Maritime Week Americas 2015 • Cartagena


Tuesday 2 June 2015 ~ Half-day Morning Seminar

This half-day seminar will provide attendees an overview of hedging tools and risk management in the oil and bunker fuels market.  Attendees will learn how to create a hedging policy and how to execute a hedge plan and assess its success.  Current examples and case studies will be used to apply ‘real world’ situations to hedging and managing both physical barrel and financial risk. Questions and discussion will be held throughout to focus on areas of particular interest as they arise.

ChrisThorpe picChris Thorpe
Managing Partner, Brick Investment Partners, LLC

CTA Financial is a register Commodity Trading Advisor with the National Futures Association. Chris has been actively trading, managing risk and structuring financial hedges for over 15 years and has traded physical commodities in the Americas and Europe. 

He previously held positions at Methanex Corporation (Vancouver, Brussels and Dallas) and JPMorgan (New York) before co-founding energy risk management and trading firm HCEnergy based at the New York Mercantile Exchange. 

Chris worked for global commodity broker INTL FCStone, following the sale of HC Energy in 2011, until he founded his own firm in early 2013.


Please note: Courses will be run subject to demand. Should you be considering attendance, we would request notification of this in order to manage expectations. 
Registration deadline is 30 April 2015. 

The price of this event includes lunch, refreshments and course materials.

09:00 Registration
09:15 Introduction

Oil and refined products market overview

  • Oil market fundamentals
  • Trends in oil markets and refining

What is price risk mangement?

Why hedge?

  • What is it?
  • Why would I do it?
  • History of hedging and spectacular blow ups

Basic concepts and terms

  • Forwards, Futures, swaps, options
  • Applications in marine fuel industry
  • Basis risk and common problems

Tools of the trade overview

  • Swaps vs fixed price agreements (FPA)
  • Floors and ceilings, min and max

Speculation versus risk management

  • Systems and controls for managers
  • Accounting issues
10:45 Networking Coffee Break


  • Terminology
  • Pricing
  • Contango/carry market/normal market, backwardation
  • Settlement and cash flows
  • Credit and margin
  • Strategies and examples


  • Termionology
  • Pricing
  • Settlement and cash flows
  • Credit and margin
  • Strategies and examples
    • Plain vanilla
    • Exotics

Creating a hedging policy

  • Setting and understanding rules
  • Control systems and reporting
  • Review and renew

Working with counterparties

  • Financial
  • Physical
  • Regulated exchanges


  • Advisors and brokers
  • Orders
  • Paper trails, records and compliance

Questions and Wrap-Up

Registration Options

Bunker Price Risk Management:


An Introduction to Shipping:


IBIA Basic Bunker Course:


MWA2015 Conference Pass:




For More Information

Please contact:
Our Sales Team
Tel: +44 1295 814455

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