D’Amico FFA case rejected by US Appeal

Forward Freight Agreements (FFAs) lawsuit between shipowner D’Amico and Greek Primera Maritime dismissed by New York District Judge. Forward Freight Agreements (FFAs) do not
qualify as maritime contracts in English courts. New York District Judge and Appeal Court ruled that Forward Freight Agreements (FFAs) is only a maritime contract if its principal objective is to further maritime commerce, such as when it is used to hedge risks associated with the employment of a vessel. New York District Judge and Appeal Court decided that shipowner D’Amico used Forward Freight Agreements (FFAs) for speculation rather than to hedge against a drop in shipping prices.