Products

FFA
Dry Timecharter: CTC, CPT, PTC, STC, SPT, HTC
Dry Voyage: C3E, C4E, C5E, C7E
Dry Trip: P1A, P2A, P3A, P1E, P2E, P3E

FFA Options
Dry Timecharter Basket Routes: CTO, CPO, PTO, STO, SPO, HTO, P20

Freight FFA

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)
CPT (New Capesize TC Avg 5 routes)
PTC (Panamax TC Avg 4 routes)
STC (Supramax TC Avg 6 routes)

SPT (Supramax TC Avg 10 routes)
HTC (Handysize TC Avg 6 routes)

Lot size 1 day
Currency US Dollars
Pricing US $ per day
Minimum tick US $ 0.0001 to account for final settlement
Fixed price The traded price or the previous day's settlement price as supplied end of day by the Baltic Exchange
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
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
Contract series
CPT, PTC - Traded as months, quarters and calendars, out to 7 whole calendar years (a maximum of 95 months)
CTC - Traded as months, quarters and calendars, out to calendar year 2021
STC, SPT, HTC - Traded as months, quarters and calendars, out to 5 whole calendar years (a maximum of 71 months)
Final payment The first business day following the expiry day
Business days UK business days

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) 
Lot size 1,000 mt
Currency US Dollars
Pricing US $/mt, $0.01
Minimum tick US $ 0.0001 to account for final settlement
Fixed price The traded price or the previous day's settlement price as supplied end of day by the Baltic Exchange
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
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
Contract series C3E - Traded as months, quarters and calendars, out to 3 whole calendar years (a maximum of 47 months)
C4E - Traded as months, quarters and calendars, out to 3 whole calendar years (a maximum of 47 months)
C5E - Traded as months, quarters and calendars, out to 1 whole calendar year (a maximum of 23 months)
C7E - Traded as months, quarters and calendars, out to 5 whole calendar years (a maximum of 71 months)
Final payment The first business day following the expiry day
Business days UK business days

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)
Lot size 1 day
Currency US Dollars
Minimum tick US $ 0.0001 to account for final settlement
Fixed price The traded price or the previous day's settlement price as supplied by the Baltic Exchange
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 expiry month
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
Contract series Traded as months, quarters and calendars, out to 3 whole calendar years (a maximum of 47 months)
Final payment On the first business day following the expiry day
Business days UK business days

FFA Options

Contract Description – Cash Settled Premium Paid Option on Dry Timecharter Routes

Description

Cash settled Premium Paid Option on any of the following Dry Timecharter Basket Routes:

CTO (Capesize TC Avg 4 routes)
CPO (Capesize TC Avg 5 routes)
PTO (Panamax TC Avg 4 routes)
STO (Supramax TC Avg 6 routes)
SPO (Supramax TC Avg 10 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)

Lot size 1 day
Currency US Dollars
Pricing US $ per day
Minimum tick US $1 per day
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.
Option Premium The Premium is paid at the time of purchase
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
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
Contract series Traded as months, out to 3 whole calendar years (a maximum of 47 months)
Strike Price Any whole $ value
Business Days UK business days

Contract description – Cash Settled Premium Paid

Description Cash settled Premium Paid Option on:
P2O (Cont Trip Far East) These contracts, if "in the money" expire into their underlying freight forward contracts with a traded price equal to the Strike Price (see below)
Lot size 1 day
Currency US Dollars
Pricing US $ per day
Minimum tick US $1 per day
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.
Option Premium The Premium is paid at the time of purchase
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
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
Contract series Traded as months, out to 1 whole calendar year (a maximum of 23 months)
Strike Price Any whole $ value
Business Days UK business days