Today $($July$)$ a shipowner knows that his vessel will be open end of august but is expecting freight rates to fall. He decides to go into a $60-$day FFA contract taking a short position on a trip charter.

Lock price: $$10050$ per day

Spot rate today: $$11158$ per day

Spot rate in August: $$7483$ per day

Settlement price in August: $$7545$ per day

What was the shipowner$$s profit from the FFA and what was his loss in the physical market? What was his net earnings?