SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 1
TTT PART II: SPECIFIC STANDARD TERMS FOR SWAP FUTURES CONTRACTS:
E. FREIGHT, IRON ORE AND LNG
1. TC2 FFA - Northwest Europe to USAC (Baltic) Swap Future ................................................................. 4
2. TC5 FFA - Arabian Gulf to Japan (Platts) Swap Future ........................................................................... 5
3. TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Swap Future .............................................................. 6
4. TC7 FFA – Singapore to EC Australia (Baltic) Future ............................................................................. 7
5. TC9 FFA - Baltic to UK-Continent (Baltic) Future................................................................................... 8
6. TC12 FFA - WCI to Japan (Baltic) Future ................................................................................................ 9
7. TC14 FFA - USGC to Continent (Baltic) Swap Future ........................................................................... 10
8. TC15 FFA - Med to Far East (Baltic) Future .......................................................................................... 11
9. TD3C FFA - Middle East Gulf to China (Baltic) Future ......................................................................... 12
10. TD5 FFA - West Africa to USAC (Baltic) Swap Future ......................................................................... 13
11. TD7 FFA - UK North Sea to Continent (Baltic) Swap Future ................................................................ 14
12. TD8 FFA - Kuwait to Singapore (Baltic) Future ..................................................................................... 15
13. TD9 FFA - Caribbean to US Gulf (Baltic) Future ................................................................................... 16
14. TD19 FFA – Cross Med (Ceyhan to Lavera) (Baltic) Future .................................................................. 17
15. TD22 FFA - US Gulf to China (Baltic) Future ........................................................................................ 18
17. TD25 FFA - US Gulf to Med (Baltic) Future .......................................................................................... 19
18. TD20 FFA – West Africa to UK-Continent (Baltic) Future .................................................................... 20
19. Dirty FFA - USGC to China (Platts) Future ............................................................................................ 21
20. Dirty FFA - USGC to UK Continent (Platts) Future ............................................................................... 22
21. TC2 FFA-Northwest Europe to USAC (Baltic) Average Price Option ................................................... 23
22. TC5 FFA-Arabian Gulf to Japan (Platts) Average Price Option ............................................................. 25
23. TC6 FFA-Skikda to Lavera (Cross Med) (Baltic) Average Price Option ............................................... 27
24. TC14 FFA-USGC to Continent (Baltic) Average Price Option .............................................................. 29
25. TD3C FFA - Middle East Gulf to China (Baltic) Average Price Option ................................................. 31
26. TD5 FFA-West Africa to USAC (Baltic) Average Price Option ............................................................ 33
27. TD7 FFA-UK North Sea to Continent (Baltic) Average Price Option .................................................... 35
28. Capesize Timecharter (Baltic) Freight Swap Future ............................................................................... 37
29. Panamax Timecharter (Baltic) Freight Swap Future ............................................................................... 38
30. Supramax Timecharter (Baltic) Freight Swap Future .............................................................................. 39
31. Handysize Timecharter (Baltic) Freight Swap Future ............................................................................. 40
32. Iron Ore – Iron Ore 62% Fe (Platts IODEX) Swap Future ...................................................................... 41
33. Iron Ore - Iron Ore 62% Fe (TSI), CFR Tianjin Swap Future................................................................. 42
34. Iron Ore – Iron Ore 62% Fe (TSI), 500 dmt CFR Tianjin Future............................................................ 43
35. Iron Ore Diff - Iron Ore 62% Fe (Platts IODEX) vs Iron Ore 62% Fe (TSI), CFR Tianjin Swap Future44
36. JKM LNG (Platts) Future1 ....................................................................................................................... 45
37. JKM LNG (Platts) BalMO Future ........................................................................................................... 47
38. JKM LNG (Platts) Half-Month Future .................................................................................................... 48
1 Amended 2 March 2020
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
2 © ICE Futures Europe
TTT 39. Gulf Coast LNG (Platts) 1st Line Financial Future ................................................................................. 49
40. LPG (BLGP) FFA – Middle East Gulf to East 44,000Mts (Baltic) Future ............................................. 50
41. LPG (BLPG) FFA - Middle East Gulf to East 44,000Mts (Baltic) Balmo Future .................................. 51
42. TC2_37 FFA Triangulation with TC14 FFA – CPP/UNL Continent to USAC (Baltic) Future .............. 52
43. TC2 FFA - Northwest Europe to USAC (Baltic) Balmo Future.............................................................. 53
