NOS has launched and cleared the first week contract for the tanker market

NOS Clearing ASA (NOS) has today launched and cleared the first weekly tanker future contract. This service is a natural extension to NOS’s market leading clearing service for the freight market and the product has been proposed by several of the market participants.

The new week contracts are available for the routes TD3, TD5, TC2 and TC5. The contracts are settled against the average spot price for the week Monday to Friday and up to 6 weeks forward may be cleared. Additional underlying routes and weekly periods may be available on request.

There is netting of margins and settlements between the week and month contracts. The daily closing prices are calculated by NOS based on the existing spot prices, balance of the month and closing price for the next month.

Full Product Specification is available in Appendix 5, annex 5A to the Rulebook. Changes to the Appendix 5 are listed in the Rulebook Notice 2011-08.

Any questions can be directed to NOS Clearing ASA:

Hanne Bævre Johansson
Vice President - Head of Freight and Clearing & Settlement
Phone +47 23 25 93 20
E-mail: hb@nosclearing.com or operations@nosclearing.com