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Product Specifications

Futures

Futures contracts are daily marked-to-market and cash settled contracts with no physical delivery. The settlement is against the average spot price in the delivery period.

Options

Option contracts offered on freight are Asian style average priced options with automatic exercise of all in-the-money options at the last day of the settlement period. The option premium is cash settled on the trading day.

For full product specification click here.

Tankers	Underlying product	Futures	Options
Dirty	Aframax: TD7, TD7USD, TD8, TD9, TD19, TD17	X	X
	Suezmax: TD5, TD5USD	X	X
	VLCC: TD3, TD3_TCE, TD3USD	X	X
	MR: TD16	X	X
	Handysize: TD18	X	X
Clean	MR: TC2, TC2USD, TC4, TC4USD, TC11	X	X
	MR: TC6, TC6USD, TC12, TC12USD	X	X
	LR 1: TC5, TC5USD	X	X

Dry bulk	Underlying product	Futures	Options
Single routes	Capesize: C3 AVG	X	X
	Capesize: C4 AVG	X	X
	Capesize: C5 AVG	X	X
	Capesize: C7 AVG	X	X
	Capesize: C8 AVG	X	X
	Capesize: C9 AVG	X	X
	Panamax: P1A/P1A AVG, P2A/P2A AVG and P3A/P3A AVG	X	X
	Supramax: S7	X	X
T/C baskets	Capesize 4 TC	X	X
	Panamax 4 TC	X	X
	Supramax 6 TC	X	X
	Handysize 6 TC	X	X
Index product	BDI	X	X

Oil products	Underlying product	Futures
Fuel Oil	Rotterdam 3,5% FOB	X
	North West Europe 1% FOB	X
	Singapore 180 CST FOB	X
	Singapore 380 CST FOB	X

Tanker(crude oil/dirty - clean petroleum) futures products (USD/mt)

Underlying	Index TD7, Aframax, North Sea - Continent, 80,000 mt TD9, Aframax, Caribs – USG, 70,000 mt TD5, Suezmax, West Africa - USAC, 130,000 mt TD3, VLCC, AG – East, 260,000 mt TD8, Aframax, Kuwait – Singapore, 80,000 mt TD17, Aframax, Baltic Sea – Continent, 100,000 mt TD19, Aframax, Cross – Med, 80,000mt TD16, MR, Black Sea – Mediterranean, 30,000mt TC4, MR, Singapore - Japan, 30,000 mt TC2, MR, Continent – USAC, 37,000 mt TC5, LR 1, AG – Japan, 55,000 mt TC6, MR, Algeria – Euromed, 30,000 mt TC12, MR, West Coast India - Japan. 35,000 mt TD18, MR, Baltic Sea – Continent, 30,000mt	Index Provider Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Platts Baltic Exchange Platts Baltic Exchange Baltic Exchange Baltic Exchange	Closing Price Provider Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron
Flat Rates	As published by the Worldscale Association (London) Limited and the Worldscale Association (NY) Inc.
Price quotation	Worldscale points
Minimum price fluctuation	0.25 Worldscale point
Contract value	#Lots x Lot size x Worldscale Flatrate x (Worldscale points/100) (The Worldscale Flatrate applicable for each Index Day in the Delivery Period)
Delivery Period	Week: First Index Day of the Week to last Index Day of the Week. Month: First Index Day of the Month to last Index Day of the Month. Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract w be split equally into 3 Month Contracts on the Trading Day and settled as Month Contracts. Year: First Index Day of the Year to last Index Day of the Year. A Year Contract is split into equally into 12 Month Contracts on the Trading day and settled as Month Contracts.
Final Settlement Day	Last settlement day in the Delivery Period.
Settlement Price	The arithmetic average of the Spot Prices for the relevant Underlying Product over the number of Index Days in the Delivery Period.
Lot size	1 lot = 1,000 mt
Minimum lots per contract	0.01 Lot in all Products

Tanker voyage futures products (USD/mt)