44. TC5 FFA – Arabian Gulf to Japan (Platts) Balmo Future ....................................................................... 54
45. TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Balmo Future .......................................................... 55
46. TC7 FFA – Singapore to EC Australia (Baltic) Balmo Future ................................................................ 56
47. TC9 FFA - Baltic to UK-Continent (Baltic) Balmo Future ..................................................................... 57
48. TC12 FFA - WCI to Japan (Baltic) Balmo Future .................................................................................. 58
49. TC14 FFA - USGC to UK-Continent (Baltic) Balmo Future .................................................................. 59
50. TC15 FFA - Med to Far East (Baltic) Balmo Future ............................................................................... 60
51. TD3C FFA - Middle East Gulf to China (Baltic) Balmo Future ............................................................. 61
52. TD8 FFA - Kuwait to Singapore (Baltic) Balmo Future ......................................................................... 62
53. TD20 FFA – West Africa to UK-Continent (Baltic) Balmo Future ........................................................ 63
54. Dirty FFA - USGC to UK Continent (Platts) Balmo Future ................................................................... 64
55. Dirty FFA - USGC to China (Platts) Balmo Future ................................................................................ 65
56. TD17 FFA - Baltic to UK-Continent (Baltic) Future .............................................................................. 66
57. Daily - TC2 FFA - Northwest Europe to USAC (Baltic) Mini Future .................................................... 67
58. Daily - TC5 FFA - Arabian Gulf to Japan (Platts) Mini Future .............................................................. 68
59. Daily - TC6 FFA - Skikda to Lavera (Cross Med) (Baltic) Mini Future ................................................. 69
60. Daily - TC12 FFA - WCI to Japan (Baltic) Mini Future ......................................................................... 70
61. Daily - TC14 FFA - USGC to Continent (Baltic) Mini Future ................................................................ 71
62. Daily - TD3C FFA - Middle East Gulf to China (Baltic) Mini Future .................................................... 72
63. Daily - TD7 FFA - UK North Sea to Continent (Baltic) Mini Future ..................................................... 73
64. Daily - TD8 FFA - Kuwait to Singapore (Baltic) Mini Future ................................................................ 74
65. Daily - TD9 FFA - Caribbean to US Gulf (Baltic) Mini Future .............................................................. 75
66. Daily - TD19 FFA - Cross Med (Ceyhan to Lavera) (Baltic) Mini Future.............................................. 76
67. Daily - TD20 FFA - West Africa to UK-Continent (Baltic) Mini Future ................................................ 77
68. Daily - Dirty FFA - USGC to UK Continent (Platts) Mini Future .......................................................... 78
69. Daily - Dirty FFA - USGC to China (Platts) Mini Future ....................................................................... 79
DELETED WITH EFFECT 07 MARCH 2016:
TC4 FFA - Singapore to Japan (Platts) Swap Future
TC4 FFA - Singapore to Japan (Platts) Average Price Option
TC4 FFA - Singapore to Japan (Platts) Balmo Future
DELETED WITH EFFECT 24 DECEMBER 2012:
TD11 FFA - Cross Mediterranean (Baltic) Swap Future
TD9 FFA - Caribbean to USGC (Baltic) Swap Future
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 3
TTT
DELETED WITH EFFECT 22 DECEMBER 2017:
TD3 FFA - Arabian Gulf to Japan (Baltic) Future
TD3 FFA - Arabian Gulf to Japan (Baltic) Average Price Option
TD3 FFA - Arabian Gulf to Japan (Baltic) Balmo Future
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
4 © ICE Futures Europe
TTT 1. TC2 FFA - NORTHWEST EUROPE TO USAC (BALTIC) SWAP FUTURE
Description A monthly cash settled freight swap future based on the Baltic
Exchange index for TC2 - Northwest Europe to US Atlantic Coast.
Contract Symbol WNU
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the relevant
route for each business day (as specified below) in the determination
period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 5
TTT 2. TC5 FFA - ARABIAN GULF TO JAPAN (PLATTS) SWAP FUTURE
Description A monthly cash settled freight swap future based on the Platts daily
assessment price for TC5 – Arabian Gulf to Japan.
Contract Symbol WMJ
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments appearing in the “Platts Clean Tankerwire” under the
heading “$/MT Freight Assessments East of Suez” for the AG to
Japan 55kt route for each business day (as specified below) in the
determination period..
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Clean Tankerwire
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
6 © ICE Futures Europe
TTT 3. TC6 FFA - SKIKDA TO LAVERA (CROSS MED) (BALTIC) SWAP FUTURE
Description A monthly cash settled freight swap future based on the Baltic
Exchange index for TC6 – Cross Mediterranean.
Contract Symbol WSL
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the relevant
route for each business day (as specified below) in the determination
period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 7
TTT 4. TC7 FFA – SINGAPORE TO EC AUSTRALIA (BALTIC) FUTURE2
Description A monthly cash settled freight future based on the Baltic Exchange
index for TC7 – Singapore to EC Australia.
