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Physical Fuels & Freight · Trading Desk
Freight & Shipping Trading Desk Master Program
Freight as optionality, not transport - chartering vs trading. A senior, governance-first program of 110 cumulative chapters - built for people who run the desk, not those learning the basics.
110
Cumulative chapters
8
Modules
Senior
Desk-level program
Global
US · UK · EU · ME · APAC
Why this program exists
Built around survival, accountability, and senior decision-making
Most trading training focuses on theory or benchmarks. Real desks fail on governance gaps, logistics breakdowns, misunderstood risk, and systems that lag physical reality. This program is designed around how the desk actually operates and how it fails.
Who this program is for
Senior, not introductory
Why seniors respect it
No fluff
- No junior-level fluff
- Focused on real losses, not theory
- Treats curves, logistics & systems with healthy skepticism
- Reflects real global desk pain points
Curriculum
Curriculum - 110 Cumulative Chapters
110 cumulative chapters across 8 modules. Every module builds on the last, from running the desk to desk leadership and legacy.
Module 1 - What a Freight Trading Desk Really Is (Chapters 1-10) 10 chapters
- Why Freight Is a Derivative of Energy
- Freight as Optionality, Not Transport
- Physical vs Paper Freight Desks
- Chartering vs Trading Responsibilities
- Desk Mandates, Capital Allocation & Risk Budgets
- When Not to Fix a Ship
- Spec vs Coverage Control Points
- How Freight Desks Actually Fail
- Senior View of Freight Desk P&L
- Lessons from Failed Freight Books
Module 2 - Freight Market Structure That Matters (Chapters 11-26) 16 chapters
- Tanker Classes (VLCC, Suezmax, Aframax, MR)
- LNG Carrier Market Reality
- Dry Bulk vs Energy Freight Differences
- Spot vs Time Charter Economics
- Voyage Charters Explained Properly
- Forward Freight Agreements (FFAs)
- Freight Curve Reality (Why It’s Thin)
- Regional Fragmentation & Arbitrage
- Port Congestion as a Trade
- Canal Constraints (Panama, Suez)
- Ice, Weather & Seasonal Risk
- Political & Sanctions Risk
- Liquidity Illusions in Freight
- When Market Structure Breaks
- Freight Market Cycles
- Case Study: Structural Freight Failure
Module 3 - Senior Trading & Fixing Playbooks (Chapters 27-44) 18 chapters
- Fixing vs Trading - Who Owns the Risk
- Spot Fixing Under Volatility
- Time Charter Optionality
- Freight as Storage Economics
- Floating Storage Trades
- Demurrage as Hidden P&L
- Congestion Capture Strategies
- Arbitrage Windows in Freight
- Scaling Positions Without Liquidity
- Counterparty & Owner Risk
- Knowing When Rates Are Wrong
- Risk-Off Freight Playbooks
- Correlation Breakdown (Freight vs Oil/Gas)
- Trading Through Market Closures
- Portfolio vs Single-Voyage Thinking
- Senior Fixing Review Framework
- Walking Away from “Cheap” Ships
- Case Study: Freight Trade That Killed Energy P&L
Module 4 - Valuation, FFAs & Model Skepticism (Chapters 45-58) 14 chapters
- Freight Valuation - Why Models Lie
- Spot vs Forward Curve Disconnect
- FFA Basis Risk
- MTM as Narrative, Not Truth
- P&L Attribution: Freight vs Energy
- Stressing Congestion Assumptions
- Optionality Mispricing
- Model Override Governance
- Broker Curves vs Reality
- Shadow Books & Excel
- When FFAs Fail to Hedge
- Managing Freight Analytics
- Audit-Driven Valuation Adjustments
- Case Study: Model-Driven Freight Loss
Module 5 - Risk, Credit & Survival (Chapters 59-74) 16 chapters
- Risk as Capital Preservation
- Liquidity Risk in Freight
- Counterparty Default Risk
- Owner Bankruptcy & Vessel Withdrawal
- Margin Calls on FFAs
- Collateral & Credit Triggers
- Stress Testing Port Closure
- Kill Switches & Fixing Freezes
- Who Pulls the Plug - And When
- Risk Escalation Playbooks
- Trading Under Sanctions Scrutiny
- Lessons from Freight Blow-Ups
- LNG Shipping Crisis - Desk View
- Oil Market Dislocation & Freight
- War, Embargo & Rerouting Risk
- Case Study: Desk Survival Playbook
