C.Hedge by freight forwarders (NVOCC) Freight forwarders, as an intermediary between carriers (liners) and shippers (cargo owners), provide services to both. They forge close ties with carriers (liners, etc.) and book capacity directly from them to meet their selling needs. At the same time, they sell that capacity to shippers (cargo owners) to meet their pre-booking needs. In real-world scenarios, forwarders have needs for both long and short hedge. If a forwarder signs a long-term freight agreement with a liner, under which it buys a large capacity at a fixed price to be resold to shippers, it stands to profit if the freight rate rises in the future, and lose money if it falls. This creates the need for short hedge in the futures market. Conversely, if the forwarder signs a longterm freight agreement with a shipper, under which it presells a large capacity to the shipper at a fixed price to be bought in turn from a liner, it stands to profit if the freight rate falls in the future, and lose money if it rises. This creates the need for long hedge in the futures market. In practice, once a forwarder has signed long-term freight agreements with a carrier and a shipper, it will have risk exposures as long as the two agreements differ in the capacity contracted or the freight period. Based on its net position exposure in the different months, the forwarder can then decide whether to take a long or short hedge position in EC contract according to the approaches illustrated above.

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