Contract Symbol TC7
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or
the previous business day where the 24th of December is a non-
working day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the relevant
route for each business day (as specified below) in the
determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
2 Inserted 30 March 2015
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
8 © ICE Futures Europe
TTT 5. TC9 FFA - BALTIC TO UK-CONTINENT (BALTIC) FUTURE3
Description A monthly cash settled freight future based on the Baltic Exchange index
for TC9 – Baltic to UK-Continent.
Contract Symbol TC9
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
3 Inserted 6 June 2016
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 9
TTT 6. TC12 FFA - WCI TO JAPAN (BALTIC) FUTURE4
Description A monthly cash settled freight future based on the Baltic Exchange
index for TC12 – WCI (West Coast India) to Japan.
Contract Symbol TCN
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December
or the previous business day where the 24th of December is a non-
working day.
Floating Price In respect of daily settlement, the Floating Price will be
determined by ICE using price data from a number of sources
including spot, forward and derivative markets for both physical
and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the
relevant route for each business day (as specified below) in the
determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading
Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
4 Inserted 22 August 2016
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
10 © ICE Futures Europe
TTT 7. TC14 FFA - USGC TO CONTINENT (BALTIC) SWAP FUTURE
Description A monthly cash settled freight swap future based on the Baltic
Exchange index for TC14 - USGC to Continent.
Contract Symbol WCN
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the relevant
route for each business day (as specified below) in the determination
period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 11
TTT 8. TC15 FFA - MED TO FAR EAST (BALTIC) FUTURE5
Description A monthly cash settled freight future based on the Baltic Exchange index
for TC15 – Med to Far East.
Contract Symbol TCM
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
5 Inserted 6 June 2016
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
12 © ICE Futures Europe
TTT 9. TD3C FFA - MIDDLE EAST GULF TO CHINA (BALTIC) FUTURE6
Description A monthly cash settled freight future based on the Baltic Exchange index
for TD3C – Middle East Gulf to China.
Contract Symbol TDL
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 60 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
6 Inserted 6 June 2016
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 13
TTT 10. TD5 FFA - WEST AFRICA TO USAC (BALTIC) SWAP FUTURE
Description A monthly cash settled freight swap future based on the Baltic
Exchange index for TD5– West Africa to USAC
Contract Symbol WAU
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the relevant
route for each business day (as specified below) in the determination
period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
14 © ICE Futures Europe
TTT 11. TD7 FFA - UK NORTH SEA TO CONTINENT (BALTIC) SWAP FUTURE
Description A monthly cash settled freight swap future based on the Baltic
Exchange index for TD7 – UK North Sea to Continent.
Contract Symbol WNC
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the relevant
route for each business day (as specified below) in the determination
period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 15
TTT 12. TD8 FFA - KUWAIT TO SINGAPORE (BALTIC) FUTURE7
Description A monthly cash settled freight future based on the Baltic Exchange index
for TD8 – Kuwait to Singapore.
Contract Symbol TDK
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
7 Inserted 6 June 2016
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
16 © ICE Futures Europe
TTT 13. TD9 FFA - CARIBBEAN TO US GULF (BALTIC) FUTURE8
Description A monthly cash settled freight future based on the Baltic Exchange index for
TD9 – Caribbean to US Gulf.
Contract Symbol WDC
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December future will expire on the 24th of December or the previous
business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made public
by the Baltic Exchange for the relevant route for each business day (as specified
below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
8 Inserted 17 September 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 17
TTT 14. TD19 FFA – CROSS MED (CEYHAN TO LAVERA) (BALTIC) FUTURE9
Description A monthly cash settled freight future based on the Baltic Exchange
index for TD19 – Cross Med
Contract Symbol WCL
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or
the previous business day where the 24th of December is a non-
working day
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the relevant
route for each business day (as specified below) in the determination
period
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
9 Inserted 12 August 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
18 © ICE Futures Europe
TTT 15. TD22 FFA - US GULF TO CHINA (BALTIC) FUTURE10
Description A monthly cash settled freight future based on the Baltic Exchange index for
TD22 – VLCC USG/China.
Contract Symbol WF2
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made public
by the Baltic Exchange for the relevant route for each business day (as
specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Day in the
determination period.
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
10 Inserted 29 July 2019
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 19
TTT 17. TD25 FFA - US GULF TO MED (BALTIC) FUTURE11
Description A monthly cash settled freight future based on the Baltic Exchange index for
TD25 – Aframax USG/MED.
Contract Symbol WF5
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made public
by the Baltic Exchange for the relevant route for each business day (as
specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Day in the
determination period.
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
11 Inserted 29 July 2019
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
20 © ICE Futures Europe
TTT
18. TD20 FFA – WEST AFRICA TO UK-CONTINENT (BALTIC) FUTURE12
Description A monthly cash settled freight future based on the Baltic Exchange index
for TD20 West Africa to UK-Continent.
