▁flow ▁and ▁push ▁the ▁market ▁trad ers ▁in ▁the ▁direction ▁they ▁want . ▁ ▁The ▁fre ight ▁market ▁The ▁fre ight ▁market ▁consists ▁of ▁ship own ers , ▁char ter ers ▁and ▁bro k ers . ▁They ▁use ▁four ▁types ▁of ▁contract ual ▁arrang ements : ▁the ▁voyage ▁char ter , ▁the ▁contract ▁of ▁aff re ight ment , ▁the ▁time ▁char ter ▁and ▁the ▁bare bo at ▁char ter . ▁Sh ip own ers ▁contract ▁to ▁carry ▁cargo ▁for ▁an ▁agreed ▁price ▁per ▁t onne ▁while ▁the ▁char ter ▁market ▁h ires ▁out ▁ships ▁for ▁a ▁certain ▁period . ▁A ▁char ter ▁is ▁leg ally ▁agreed ▁upon ▁in ▁a ▁char ter - party ▁in ▁which ▁the ▁terms ▁of ▁the ▁deal ▁are ▁clearly ▁set ▁out . ▁ ▁Fre ight ▁derivatives ▁Fre ight ▁derivatives , ▁which ▁includes ▁forward ▁fre ight ▁agre ements ▁( FF A ), ▁container ▁fre ight ▁swap ▁agre ements , ▁container ▁fre ight ▁derivatives , ▁physical - del iver able ▁fre ight ▁derivatives , ▁and ▁options ▁based ▁on ▁these , ▁are ▁financial ▁instruments ▁for ▁trad ing ▁in ▁future ▁levels ▁of ▁fre ight ▁rates , ▁for ▁dry ▁bulk ▁carri ers , ▁tank ers ▁and ▁containers hips . ▁These ▁instruments ▁are ▁settled ▁against ▁various ▁fre ight ▁rate ▁indices ▁published ▁by ▁the ▁Balt ic ▁Exchange ▁( for ▁D ry ▁and ▁most ▁W et ▁contract s ), ▁Shang hai ▁Sh ipping ▁Exchange ▁( Intern ational ▁and ▁domestic ▁D ry ▁Bul k , ▁and ▁International ▁Cont ain ers ), ▁and ▁Pl att ' s ▁( As