FFA stands for Forward Freight Agreement and is a financial forward contract (a non-standardized contract between two entities to buy or sell an asset at a specified time in the future at a price agreed on at the time of conclusion of the contract) that allows charterers, speculators and ship owners to protect themselves against the fluctuations in freight rates.
By this agreement, the owner of the contract gets the right to buy and sell the price of freight for future dates.