Contract Symbol WAC
Contract Size 1,000 metric tonnes.
Unit of Trading Any multiple of 1,000 metric tonnes.
Currency US Dollars and cents.
Trading Price Quotation One hundredth of one cent ($0.0001) per metric tonne.
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne.
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne.
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents
per metric tonne based on the average of the assessments as made public by the
Baltic Exchange for the relevant route for each business day (as specified below)
in the determination period.
Contract Series Up to 48 consecutive months.
Final Payment Dates Two Clearing House business days following the Last Trading Day.
business days Publication days for Baltic Exchange.
12 Inserted 22 September 2014
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 21
TTT 19. DIRTY FFA - USGC TO CHINA (PLATTS) FUTURE13
Description A monthly cash settled freight future based on the Platts daily assessment price
for USGC to China.
Contract Symbol WDD
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments appearing in the
“Platts Dirty Tankerwire” under the heading “Americas Dirty Tankers”,
subheading “VLCC” and “$/mt” for the USGC to China route for each business
day (as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Dirty Tankerwire
MIC Code IFEU
Clearing Venue ICEU
13 Inserted 17 September 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
22 © ICE Futures Europe
TTT 20. DIRTY FFA - USGC TO UK CONTINENT (PLATTS) FUTURE14
Description A monthly cash settled freight future based on the Platts daily assessment price
for USGC to UK Continent.
Contract Symbol WDE
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments appearing in the
“Platts Dirty Tankerwire” under the heading “Americas Dirty Tankers”,
subheading “Aframax” and “$/mt” for the USGC to UK Continent route for
each business day (as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Dirty Tankerwire
MIC Code IFEU
Clearing Venue ICEU
14 Inserted 17 September 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 23
TTT 21. TC2 FFA-NORTHWEST EUROPE TO USAC (BALTIC) AVERAGE PRICE OPTION15
Description The TC2 FFA Average Price Option is based on the underlying TC2 FFA
Future (WNU) and will automatically exercise into the settlement price of
the Future on the day of expiry of the options contract.
Contract Symbol WNU
Hedge Instrument The delta hedge for the TC2 FFA Average Price Option is the TC2 FFA
Future (WNU).
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or
the previous business day where the 24th of December is a non-
working day
Option Type Options are average priced and will be automatically exercised into the
TC2 FFA Future on the expiry day if they are "in the money". The Future
resulting from exercise immediately goes to cash settlement relieving
market participants of the need to concern themselves with liquidation or
exercise issues. 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 than the Last Trading Day. No manual
exercise is permitted.
Option Premium/Daily
Margin
The TC2 FFA Average Price Options are premium-paid-upfront options.
The traded premium will therefore be debited by the Clearing House from
the Buyer and credited to the Seller on the morning of the Business Day
following the day of trade. Members who are long premium-paid-upfront
options will receive a Net Liquidating Value (NLV) credit to the value of
the premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy contracts.
Members who are short premium-paid-upfront options will receive an
NLV debit in addition to their initial margin requirement. NLV is
calculated daily with reference to the settlement price of the option.
Expiry 16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one
minimum price fluctuation or more "in the money" with reference to the
relevant reference price. Members cannot override automatic exercise
settings or manually enter exercise instructions for this contract.
15 Inserted 24 June 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
24 © ICE Futures Europe
TTT The reference price will be a price in USD and cents per metric tonne
equal to the arithmetic average of the settlement prices of the Baltic TC2
FFA for the contract month. When exercised against, the Clearing House,
at its discretion, selects sellers against which to exercise on a pro-rata
basis.
Strike Price Intervals This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of $5 to $50. This range may be
revised from time to time according to future price movements. The at-
the-money strike price is the closest interval nearest to the previous
business day's settlement price of the underlying contract.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 25
TTT 22. TC5 FFA-ARABIAN GULF TO JAPAN (PLATTS) AVERAGE PRICE OPTION16
Description The TC5 FFA Average Price Option is based on the underlying TC5 FFA
Future (WMJ) and will automatically exercise into the settlement price of
the Future on the day of expiry of the options contract.
Contract Symbol WMJ
Hedge Instrument The delta hedge for the TC5 FFA Average Price Option is the TC5 FFA
Future (WMJ).
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Option Type Options are average priced and will be automatically exercised into the
TC5 FFA Future on the expiry day if they are "in the money". The Future
resulting from exercise immediately goes to cash settlement relieving
market participants of the need to concern themselves with liquidation or
exercise issues. 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 than the Last Trading Day. No manual
exercise is permitted.
Option Premium/Daily
Margin
The TC5 FFA Average Price Options are premium-paid-upfront options.
The traded premium will therefore be debited by the Clearing House from
the Buyer and credited to the Seller on the morning of the Business Day
following the day of trade. Members who are long premium-paid-upfront
options will receive a Net Liquidating Value (NLV) credit to the value of
the premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy contracts.
