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The international shipping industry can be divided into four closely related shipping markets, each trading in a different commodity: the freight market, the sale and purchase market, the newbuilding market and the demolition market. These four markets are linked by cash flow and push the market traders in the direction they want.
The overnight market is the component of the money market involving the shortest term loan. The overnight market is primarily used by banks and other financial institutions. Lenders agree to lend borrowers funds only "overnight", i.e., the borrower must repay the borrowed funds plus interest at the start of business the next day. [1]
The predetermined price of the contract is known as the forward price or delivery price. The specified time in the future when delivery and payment occur is known as the delivery date. Because it derives its value from the value of the underlying asset, a futures contract is a derivative.
The interest collected or paid every night is referred to as the cost of carry. As currency traders know roughly how much holding a currency position will make or cost on a daily basis, specific trades are put on based on this; these are referred to as carry trades. Companies may also use them to avoid foreign exchange risk. Example:
OnTrac Logistics, Inc. was a privately held logistics company that contracted regional shipping services in the Western United States. In 2021 OnTrac Logistics was acquired by east coast delivery firm LaserShip for $1.3 billion, the combined business was later rebranded back to OnTrac.
James Herbert "Jack" Knight (March 14, 1892 – February 24, 1945) was an American pilot who made the first overnight transcontinental air mail delivery. Knight was part of an airmail relay team that flew 2,629 miles across the United States on February 22–23, 1921 in an effort to show that the airmail service was much faster than the railroads.
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