Current version: effective from Oct 21 2019  Nov 17 2019.
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Oil Swaps Contracts
Products

Dubai

Brent / Dubai Crude Oil Spread Swap

Gasoil

Kerosene

Naphtha

Contract

Dubai Crude Oil Swap

Brent / Dubai Crude Oil Spread Swap

Gasoil Swap FOB Singapore

Kerosene Swap FOB Singapore

Naphtha Swap FOB Singapore

Naphtha CFR Japan

BalanceofMonth Naphtha CFR Japan

Final Settlement Price

Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

Cash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places.

Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.

Products

Fuel Oil 180

Fuel Oil 380

Contract

Singapore Fuel Oil 180cst Swap, 3.5% sulfur

Singapore Fuel Oil 380cst Swap, 4% sulfur

Final Settlement Price

Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

Products

Mini Fuel Oil 180 CST

Mini Fuel Oil 380 CST

BOM Mini Fuel Oil 180 CST

BOM Mini Fuel Oil 380 CST

Contract

Mini Singapore Fuel Oil 180 CST Swap, 3.5% Sulfur

Mini Singapore Fuel Oil 380 CST Swap, 4% Sulfur

BalanceofMonth Mini Singapore Fuel Oil 180cst Swap, 3.5% Sulphur

BalanceofMonth Mini Singapore Fuel Oil 380cst Swap, 4% Sulphur

Final Settlement Price

Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.

Products

Visco

Regrade

Contract

Fuel Oil 180cst vs 380cst Swaps Differential

Kerosene vs Gasoil Swaps Differential

Final Settlement Price

FSP of Fuel Oil 180cst Swap minus FSP of Fuel Oil 380cst Swap

FSP of Kerosene Swap FOB Singapore minus FSP of Gasoil Swap FOB Singapore

Products

Petrochemical Swaps

Contract

SGX Platts BenzeneNaphtha Swap

SGX Platts ParaxyleneNaphtha Swap

SGX PLATTS PX CFR China Swap

Benzene FOB Korea Swaps

BalanceofMonth Benzene

Final Settlement Price

Cash settlement using the arithmetic difference between the Final Settlement Prices of the SGX Platts BZ FOB Korea Swap and the SGX Platts Naphtha CFR Japan Swap, rounded to 3 decimal places.

Cash settlement using the arithmetic difference between the Final Settlement Prices of the SGX Platts PX CFR Taiwan/China Swap and the SGX Platts Naphtha CFR Japan Swap, rounded to 3 decimal places.

Cash settlement using the arithmetic average of all Platts PX daily spot price assessments in the contract month, rounded to 2 decimal places

Cash settlement using the arithmetic average of Platts daily spot 'marker' physical cargo assessments in the contract month, rounded to 3 decimal places.

Cash settlement using the arithmetic average of the remaining assessments of Platts's daily spot marker physical cargo assessments in the contract month (inclusive of the current Business Day), rounded to three decimal places.

Products

BOM Dubai

BOM Gasoil

BOM Kerosene

BOM Fuel Oil 180

BOM Fuel Oil 380

Contract

Balanceofmonth Dubai Crude Oil Swap

Balanceofmonth Gasoil Swap FOB Singapore

Balanceofmonth Kerosene Swap FOB Singapore

Balanceofmonth Singapore Fuel Oil 180 cst Swap, 3.5% sulfur

Balanceofmonth Singapore Fuel Oil 380 cst Swap, 4% sulfur

Final Settlement Price

Arithmetic average of the remaining assessments of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places.

Product

Gasoline 92

Gasoline 95

BOM Gasoline 92

BOM Gasoline 95

Contract

Gasoline 92 RON FOB Singapore Swap

Gasoline 95 RON FOB Singapore Swap

BalanceofMonth Gasoline 92 RON FOB Singapore Swap

BalanceofMonth Gasoline 95 RON FOB Singapore Swap

Final Settlement Price

Cash settlement using arithmetic average of Platts' daily spot assessments in the contract month, rounded to three decimal places.

Cash settlement using the arithmetic average of the remaining assessments of Platts' daily spot assessments in the Contract Month (inclusive of the current Business Day), rounded to three decimal places.