Members who are short premium-paid-upfront options will receive an
NLV debit in addition to their initial margin requirement. NLV is
calculated daily with reference to the settlement price of the option.
Expiry 16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one
minimum price fluctuation or more "in the money" with reference to the
relevant reference price. Members cannot override automatic exercise
settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per metric tonne
equal to the arithmetic average of the settlement prices of the Platts TC5
FFA for the contract month. When exercised against, the Clearing House,
16 Inserted 24 June 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
26 © ICE Futures Europe
TTT at its discretion, selects sellers against which to exercise on a pro-rata
basis.
Strike Price Intervals This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of $5 to $50. This range may be
revised from time to time according to future price movements. The at-
the-money strike price is the closest interval nearest to the previous
business day's settlement price of the underlying contract.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Clean Tankerwire
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 27
TTT 23. TC6 FFA-SKIKDA TO LAVERA (CROSS MED) (BALTIC) AVERAGE PRICE OPTION17
Description The TC6 FFA Average Price Option is based on the underlying TC6 FFA
Future (WSL) and will automatically exercise into the settlement price of
the Future on the day of expiry of the options contract.
Contract Symbol WSL
Hedge Instrument The delta hedge for the TC6 FFA Average Price Option is the TC6 FFA
Future (WSL).
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or
the previous business day where the 24th of December is a non-
working day
Option Type Options are average priced and will be automatically exercised into the
TC6 FFA Future on the expiry day if they are "in the money". The Future
resulting from exercise immediately goes to cash settlement relieving
market participants of the need to concern themselves with liquidation or
exercise issues. 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 than the Last Trading Day. No manual
exercise is permitted.
Option Premium/Daily
Margin
The TC6 FFA Average Price Options are premium-paid-upfront options.
The traded premium will therefore be debited by the Clearing House from
the Buyer and credited to the Seller on the morning of the Business Day
following the day of trade. Members who are long premium-paid-upfront
options will receive a Net Liquidating Value (NLV) credit to the value of
the premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy contracts.
Members who are short premium-paid-upfront options will receive an
NLV debit in addition to their initial margin requirement. NLV is
calculated daily with reference to the settlement price of the option.
Expiry 16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one
minimum price fluctuation or more "in the money" with reference to the
relevant reference price. Members cannot override automatic exercise
settings or manually enter exercise instructions for this contract.
17 Inserted 24 June 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
28 © ICE Futures Europe
TTT The reference price will be a price in USD and cents per metric tonne
equal to the arithmetic average of the settlement prices of the Baltic TC6
FFA for the contract month. When exercised against, the Clearing House,
at its discretion, selects sellers against which to exercise on a pro-rata
basis.
Strike Price Intervals This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of $2 to $25. This range may be
revised from time to time according to future price movements. The at-
the-money strike price is the closest interval nearest to the previous
business day's settlement price of the underlying contract.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 29
TTT 24. TC14 FFA-USGC TO CONTINENT (BALTIC) AVERAGE PRICE OPTION18
Description The TC14 FFA Average Price Option is based on the underlying TC14
FFA Future (WCN) and will automatically exercise into the settlement
price of the Future on the day of expiry of the options contract.
Contract Symbol WCN
Hedge Instrument The delta hedge for the TC14 FFA Average Price Option is the TC14 FFA
Future (WCN).
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or
the previous business day where the 24th of December is a non-
working day
Option Type Options are average priced and will be automatically exercised into the
TC14 FFA Future on the expiry day if they are "in the money". The
Future resulting from exercise immediately goes to cash settlement
relieving market participants of the need to concern themselves with
liquidation or exercise issues. 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 than the Last Trading Day. No manual
exercise is permitted.
Option Premium/Daily
Margin
The TC14 FFA Average Price Options are premium-paid-upfront options.
The traded premium will therefore be debited by the Clearing House from
the Buyer and credited to the Seller on the morning of the Business Day
following the day of trade. Members who are long premium-paid-upfront
options will receive a Net Liquidating Value (NLV) credit to the value of
the premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy contracts.
Members who are short premium-paid-upfront options will receive an
NLV debit in addition to their initial margin requirement. NLV is
calculated daily with reference to the settlement price of the option.
Expiry 16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one
minimum price fluctuation or more "in the money" with reference to the
relevant reference price. Members cannot override automatic exercise
settings or manually enter exercise instructions for this contract.
18 Inserted 24 June 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
30 © ICE Futures Europe
TTT The reference price will be a price in USD and cents per metric tonne
equal to the arithmetic average of the settlement prices of the Baltic TC14
FFA for the contract month. When exercised against, the Clearing House,
at its discretion, selects sellers against which to exercise on a pro-rata
basis.
