This podcast is a marketing communication and is not based upon detailed analysis by Freight Investor (FIS) of any, market, issuer and does not constitute a formal research recommendation or an offer to buy or sell, either expressly or otherwise. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. Trading swaps and over-the-counter derivatives, exchange-traded derivatives, and options involve substantial risk and is not suitable for all investors.

This podcast should not be relied upon as authoritative or taken in substitution for the exercise of your own commercial judgment. This podcast has been prepared on the basis of economic data, trading patterns, actual market news and events, and is only valid on the date of publication. Freight Investor does not make any guarantee, representation or warranty, (either expressly or impliedly), as to the factual accuracy, completeness, or sufficiency of the information contained herein. This podcast has been prepared by the author based upon informational sources believed to be reliable and prepared in good faith.

Freight Investor does not accept any liability for any loss or damage, howsoever caused, arising from any errors, omissions or reliance on any information or views contained in this podcast. No part of this material may be copied or duplicated in any form by any means or redistributed without the prior written consent of Freight Investor.

The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative. It does not take into account your particular investment objectives, financial situation, or needs and does not create a binding obligation on FIS to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you.