Underlying	Index TC2USD, MR Continent-USAC, 37,000mt TC4USD, MR, Singapore - Japan, 30,000 mt TD3USD, VLCC AG-East, 260,000mt TC5USD, LR 1, AG – Japan, 55,000 mt TC6USD, MR, Algeria – Euromed, 30,000 mt. TD5USD, Suezmax, West Africa - USAC, 130,000 mt TD7USD, Aframax, North Sea - Continent, 80,000 mt TC12USD, MR, West Coast India - Japan. 35,000 mt TC11, South Korea – Singapore, 40,000 mt	Index Provider Calc by NOS Calc by NOS Calc by NOS Calc by NOS Calc by NOS Calc by NOS Calc by NOS Calc by NOS Baltic Exchange	Closing Price Provider Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron Spectron
Flat Rates	As published by the Worldscale Association (London) Limited and the Worldscale Association (NY) Inc.
Price quotation	USD/mt
Minimum price fluctuation	0.0001 USD
Contract value	#Lots x Lot size x Price
Delivery Period	Month: First Index Day of the month to last Index Day of the month. Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contracts. Year: First Index Day of the Year to last Index Day of the Year A Year Contract is split into equally into 12 Month Contracts on the Trading day and settled as Month Contracts.
Final Settlement Day	Last settlement day in the Delivery Period.
Settlement Price	The arithmetic average of the Spot Prices for the relevant Underlying Product over the number of Index Days in the Delivery Period.
Lot size	1 lot = 1,000 mt
Minimum lots per contract	0.01 Lot in all Products

Tanker timecharter futures products [top]

Underlying	Index TD3_TCE, VLCC AG-East, 260,000mt	Index Provider Baltic Exchange	Closing Price Provider Spectron
Flat Rates	As published by the Worldscale Association (London) Limited and the Worldscale Association (NY) Inc.
Price quotation	USD/day
Minimum price fluctuation	250 USD/day
Contract value	#Lots x Lot size x Price
Delivery Period	Month: First Index Day of the month to last Index Day of the month. Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contracts. Year: First Index Day of the Year to last Index Day of the Year A Year Contract is split into equally into 12 Month Contracts on the Trading day and settled as Month Contracts.
Final Settlement Day	Last settlement day in the Delivery Period.
Lot size	1 lot = 1 day
Minimum lots per contract	0.01 Lot in all Products

Dry bulk single routes futures products [top]

Underlying	Index C3 AVG: Capesize, Tubarao – Qingdao, 160,000 mt C4 AVG: Capesize, Richards Bay – Rotterdam, 150,000mt C5 AVG: Capesize, W Australia – Qingdao, 160,000 mt C7 AVG: Capesize, Bolivar - Rotterdam, 150,000 mt C8: Capesize, Gibraltar/Hamburg Transatlantic RV C9: Capesize, Continent/Mediterranian – Far East S7: Supramax, East Coast India - China P1A: Panamax, T/C, Transatlantic RV P1A AVG, Panamax, T/C Transatlantic RV P2A: Panamax, T/C Skaw Gibraltar - Far East P2A AVG: Panamax, T/C Skaw Gibraltar - Far East P3A: Panamax, T/C S.Korea - Japan Pacific R/V P3A AVG: Panamax, T/C S.Korea - Japan Pacific R/V	Index Provider Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange	Closing Price Provider Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange NOS Clearing Baltic Exchange NOS Clearing
Price quotation	C3 AVG, C4 AVG, C5 AVG and C7 AVG: USD/mt. P1A/P1A AVG, P2A/P2A AVG, P3A/P3A AVG, S7, C8 and C9: USD/day
Minimum price fluctuation	C3 AVG, C4 AVG, C5 AVG and C7 AVG: USD 0.05. P1A,/P1A AVG, P2A/P2A AVG, P3A/P3A AVG, S7, C8 and C9: USD 25.00
Contract value	#Lots x Lot size x Price
Delivery Period	For Products P1A, P2A, P3A: Month: Last 7 Index Days in the month. Quarter: A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contract. For Products C3 AVG, C4 AVG, C5 AVG, C7 AVG, S7, P1A AVG, P2A AVG, P3A AVG, C8 and C9: Month: First Index Days of month to last Index Day of month. Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contract. Year: First Index Day of the Year to last Index Day of the Year. A Year Contract will be split equally into 12 Month Contracts on the Trading Day and settled as Month Contracts.
Final Settlement Day	Last settlement day in the Delivery Period.
Settlement Price	The arithmetic average of the Spot Prices for the relevant Underlying Product over the number of Index Days in the Delivery Period.
Lot size	C3 AVG, C4 AVG, C5 AVG and C7 AVG: 1 lot = 1,000 mt P1A/P1A AVG, P2A/P2A AVG, P3A/P3A AVG, S7, C8 and C9: 1 lot = 1 day
Minimum lots per contract	0.01 Lot in all Products