Strike Price Intervals This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of $2 to $35. This range may be
revised from time to time according to future price movements. The at-
the-money strike price is the closest interval nearest to the previous
business day's settlement price of the underlying contract.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 31
TTT 25. TD3C FFA - MIDDLE EAST GULF TO CHINA (BALTIC) AVERAGE PRICE OPTION19
Description The TD3C FFA Average Price Option is based on the underlying TD3C
FFA Future (TDL) and will automatically exercise into the settlement
price of the Future on the day of expiry of the options contract.
Contract Symbol TDL
Hedge Instrument The delta hedge for the TD3C FFA Average Price Option is the TD3C
FFA Future (TDL)
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Option Type Options are average priced and will be automatically exercised into the
TD3C FFA Future on the expiry day if they are “in the money". The
Future resulting from exercise immediately goes to cash settlement
relieving market participants of the need to concern themselves with
liquidation or exercise issues. 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 than the Last Trading Day. No
manual exercise is permitted.
Option Premium/Daily
Margin
The TD3C FFA Average Price Option is a premium-paid-upfront
option. The traded premium will therefore be debited by the Clearing
House from the Buyer and credited to the Seller on the morning of the
Business Day following the day of trade. Members who are long
premium-paid-upfront options will receive a Net Liquidating Value
(NLV) credit to the value of the premium which is then used to offset
the initial margin requirement flowing from both these options and
positions in other energy contracts. Members who are short premium-
paid-upfront options will receive an NLV debit in addition to their initial
margin requirement. NLV is calculated daily with reference to the
settlement price of the option.
Expiry 16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are
one minimum price fluctuation or more “in the money” with reference to
the relevant reference price. Members cannot override automatic
exercise settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per metric tonne
based on the average of the assessments as made public by the Baltic
Exchange for the relevant route for each business day (as specified
below) in the determination period.
Strike Prices This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of $1 to $25. This range may be
19 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
32 © ICE Futures Europe
TTT revised from time to time according to future price movements. The at-
the-money strike price is the closest interval nearest to the previous
business day's settlement price of the underlying contract.
Contract Series Up to 60 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 33
TTT 26. TD5 FFA-WEST AFRICA TO USAC (BALTIC) AVERAGE PRICE OPTION
Description The TD5 FFA Average Price Option is based on the underlying TD5 FFA
Future (WAU) and will automatically exercise into the settlement price of
the Future on the day of expiry of the options contract.
Contract Symbol WAU
Hedge Instrument The delta hedge for the TD5 FFA Average Price Option is the TD5 FFA
Future (WAU).
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or
the previous business day where the 24th of December is a non-
working day
Option Type Options are average priced and will be automatically exercised into the
TD5 FFA Future on the expiry day if they are "in the money". The Future
resulting from exercise immediately goes to cash settlement relieving
market participants of the need to concern themselves with liquidation or
exercise issues. 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 than the Last Trading Day. No manual
exercise is permitted.
Option Premium/Daily
Margin
The TD5 FFA Average Price Options are premium-paid-upfront options.
The traded premium will therefore be debited by the Clearing House from
the Buyer and credited to the Seller on the morning of the Business Day
following the day of trade. Members who are long premium-paid-upfront
options will receive a Net Liquidating Value (NLV) credit to the value of
the premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy contracts.
Members who are short premium-paid-upfront options will receive an
NLV debit in addition to their initial margin requirement. NLV is
calculated daily with reference to the settlement price of the option.
Expiry 16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one
minimum price fluctuation or more "in the money" with reference to the
relevant reference price. Members cannot override automatic exercise
settings or manually enter exercise instructions for this contract.
The reference price will be a price in USD and cents per metric tonne
equal to the arithmetic average of the settlement prices of the Baltic TD5
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
34 © ICE Futures Europe
TTT FFA for the contract month. When exercised against, the Clearing House,
at its discretion, selects sellers against which to exercise on a pro-rata
basis.
Strike Price Intervals This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of $2 to $35. This range may be
revised from time to time according to future price movements. The at-
the-money strike price is the closest interval nearest to the previous
business day's settlement price of the underlying contract.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 35
TTT 27. TD7 FFA-UK NORTH SEA TO CONTINENT (BALTIC) AVERAGE PRICE OPTION20
Description The TD7 FFA Average Price Option is based on the underlying TD7 FFA
Future (WNC) and will automatically exercise into the settlement price of
the Future on the day of expiry of the options contract.
Contract Symbol WNC
Hedge Instrument The delta hedge for the TD7 FFA Average Price Option is the TD7 FFA
Future (WNC).
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or
the previous business day where the 24th of December is a non-
working day.
