Freight derivatives as financial instruments for hedging and investment provision in Russian maritime cargo transport

Abstract

The paper substantiates the thesis that the creation of a Russian forward freight market may serve as a strategic response to the growing volatility of global maritime transport. Particular attention is paid to the current absence of a national freight index and exchange-based hedging instruments, which limits the competitiveness of Russian exporters and weakens their position in international logistics chains. Drawing on international benchmarks such as the Baltic Dry Index (BDI), the Freightos Baltic Index (FBX), and the Shanghai Containerized Freight Index (SCFI), the study outlines the conceptual framework for the development of a Russian Freight Index (RFI) and the establishment of a specialized trading section for Forward Freight Agreements (FFA). The results indicate that the implementation of such measures would reduce logistics costs, ensure transparent freight pricing, and stabilize cash flows for export-oriented industries, thereby integrating Russia into the global system of transport risk management.