Dry bulk T/C baskets futures products [top]

Underlying	Index CS 4 TC, Capesize, T/C Average PM 4 TC, Panamax, T/C Average HS 6 TC, Handysize, T/C Average SM 6 TC, Supramax, T/C Average	Index Provider Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange	Closing Price Provider Baltic Exchange Baltic Exchange Baltic Exchange Baltic Exchange
Price quotation	USD/day
Minimum price fluctuation	USD 25.00
Contract value	#Lots x Lot size x Price
Delivery Period	Month: First Index Day of the Month to last Index Day of the Month. Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contracts. If the traded volume in the Quarter Contract equals the total or half the number of days or in the actual quarter, the Contract will be split into Month Contracts with a weighted number of calendar days in the month divided by the total number of calendar days in the Quarter. Half Year: First Index Day of the Half Year to last Index Day of the Half Year. A Half Year Contract will be split equally into 6 Month Contracts on the Trading Day and settled as Month Contracts. If the traded volume in the Half Year Contract equals the total or half number of days in the actual Half Year, the Contract will be split into Month Contracts with a weighted number of calendar days in the month divided by the total number of calendar days in the Half Year. Year: First Index Day of the Year to last Index Day of the Year. A Year Contract will be split equally into 12 Month Contracts on the Trading day and settled as Month Contracts. If the traded volume in the Year Contract equals the total or half number of days in the actual Year, the Contract will be split into Month Contracts with a weighted number of calendar days in the month divided by the total number of calendar days in the Year.
Final Settlement Day	Last settlement day in the Delivery Period.
Settlement Price	The average of Spot Prices for the relevant Underlying Product in the Delivery Period
Lot size	1 lot = 1 day
Minimum lots per contract	0.01 Lot in all Products

Dry bulk - Index futures products[top]

Underlying	Index Baltic Dry Index - BDI	Index Provider Baltic Exchange	Closing Price Provider Baltic Exchange
Price quotation	USD
Minimum price fluctuation	USD 1
Contract value	# Lots x Lot size x Price
Delivery Period	Month: First Index Day of the Month to last Index Day of the Month. Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contracts. Year: First Index Day of the Year to last Index Day of the Year. A Year Contract will be split equally into 12 Month Contracts on the Trading day and settled as Month Contracts.
Final Settlement Day	Last settlement day in the Delivery Period.
Settlement Price	The average of Spot Prices for the relevant Underlying Product in the Delivery Period
Lot size	1 lot = 1
Minimum lots per contract	0.01 lots

Oil futures products [top]

Underlying	Index RDM35FO, Fuel Oil 3.5% FOB Barges Rotterdam NWE10FO, Fuel Oil 1% FOB Cargoes NWE SPO180FO, Fuel Oil 180 CST FOB Cargoes Singapore SPO380FO, Fuel Oil 380 CST FOB Cargoes Singapore	Index Provider Platts Platts Platts Platts	Closing Price Provider Spectron Spectron Spectron Spectron
Price quotation	USD/mt
Minimum price fluctuation	USD 0.05
Contract value	#Lots x Lot size x Price
Delivery Period	Month: First Index Day of the month to last Index Day of the month. Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contracts. Year: First Index Day of the Year to last Index Day of the Year A Year Contract is split into equally into 12 Month Contracts on the Trading day and settled as Month Contracts.
Final Settlement Day	For RDM35FO, NWE10FO and USG30FO: First Settlement Day following the Delivery Period. For SPO180FO and SPO380FO: Last Settlement Day in the Delivery Period.
Settlement Price	The arithmetic average of the Spot Prices for the relevant Underlying Product over the number of Index Days in the Delivery Period.
Lot size	Month: 1 lot = 1,000 mt Quarter: 1 lot = 3,000 mt Year: 1 lot = 12,000 mt
Minimum lots per contract	0.01 Lot in all Products

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