Option Type Options are average priced and will be automatically exercised into the
TD7 FFA Future on the expiry day if they are "in the money". The Future
resulting from exercise immediately goes to cash settlement relieving
market participants of the need to concern themselves with liquidation or
exercise issues. 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 than the Last Trading Day. No manual
exercise is permitted.
Option Premium/Daily
Margin
The TD7 FFA Average Price Options are premium-paid-upfront options.
The traded premium will therefore be debited by the Clearing House from
the Buyer and credited to the Seller on the morning of the Business Day
following the day of trade. Members who are long premium-paid-upfront
options will receive a Net Liquidating Value (NLV) credit to the value of
the premium which is then used to offset the initial margin requirement
flowing from both these options and positions in other energy contracts.
Members who are short premium-paid-upfront options will receive an
NLV debit in addition to their initial margin requirement. NLV is
calculated daily with reference to the settlement price of the option.
Expiry 16:30 London Time.
Automatic exercise settings are pre-set to exercise contracts which are one
minimum price fluctuation or more "in the money" with reference to the
relevant reference price. Members cannot override automatic exercise
settings or manually enter exercise instructions for this contract.
20 Inserted 24 June 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
36 © ICE Futures Europe
TTT The reference price will be a price in USD and cents per metric tonne
equal to the arithmetic average of the settlement prices of the Baltic TD7
FFA for the contract month. When exercised against, the Clearing House,
at its discretion, selects sellers against which to exercise on a pro-rata
basis.
Strike Price Intervals This contract will support Custom Option Strikes with strikes in
increments of $0.01 within a range of $1 to $25. This range may be
revised from time to time according to future price movements. The at-
the-money strike price is the closest interval nearest to the previous
business day's settlement price of the underlying contract.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 37
TTT 28. CAPESIZE TIMECHARTER (BALTIC) FREIGHT SWAP FUTURE
Description A monthly cash settled freight swap future based on the Capesize
Timecharter Index as made public by the Baltic Exchange.
Contract Symbol TCC
Contract Size 1 day of time charter
Unit of Trading Any multiple of 1 day of time charter
Currency US Dollars and cents
Trading Price Quotation $1.00 per Charter Day
Settlement Price Quotation One cent ($0.01) per Charter Day
Minimum Price Fluctuation One cent ($0.01) per Charter Day
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products. Final Settlement In respect of final settlement, the Floating Price will be a price in
USD and cents per day based upon the average of the spot assessments
as made public by the Baltic Exchange for the Capesize Timecharter
Index for each business day (as specified below) in the
determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
38 © ICE Futures Europe
TTT 29. PANAMAX TIMECHARTER (BALTIC) FREIGHT SWAP FUTURE
Description A monthly cash settled freight swap future based on the Panamax
Timecharter Index as made public by the Baltic Exchange.
Contract Symbol TCP
Contract Size 1 day of time charter
Unit of Trading Any multiple of 1 day of time charter
Currency US Dollars and cents
Trading Price Quotation $1.00 per Charter Day
Settlement Price Quotation One cent ($0.01) per Charter Day
Minimum Price Fluctuation One cent ($0.01) per Charter Day
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement In respect of final settlement, the Floating Price will be a price in
USD and cents per day based upon the average of the spot
assessments as made public by the Baltic Exchange for the
Panamax Timecharter Index for each business day (as specified
below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 39
TTT 30. SUPRAMAX TIMECHARTER (BALTIC) FREIGHT SWAP FUTURE
Description A monthly cash settled freight swap future based on the Supramax
Timecharter Index as made public by the Baltic Exchange.
Contract Symbol TCS
Contract Size 1 day of time charter
Unit of Trading Any multiple of 1 day of time charter
Currency US Dollars and cents
Trading Price Quotation $1.00 per Charter Day
Settlement Price Quotation One cent ($0.01) per Charter Day
Minimum Price Fluctuation One cent ($0.01) per Charter Day
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement In respect of final settlement, the Floating Price will be a price in
USD and cents per day based upon the average of the spot assessments
as made public by the Baltic Exchange for the Supramax Timecharter
Index for each business day (as specified below) in the
determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
40 © ICE Futures Europe
TTT 31. HANDYSIZE TIMECHARTER (BALTIC) FREIGHT SWAP FUTURE
Description A monthly cash settled freight swap future based on the Handysize
Timecharter Index as made public by the Baltic Exchange.
Contract Symbol TCH
Contract Size 1 day of time charter
Unit of Trading Any multiple of 1 day of time charter
Currency US Dollars and cents
Trading Price Quotation $1.00 per Charter Day
Settlement Price Quotation One cent ($0.01) per Charter Day
Minimum Price Fluctuation One cent ($0.01) per Charter Day
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement In respect of final settlement, the Floating Price will be a price in
USD and cents per day based upon the average of the spot assessments
as made public by the Baltic Exchange for the Handysize
Timecharter Index for each business day (as specified below) in the
determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 41
TTT 32. IRON ORE – IRON ORE 62% FE (PLATTS IODEX) SWAP FUTURE21
Description A monthly cash settled Iron Ore swap future based on the Platts
IODEX 62% Fe daily index.