Module 6 - Execution, Operations & Legal Risk (Chapters 75-86) 12 chapters
- Charter Party Terms That Matter
- Laytime, Demurrage & Detention
- Documentation Failures
- Claims, Disputes & Arbitration
- Force Majeure Abuse
- Operational Overrides & Audit Trails
- Vessel Performance Disputes
- Insurance & P&I Club Risk
- Cyber & AIS Manipulation
- Follow-the-Sun Operations
- Settlement & Invoice Chaos
- Operational Risk Case Study
Module 7 - Systems, ETRM & Freight Control (Chapters 87-98) 12 chapters
- Why ETRM Struggles with Freight
- Voyage & TC Deal Capture
- Freight Exposure Views That Matter
- MTM Under Sparse Data
- Integration with Oil, Gas & LNG Books
- FFA Lifecycle Tracking
- Shadow Systems & Broker Sheets
- Governance Failures in Freight Desks
- Change Control & Audit Trails
- What a Desk-Grade Freight Stack Looks Like
- Data Quality & Broker Dependency
- When Systems Create False Comfort
Module 8 - Behavior, Accountability & Leadership (Chapters 99-110) 12 chapters
- Career Risk on Freight Desks
- Incentives vs Long-Term Survival
- Overconfidence in Tight Markets
- Decision-Making Under Time Pressure
- Ethics, Sanctions & Disclosure Risk
- Crisis Leadership During Disruptions
- Managing Post-Loss Environments
- Culture: Fixers vs Traders
- Board-Level Risk Communication
- Lessons from Long-Lived Freight Desks
- When to Exit a Route or Market
- Legacy of a Senior Freight Trader
Program formats
How you learn
Cohort-based
Instructor-led cohorts with live discussion and desk case reviews.
Enterprise
Private, tailored delivery for your desk, systems, and governance.
Executive offsites
Intensive desk offsites and post-incident remediation for teams.
Related desks
Explore the other desks
Go deeper
Related learning
FAQ
Freight & Shipping desk program - answered
What is the Freight & Shipping Desk Master Program?
It is a senior, practitioner-led program covering the freight & shipping trading desk end to end - what the desk is accountable for, how it makes and loses money, and how it should be governed. It spans 110 cumulative chapters across 8 modules.
Who is the Freight & Shipping program for?
Senior traders, desk heads, risk and credit leaders, and trading-systems owners.
How many chapters does the Freight & Shipping program have?
The curriculum runs to 110 cumulative chapters organized into 8 modules, from running the desk through market structure, playbooks, valuation, risk, execution, systems, regulation, and desk leadership.
Is this a beginner course?
No. This program assumes you already trade, manage risk, own trading systems, or lead a book. It is built for senior decision-making, not introductory learning.
Is there a downloadable brochure?
Yes. A PDF brochure summarizing the curriculum, formats, and outcomes is available from the download button at the top of this page.
What delivery formats are available?
Self-paced with lifetime access, instructor-led cohorts, private enterprise delivery, and executive desk offsites or post-incident remediation for teams.
Can my organization run this privately?
Yes. The program can be delivered as a private corporate cohort, tailored to your desk, systems, and governance. Use the contact form to scope it.
Why does the Freight & Shipping program exist?
Because most freight & shipping training focuses on theory, while real desks fail on governance, logistics, misunderstood risk, and systems that lag reality. This program is built around survival, accountability, and senior decision-making.
How does this relate to your ETRM and Energy programs?
It complements them. This desk program focuses on how the desk trades and is governed; our ETRM and data-engineering programs cover the systems and data, and the Energy & Commodities program gives broad end-to-end coverage.
How do I enrol or request details?
Use the contact form to request program details or a corporate cohort, and a senior practitioner will respond to scope the right next step.
Advance your freight & shipping desk
Enrol as a senior individual or bring the program to your desk as a tailored corporate cohort.