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 | Balance-of-Month 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 | Balance-of-Month Mini Singapore Fuel Oil 180cst Swap, 3.5% Sulphur | Balance-of-Month 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 | Benzene Swaps |
| Contract | Benzene FOB Korea Swaps | Balance-of-Month Benzene |
| Final Settlement Price | 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 | Balance-of-month Dubai Crude Oil Swap | Balance-of-month Gasoil Swap FOB Singapore | Balance-of-month Kerosene Swap FOB Singapore | Balance-of-month Singapore Fuel Oil 180 cst Swap, 3.5% sulfur | Balance-of-month 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 | Balance-of-Month Gasoline 92 RON FOB Singapore Swap | Balance-of-Month 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. |
Iron Ore Swap Contracts
| Products | Iron Ore Swap |
| Contract | Iron Ore CFR China (62% Fe Fines) Swap |
| Final Settlement Price | Cash settlement using the arithmetic average of all The Steel Index (TSI) iron ore reference prices in the expiring month, rounded to 2 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 in-the-money.
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 Gulf-Japan (Ras Tanura - Chiba), 260,000 mt | TC4 Forward Freight Agreement- Singapore-Japan (Singapore - Chiba), 30,000 mt | TC5 Forward Freight Agreement- Middle East-Japan (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, re-delivery Taiwan/Japan range. 60/65 days | Panamax Route P3A Forward Freight Agreement Trans Pacific round either via Australia or Pacific, delivery and re-delivery 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 |
Freight Forward Contracts: Dry Voyage Routes
| Product | C3 | C4 | C7 |
| Contract | Capesize Route C3 Forward Freight Agreement Tubarao/Beilun and Baoshan. 150,000mt | Capesize Route C4 Forward Freight Agreement Richards Bay-Rotterdam. 150,000mt | Capesize Route C7 Forward Freight Agreement Bolivar-Rotterdam. 150,000mt |
| 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 |
| Contract | Capesize Route C5 Forward Freight Agreement W Australia — Qingdao. 160,000mt |
| 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 | CTC | Half-Day CTC | PTC | Half-Day PTC | STC | Half-Day STC |
| Contract | Capesize Time Charter Basket | Half-day Capesize Time Charter Basket | Panamax Time Charter Basket | Half-day Panamax Time Charter Basket | Supramax Time Charter Basket | Half-day Supramax Time Charter Basket |
| 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 | Panamax Option | Supramax Option | Handysize Option |
| UnderlyingContract | Capesize Time Charter Basket | Panamax Time Charter Basket | Supramax Time Charter Basket | 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 in-the-money.
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. |
| Product | HTC | Half-Day HTC |
| Contract | Handysize Time Charter Basket Average 6 Routes | Half-day Handysize Time Charter Basket |
| 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 |
Container Swap Contracts
| Product | Container Swap |
| Contract | Shanghai-Europe Route Container Swap | Shanghai-Mediterranean Container Swap | Shanghai-US West Coast Container Swap | Shanghai-US 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 | Sub-Bituminous Coal FOB Indonesia Swap | CFR South China Coal Swap |
| Final Settlement Price | Cash settlement using the arithmetic average of all publications of the IHS McCloskey Indonesian Sub-Bituminous FOB marker in the expiring contract month, rounded to 2 decimal places. | Cash settlement using the arithmetic average of all publications (expiring month) of the: (1) IHS McCloskey/Xinhua Infolink South China Marker as published by IHS McCloskey and (2) Argus 5,500 kcal/kg CFR South China Price Assessment as published by Argus The arithmetic average in the expiring month will be rounded to 2 decimal places. |
Added on 27 March 200627 March 2006 and amended on 1 September 20061 September 2006, 1 March 20071 March 2007,1 August 20071 August 2007, 28 November 200728 November 2007, 5 May 20085 May 2008, 17 April 200917 April 2009, 31 May 201031 May 2010, 3 November 20103 November 2010, 28 February 201128 February 2011, 5 December 20115 December 2011, 1 February 20121 February 2012, 1 March 20121 March 2012, 10 September 201210 September 2012 and 26 November 201226 November 2012.