Product

Petrochemical Swaps

Contract

SGX ICIS LLDPE CFR China Swap

[deleted]

SGX ICIS PP Flat Yarn (Raffia) CFR China Index Swap

[deleted]

Final Settlement Price

Cash settlement using the arithmetic average of all ICIS spot price assessments in the contract month for the relevant underlying product, rounded to 2 decimal places.

Product

Dated Brent

Contract

Dated Brent Swap

Final Settlement Price

Cash settlement using arithmetic average of Platts daily spot assessments in the contract month, rounded to three decimal places.

Iron Ore Swap Contracts
Products

Iron Ore Swap

Contract

SGX TSI Iron Ore CFR China (62% Fe Fines) Swap

SGX MB Iron Ore CFR China (58% FE Fines) Swap

SGX TSI Iron Ore CFR China (58% FE Fines) Swap

SGX MB Iron Ore CFR China (65% Fe Fines) Swap

SGX Platts Iron Ore CFR China (Lump Premium) Swap

Final Settlement Price

Cash settlement using the arithmetic average of all The Steel Index (TSI) Iron Ore Fines 62% FE CFR China reference prices in the expiring month, rounded to 2 decimal places.

Cash settlement using the arithmetic average of all the aggregate daily values of MBIOI — 58% FE Fines, CFR Qingdao Index and MBIOI — 58% Premium FE Fines, CFR Qingdao Index reference prices, as published by Metal Bulletin, in the expiring contract month, rounded to 2 decimal places.

Cash settlement using the arithmetic average of all The Steel Index Iron Ore Fines 58% Fe (Low Alumina) — CFR Qingdao Port Index reference prices in the expiring contract month, rounded to 2 decimal places.

Cash settlement using the arithmetic average of all the MBIOI 65% Fe Brazilian Fines, CFR Qingdao Index reference prices in the expiring contract month, rounded to 2 decimal places.

Cash settlement using the arithmetic average of all Platts IO Spot Lump Premium 62.5% CFR China Index reference prices in the expiring contract month, rounded to 4 decimal places.

Product

Iron Ore Option

UnderlyingContract

Iron Ore Swap

Option Exercise and Settlement

European Style: An option will be exercised automatically at expiry only if it is inthemoney.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying Iron Ore Swap minus the strike price, multiplied by the contract size.
Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying Iron Ore Swap, multiplied by the contract size.

Freight Forward Contracts: Tanker Voyage Routes
Product

TD3

TC4

TC 5

Contract

TD3 Forward Freight Agreement ME GulfJapan (Ras Tanura  Chiba), 260,000 mt

TC4 Forward Freight Agreement SingaporeJapan (Singapore  Chiba), 30,000 mt

TC5 Forward Freight Agreement Middle EastJapan (Ras Tanura  Yokohama), 50,000 mt

Final Settlement Price

Arithmetic average of Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

Arithmetic average of Platts' daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places.

Freight Forward Contracts: Dry Trip Timecharter Routes
Product

P2A

P3A

Contract

Panamax Route P2A Forward Freight Agreement Skaw/Gibraltar — Far East, redelivery Taiwan/Japan range. 60/65 days

Panamax Route P3A Forward Freight Agreement Trans Pacific round either via Australia or Pacific, delivery and redelivery Japan/South Korea range. 35/50 days

Final Settlement Price

Arithmetic average of last 7 Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place

Product

P2E

Contract

Panamax Route P2E Forward Freight Agreement Skaw/Gibraltar — Far East. Entire Month Average

Final Settlement Price

Arithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

Freight Forward Contracts: Dry Voyage Routes
Product

C3

C4

[deleted]

Contract

Capesize Route C3 Forward Freight Agreement Tubarao/Beilun and Baoshan. 150,000mt

Capesize Route C4 Forward Freight Agreement Richards BayRotterdam. 150,000mt

[deleted]

Final Settlement Price

Arithmetic average of last 7 Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

Product

C5

C7

Contract

Capesize Route C5 Forward Freight Agreement W Australia — Qingdao. 160,000mt

Capesize Route C7 Forward Freight Agreement BolivarRotterdam. 150,000mt

Final Settlement Price

Arithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 4 decimal places

Freight Forward Contracts: Dry Timecharter Basket Routes
Product

4CTC

5CTC

4PTC

5PTC

6STC

10STC

HTC

Contract

Capesize Time Charter Basket (4 routes)

