First fixed USD per lot tanker trade

NOS cleared the first tanker future contract based on a fixed USD per ton price this week.
Following the discussions in the market regarding the developement in the tanker market, we decided to clear the USD per ton tanker contract after being contacted by brokers and several counterparts. There are ongoing discussions regarding the future development of the tanker market and one of the suggested proposals have been the fixed USD per ton product.

• The Spot Price is in USD and is calculated based on the Baltic Exchange spotprice in Worldscale points multiplied by the prevailing flatrate.

• The Closing Price is in USD and is calculated based on the Worldscale Closing Price for the corresponding future product quoted in WS, multiplied with the estimated flatrate for the Delivery Period in question.

Full Product Spec is available in Appendix 5, annex 5A