Products
FFA Swaps
Dry Timecharter: CTC, PTC, STC, HTC
Dry Voyage: C3E, C4E, C5E, C7E
Dry Trip: P1A, P2A, P3A, P1E, P2E, P3E
Dry Timecharter Voyage: S7
Tanker Voyage: TC2, TC4, TC5, TC6, TD3, TD5, TD7, TD19
$ per Tonne Tanker Voyage: DC2, DC6, DD3, DD5, DD7, D19
Baltic Index: BDI
FFA Options
Dry Timecharter Basket Routes: CTO, PTO, STO, HTO
FFA Swaps
Contract description – Dry Timecharter Basket Routes| Description | Cash settled freight forward contracts on the following Dry Timecharter Basket Routes: CTC (Capesize TC Avg 4 routes)
PTC (Panamax TC Avg 4 routes)
STC (Supramax TC Avg 6 routes)
HTC (Handysize TC Avg 6 routes) |
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| Lot size | 1 day |
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| Currency | US Dollars |
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| Pricing | US $ per day |
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| Minimum tick | US $ 0.0001 to account for final settlement |
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| Fixed price | The traded price or the previous day’s settlement price as supplied end of day by the Baltic Exchange |
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| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by the Baltic Exchange In respect of final settlement, the floating price will be the mean of the daily Baltic Exchange spot price assessments for every trading day in the expiry month |
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| Last trading day | At 18:00 hours UK time on last business day of each month within the contract series Exception – December contracts will expire on the 24th December, or previous business day, where the 24th December is a non working day |
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| Contract series | Front 1 or 2 months (remaining from expired front quarter) Front 4 quarters, Front 5 calendar years |
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| Final payment | The first business day following the expiry day |
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| Business days | UK business days |
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Contract description - Dry Voyage Routes| Description | Cash settled freight forward contracts on any of the following Dry Voyage Routes: C3E (Tubarao – Qingdao)
C4E (Richards Bay – Rotterdam)
C5E (W Australia – Qingdao)
C7E (Bolivar – Rotterdam)
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| Lot size | 1,000 mt |
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| Currency | US Dollars |
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| Pricing | US $/mt, $0.01 |
| Minimum tick | US $ 0.0001 to account for final settlement |
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| Fixed price | The traded price or the previous day’s settlement price as supplied end of day by the Baltic Exchange |
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| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by the Baltic Exchange In respect of final settlement, the floating price will be the mean of the daily Baltic Exchange spot price assessments for every trading day in the expiry month |
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| Last trading day | At 18:00 hours UK time on last business day of each month within the contract series Exception – December contracts will expire on the 24th December, or previous business day, where the 24th December is a non working day |
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| Contract series | C4E and C7E – out to a time horizon of 5 whole calendar years, traded as either monthly contracts, quarters or calendars
C3E – Front 3 months, 4 whole quarters, 3 whole calendar years
C5E – Front 3 months, 4 whole quarters |
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| Final payment | The first business day following the expiry day |
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| Business days | UK business days |
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Contract description – Dry Trip Timecharter Routes| Description | Cash settled freight forward contracts on the following Dry trip Timecharter Routes: P1A, P1E (Transatlantic RV)
P2A, P2E (Cont Trip Far East)
P3A, P3E (Trans Pacific RV) |
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| Lot size | 1 day |
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| Currency | US Dollars |
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| Minimum tick | US $ 0.0001 to account for final settlement |
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| Fixed price | The traded price or the previous day’s settlement price as supplied by the Baltic Exchange |
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| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by the Baltic Exchange In respect of final settlement for P1A, P2A & P3A, the floating price will be the mean of the last 7 Baltic Exchange spot price assessments in the expiry month In respect of final settlement for P1E, P2E & P3E, the floating price will be the mean of the daily Baltic Exchange spot price assessments for every trading day in the espiry month |
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| Last trading day | At 18:00 hours UK time on last business day of each month within the contract series Exception – December contracts will expire on the 24th December, or previous business day, where the 24th December is a non working day |
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| Contract series | Front 6 months, front 4 whole quarters, 3 whole calendar years |
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| Final payment | On the first business day following the expiry day |
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| Business days | UK business days |
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Contract description – Dry Timecharter Voyage Routes| Description | Cash settled freight forward contract on the following Timecharter Voyage Route: S7 (East coast India - China) |
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| Lot size | 1 day |
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| Currency | US Dollars |
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| Minimum tick | US $ 0.0001 to account for final settlement |
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| Fixed price | The traded price or the previous day’s settlement price as supplied by the Baltic Exchange |
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| Floating price | In respect of daily settlement, the floating price will be the end of day price as supplied by the Baltic Exchange In respect of final settlement, the floating price will be the mean of the daily Baltic Exchange spot price assessments for every trading day in the expiry month |
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| Last trading day | At 18:00 hours UK time on last business day of each month within the contract series Exception – December contracts will expire on the 24th December, or previous business day, where the 24th December is a non working day |
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| Contract series | Current quarter and following 4 quarters |
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| Final payment | On the first business day following the expiry day |
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| Business days | UK business days |
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Contract description – Tanker Routes| Description | Cash settled freight forward contracts on the following Tanker Voyage Routes: Baltic TD3 (260,000 mt ME Gulf – Japan)
Baltic TD5 (130,000 mt W Africa – USAC)
Baltic TD7 (80,000 mt North Sea – Cont)
Baltic TD19 (80,000 mt Cross Med)
Baltic TC2 (37,000 mt Continent – USAC)
Baltic TC4 (30,000 mt Singapore – Japan)
Baltic TC5 (55,000 mt ME – Japan)
Baltic TC6 (30,000 mt Algeria/Euromed) |
