Forward Freight Agreement (FFA) is used by shipping market players for hedging. We evaluate the hedging performance of the FFAs by comparing the conventional approach of minimum variance with the quantile regression. The quantile hedge ratios tend to be different from the conventional one, indicating the possibility of over- or under-hedge. Including the error correction term reduces the discrepancy between the quantile hedge ratios and the conventional one. The FFA of one-month horizon is more informative to the physical market than other FFAs of longer horizons. Overall, the Panamax sector has a better hedging performance than the Capesize one and the quantile hedge should be preferred for the Capesize sector.

货运市场参与者使用远期货运协议（FFA）进行套期保值。通过比较最小方差和分位数回归的常规方法，我们评估了FFA的套期保值表现。分位数对冲比率往往与常规比率不同，表明存在过度或不足对冲的可能性。包括纠错项可减少分位数对冲比率与常规对冲比率之间的差异。一个月展望期的FFA比其他更长展望期的FFA对实物市场的信息更丰富。总体而言，巴拿马型市场的对冲表现优于好望角型，而好望角型市场应首选分位数对冲。