedge is mainly used by shippers, i.e., capacity consumers, to lock in freight costs and offset future price increases. Freight forwarders (or non-vessel-operating common carriers (NVOCC)), as intermediaries, may take either the short or long hedge. The specific strategies are as follows.

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