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| Lot size | 1,000 mt |
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| Currency | US Dollars |
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| Minimum tick | US $ 0.0001 to account for final settlement |
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| Fixed price | The traded price or the previous day’s settlement price, calculated as Flat Rate x WS Rate / 100 |
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| Floating price | In respect of daily revaluation, the floating price will be calculated as Flat Rate x WS Rate / 100, where the WS rate is the end of day price as supplied by the Baltic Exchange In respect of final settlement, the floating price will be a price in US$ per mt calculated as the mean of the Baltic Exchange WS rate spot price assessments multiplied by the Flat Rate divided by 100 for each pricing date in the expiry month |
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| Last trading day | At 18:00 hours UK time on last business day of each month within the contract series Exception – December contracts will expire on the 24th December, or previous business day, where the 24th December is a non working day |
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| Contract series | Front 6 months, front 5 quarters (TC2, TC6, TD3, TD5, TD7, TD19), front 4 quarters (TC4, TC5), front 2 whole calendar years, out to a maximum of 35 months |
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| Final payment | On the first business day following the expiry day |
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| Business days | UK business days |
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Contract description – $ per Tonne Tanker Routes| Description | Cash settled $/t freight forward contracts on the following Tanker Voyage Routes: Baltic TC2 (DC2) (37,000 mt Continent – USAC)
Baltic TC6 (DC6) (30,000 mt Algeria/Euromed)
Baltic TD3 (DD3) (260,000 mt ME Gulf – Japan)
Baltic TD5 (DD5) (130,000 mt W Africa – USAC)
Baltic TD7 (DD7) (80,000 mt North Sea – Cont)
Baltic TD19 (D19) (80,000 mt Cross Med) |
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| Lot size | 1,000 mt |
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| Currency | US $/tonne |
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| Minimum tick | US $ 0.0001 to account for final settlement |
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| Fixed price | The traded price (in $/t) or the previous day’s settlement price, as supplied end of day by the Baltic Exchange |
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| Floating price | In respect of daily settlement, the floating price will be the end of day price (in $/t) as supplied by the Baltic Exchange In respect of final settlement, the floating price will be a price in US$ per mt calculated as the mean of the Baltic Exchange WS rate spot price assessments multiplied by the Flat Rate divided by 100 for each pricing date in the expiry month |
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| Last trading day | At 18:00 hours UK time on last business day of each month within the contract series Exception – December contracts will expire on the 24th December, or previous business day, where the 24th December is a non working day |
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| Contract series | Front 6 months, front 5 quarters, front 2 whole calendar years, out to a maximum of 35 months |
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| Final payment | On the first business day following the expiry day |
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| Business days | UK business days |
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Contract description – Baltic Exchange Dry Index| Description | Cash settled freight swap on the Baltic Exchange Dry Index |
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| Lot size | 1 BDI tick |
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| Currency | US Dollars |
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| Pricing | 1 BDI tick = US $1 |
| Minimum tick | US $ 0.0001 to account for final settlement |
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| Fixed Price | The traded price or the previous day's settlement price as supplied end of day by the Baltic Exchange |
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| Floating Price | In respect of daily settlement, the floating price will be the end of day price as supplied by the Baltic Exchange In respect of final settlement, the floating price will be the mean of the daily Baltic Exchange BDI assessments for every trading day in the expiry month |
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| Last Trading Day | At 18:00 hours UK time on last business day of each month within the contract series Exception - December contracts will expire on the 24th December, or previous business day, where the 24th December is a non-working day |
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| Contract series | Front 4 months, front 4 quarters, one whole calendar year |
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| Final payment | The first business day following the expiry day |
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| Business days | UK business days |
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FFA Options
Contract description – Cash Settled Premium Paid Option on Dry Timecharter Basket Routes| Description | Cash settled Premium Paid Option on any of the following Dry Timecharter Basket Routes: CTO (Capesize TC Avg 4 routes)
PTO (Panamax TC Avg 4 routes)
STO (Supramax TC Avg 6 routes)
HTO (Handysize TC Avg 6 routes) These contracts, if “in the money” expire into their underlying freight forward contracts with a traded price equal to the Strike Price (see below) |
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| Lot size | 1 day |
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| Currency | US Dollars |
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| Pricing | US $ per day |
| Minimum tick | US $1 per day |
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| Option Type | Options are European style and will be automatically exercised on the expiry day if they are “in the money”. If an option is “out of the money” it will expire automatically. It is not permitted to exercise the option on any other day or in any other circumstances. No manual exercise is permitted. |
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| Option Premium | The Premium is paid at the time of purchase |
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| Last trading day | At 18:00 hours UK time on last business day of each month within the contract series Exception – December contracts will expire on the 24th December, or previous business day, where the 24th December is a non working day |
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| Expiry | 18:00 hours UK time on the last trading day Automatic exercise settings are pre-set to exercise contracts which are one minimum price fluctuation or greater "in-the-money" when compared to the relevant reference price Members are not permitted to override automatic exercise settings or manually enter exercise instructions for this contract The reference price will be a price in US dollars, cents and hundredths of a cent ($0.0001), per day equal to the final settlement price for the underlying freight forward contracts For these purposes “final settlement price” means the final settlement price on the expiry day of the underlying freight forward contracts |
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| Contract series | Front 1 or 2 months (remaining from expired front quarter) front 4 quarters, front 3 calendar years |
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| Strike Price | Any whole $ value |
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| Business Days | UK business days |
