Appendix 1 — Final Settlement Price

Oil Swaps Contracts

Products Gasoil Naphtha
Contract Gasoil Swap FOB Singapore 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.

 

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
Contract Mini Singapore Fuel Oil 180 CST Swap, 3.5% Sulfur Mini Singapore Fuel Oil 380 CST 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 Visco
Contract Fuel Oil 180cst vs 380cst Swaps Differential
Final Settlement Price FSP of Fuel Oil 180cst Swap minus FSP of Fuel Oil 380cst Swap

 

Product Petrochemical Swaps
Contract SGX Platts Benzene-Naphtha Swap SGX Platts Paraxylene-Naphtha Swap SGX PLATTS PX CFR China Swap Benzene FOB Korea Swaps SGX Platts Methanol CFR China Swap
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 all Platts Methanol CFR China daily spot price assessments in the expiring month, rounded to two decimal places.

 

Product Petrochemical Swaps
Contract [deleted]
 
[deleted]
 
SGX ICIS MEG CFR China Swap
 
[deleted]
 
[deleted]
 
SGX ICIS SM CFR China Swap
 
Final Settlement Price [deleted] Cash settlement using the arithmetic average of all ICIS MEG CFR China Main Ports index assessments in the expiring contract month, rounded to 2 decimal places
 
[deleted] Cash settlement using the arithmetic average of all ICIS SM CFR China (Price Range for the Week) index assessments in the expiring contract month, rounded to 2 decimal places

 

Product 0.5% Sulphur Fuel Oil Singapore
Contract SGX Platts Marine Fuel 0.5% FOB Singapore Swap SGX Argus LSFO 0.5%S Singapore Bunker Swap
Final Settlement Price Arithmetic average of Platts' spot assessments in the Contract Month for the relevant underlying product, rounded to 3 decimal places. Arithmetic average of Argus' spot assessments in the Contract Month for the relevant underlying product, rounded to 3 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 [deleted] 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. [deleted] 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 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: 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 seven (7) Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Products P2A_82 P3A_82
Contract Panamax 82 Route P2A Forward Freight Agreement. 7 Days Average Panamax 82 Route P3A Forward Freight Agreement. 7 Days Average
Final Settlement Price Arithmetic average of last seven (7) Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Product P2E P2E_82
Contract Panamax Route P2E Forward Freight Agreement Skaw/Gibraltar — Far East. Entire Month Average Panamax 82 Route P2E Forward Freight Agreement. Entire Month Average
Final Settlement Price Arithmetic average of all Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Freight Forward Contracts: Dry Voyage Routes

Product P8
Contract SGX Baltic Panamax Voyage P8 Route Freight Forward Agreement
Final Settlement Price

Arithmetic average of all Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Product [deleted] C4 [deleted]
Contract [deleted] Capesize Route C4 Forward Freight Agreement Richards Bay-Rotterdam. 150,000mt [deleted]
Final Settlement Price Arithmetic average of last seven (7) Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Product C3 C5 C7
Contract Capesize Route C3 Forward Freight Agreement Tubarao-Qingdao Capesize Route C5 Forward Freight Agreement W Australia — Qingdao. 160,000mt Capesize Route C7 Forward Freight Agreement Bolivar-Rotterdam. 150,000mt
Final Settlement Price Arithmetic average of all Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Freight Forward Contracts: Dry Timecharter Basket Routes

Product 4CTC 5CTC 4PTC 5PTC 6STC 10STC [deleted] 7HTC
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) [deleted] Handysize Time Charter Basket (7 routes)
Final Settlement Price Arithmetic average of all Baltic's daily spot assessments in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

Product [deleted] Capesize Option (5 routes) Panamax Option (4 routes) Panamax Option (5 routes) [deleted] Supramax Option (10 routes) [deleted]
Underlying Contract [deleted] Capesize Time Charter Basket (5 routes) Panamax Time Charter Basket (4 routes) Panamax Time Charter Basket (5 routes) [deleted] Supramax Time Charter Basket (10 routes) [deleted]
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.

 

Freight Forward Contracts: LNG Trip Timecharter Routes

Products BLNG1g BLNG2g BLNG3g
Contract LNG Freight Route BLNG1g (LNG Fuel) LNG Freight Route BLNG2g (LNG Fuel) LNG Freight Route BLNG3g (LNG Fuel)
Final Settlement Price Arithmetic average of all Baltic's spot assessments for each day that is published in the expiring Contract Month for the relevant underlying product, as provided by Baltic

 

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]
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]

 

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 in-the-money.
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 Hot-Rolled Coil Steel CFR ASEAN Swap SGX Mysteel Shanghai Rebar (USD) 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. Cash settlement using the arithmetic average of all the Mysteel Shanghai Rebar (USD) Index reference prices in the expiring contract month (including any Index reference price published on a Saturday or a Sunday, where applicable), rounded to two decimal places.

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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, 26 November 201226 November 2012, 21 October 201321 October 2013, 17 February 201417 February 2014, 4 August 20144 August 2014, 2 December 20142 December 2014, 19 January 201519 January 2015, 9 March 20159 March 2015, 31 August 201531 August 2015, 5 October 20155 October 2015, 7 December 20157 December 2015, 25 January 201625 January 2016, 31 October 201631 October 2016, 27 March 201727 March 2017, 22 May 201722 May 2017, 17 July 201717 July 2017, 18 September 201718 September 2017, 18 September 201718 September 2017, 2 January 20182 January 2018, 9 April 20189 April 2018, 21 May 201821 May 2018, 23 July 201823 July 2018, 3 December 20183 December 2018, 29 July 201929 July 2019, 21 October 201921 October 2019, 18 November 201918 November 2019, 24 February 202024 February 2020, 18 May 2020, 3 August 2020, 28 September 2020, 1 October 2020, 14 December 2020, 1 March 2021, 19 April 2021, 10 May 2021, 31 May 2021, 12 July 2021 and 2 August 2021.