Since they first gained traction in the early part of the decade, freight derivatives have undergone a turbulent journey, and Richard Bowler, head of shipping and freight at Citigroup, has been in the eye of the storm.

Bowler gained a solid grounding in the freight derivatives market at RBS, where he spent 13 years straight from university. RBS’s substantial ship-owning client-base began to show demand for risk management services, and Bowler’s focus was re-targeted from the FX and interest-rate