Capesize Time Charter Basket (5 routes)

Panamax Time Charter Basket (4 routes)

Panamax Time Charter Basket (5 routes)

Supramax Time Charter Basket (6 routes)

Supramax Time Charter Basket (10 routes)

Handysize Time Charter Basket Average 6 Routes

Final Settlement Price

Arithmetic average of all Baltic's daily spot assessments in the Contract Month for the relevant underlying product, rounded to 1 decimal place

Product

Capesize Option (4 routes)

Capesize Option (5 routes)

Panamax Option (4 routes)

Panamax Option (5 routes)

Supramax Option (6 routes)

Supramax Option (10 routes)

Handysize Option

Underlying Contract

Capesize Time Charter Basket (4 routes)

Capesize Time Charter Basket (5 routes)

Panamax Time Charter Basket (4 routes)

Panamax Time Charter Basket (5 routes)

Supramax Time Charter Basket (6 routes)

Supramax Time Charter Basket (10 routes)

Handysize Time Charter Basket Average 6 Routes

Option Exercise and Settlement

European Style: An option will be exercised automatically at expiry only if it is inthemoney.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying FFA minus the strike price, multiplied by the contract size.
Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying FFA, multiplied by the contract size.

Container Swap Contracts
Product

Container Swap

Contract

ShanghaiEurope Route Container Swap

ShanghaiMediterranean Container Swap

ShanghaiUS West Coast Container Swap

ShanghaiUS East Coast Container Swap

Final Settlement Price

Cash settlement using the arithmetic average of all Shanghai Shipping Exchange's Shanghai Containerized Freight Index (SCFI) weekly spot assessments for the contract month, rounded to 2 decimal places

Coal Swap Contracts
Product

Coal Swap

Contract

[deleted]

SGX IHS McCloskey Indonesian 4200kc GAR FOB Thermal Coal Swaps

[deleted]

SGX TSI CFR China Premium JM25 Coking Coal Swap

SGX TSI FOB Australia Premium Coking Coal Swap

[deleted]

SGX API 5 FOB Newcastle Coal Swap

Final Settlement Price

[deleted]

Cash settlement using the arithmetic average of all publications of the IHS McCloskey Indonesian (4200kc GAR) FOB Marker reference prices in the expiring contract month, rounded to 2 decimal places.

[deleted]

Cash settlement using the arithmetic average of all publications of the relevant index published by TSI in the expiring contract month, rounded to 2 decimal places.

Cash settlement using the arithmetic average of all publications of the relevant index published by TSI in the expiring contract month, rounded to 2 decimal places.

[deleted]

Cash settlement using the arithmetic average of all publications of the API 5 index published in the Argus/McCloskey Coal Price Index Report in the expiring contract month, rounded to 2 decimal places.

Product

Coal Option

Underlying Contract

Coal Swap

Option Exercise and Settlement

European Style: An option will be exercised automatically at expiry only if it is inthemoney.
Cash Settled: Upon exercise, a call option will have a value equal to final settlement price of the underlying contract minus the strike price, multiplied by the contract size. Upon exercise, a put option will have a value equal to the strike price minus the final settlement price of the underlying contract, multiplied by the contract size.

Steel Swap Contracts
Product

Steel Swap Contracts

Contract

SGX HotRolled Coil Steel CFR ASEAN Swap

Final Settlement Price

Cash settlement using the arithmetic average of all The Steel Index (TSI) Hot Rolled Coil (HRC) — ASEAN Imports reference prices in the expiring month, rounded to two decimal places.

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Added on 27 March 2006 and amended on 1 September 2006, 1 March 2007,1 August 2007, 28 November 2007, 5 May 2008, 17 April 2009, 31 May 2010, 3 November 2010, 28 February 2011, 5 December 2011, 1 February 2012, 1 March 2012, 10 September 2012, 26 November 2012, 21 October 2013, 17 February 2014, 4 August 2014, 2 December 2014, 19 January 2015, 9 March 2015, 31 August 2015, 5 October 2015, 7 December 2015, 25 January 2016, 31 October 2016, 27 March 2017, 22 May 2017, 17 July 2017, 18 September 2017, 18 September 2017, 2 January 2018, 9 April 2018, 21 May 2018, 23 July 2018, 3 December 2018, 29 July 2019 and 21 October 2019 .