Contract Symbol IOR
Contract Size 1,000 dry metric tonnes
Unit of Trading Any multiple of 1,000 dry metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($ 0.01) per dry metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per dry metric tonne
Minimum Price Fluctuation One tenth of one cent ($ 0.001) per dry metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per dry metric tonne based on the average of the
relevant High/Low daily quotations published by Platts within their
real-time data service “Platts Metal Alert” (PMA) under the heading
“IODEX: 62% Fe CFR North China”, subheading “IODEX 62% Fe”
for each business day during the determination period.
If a Singapore public holiday should fall on what would otherwise be
the final monthly publication day, the final day's quotation will be
published on PMA on the last business day immediately prior to the
holiday at 20.00 Singapore time (12.00 GMT).
Final Settlement Time: The final published price by Platts will be made
available from 20.00 Singapore time (12:00 GMT) on the last
business day of the calendar month. If a Singapore public holiday
should fall on what would otherwise be a business day, the
publication of the final quotation will be published on PMA on the
last business day immediately prior to the Singapore holiday at 20.00
Singapore time (12.00 GMT).
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Singapore business days
2121 Amended 14 March 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
42 © ICE Futures Europe
TTT 33. IRON ORE - IRON ORE 62% FE (TSI), CFR TIANJIN SWAP FUTURE22
Description A monthly cash settled swap future based on The Steel Index
(TSI) daily assessment price for Iron Ore (62% Fe, CFR Tianjin)
Contract Size 1,000 dry metric tonnes
Unit of Trading Any multiple of 1,000 dry metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per dry metric tone
Settlement Price
Quotation
One tenth of one cent ($0.001) per dry metric tone
Minimum Price
Fluctuation
One tenth of one cent ($0.001) per dry metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be
determined by ICE using price data from a number of sources
including spot, forward, and derivative markets for both physical
and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per dry metric tonne based on the average of the
relevant quotations published in The Steel Index’s “Iron Ore
Daily Edition” under the heading “TSI Iron Ore Reference
Prices”, subheading “Iron Ore Fines, Chinese Imports (CFR
Tianjin Port)”, for the “62% Fe” quotation for each business day
(as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Date Two Clearing House Business Days following the Last Trading
Day
business days Publication Days for The Steel Index Iron Ore Daily Edition
22 Inserted 11 February 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 43
TTT 34. IRON ORE – IRON ORE 62% FE (TSI), 500 DMT CFR TIANJIN FUTURE23
Description A monthly cash settled future based on The Steel Index (TSI) daily
assessment price for Iron Ore (62% Fe, CFR Tianjin).
Contract Symbol IOT
Contract Size 500 dry metric tonnes
Unit of Trading Any multiple of 500 dry metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per dry metric tonne
Settlement Price Quotation One tenth of one cent ($0.001) per dry metric tonne
Minimum Price Fluctuation One tenth of one cent ($0.001) per dry metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per dry metric tonne based on the average of the
relevant quotations published in The Steel Index’s “Iron Ore Daily
Edition” under the heading “TSI Iron Ore Reference Prices”,
subheading “Iron Ore Fines, Chinese Imports (CFR Tianjin Port)”,
for the “62% Fe” quotation for each business day (as specified
below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading
Day
business days Publication days for The Steel Index Iron Ore Daily Edition
23 Inserted 29 April 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
44 © ICE Futures Europe
TTT 35. IRON ORE DIFF - IRON ORE 62% FE (PLATTS IODEX) VS IRON ORE 62% FE (TSI), CFR
TIANJIN SWAP FUTURE24
Description A monthly cash settled swap future based on the difference
between the Platts daily assessment price for IODEX 62% Fe and
The Steel Index (TSI) daily assessment price for Iron Ore (62%
Fe, CFR Tianjin)
Contract Symbol IOS
Contract Size 1,000 dry metric tonnes
Unit of Trading Any multiple of 1,000 dry metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per dry metric tone
Settlement Price
Quotation
One tenth of one cent ($0.001) per dry metric tonne
Minimum Price
Fluctuation
One tenth of one cent ($0.001) per dry metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be
determined by ICE using price data from a number of sources
including spot, forward, and derivative markets for both physical
and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per dry metric tonne based on the difference
between the average of the mean of the high and low quotations
published by Platts within their real-time data service “Platts Metal
Alert” (PMA) under the heading “IODEX: 62% Fe CFR North
China”, subheading “IODEX 62% Fe” and the average of the
relevant quotations published in The Steel Index’s “Iron Ore
Daily Edition” under the heading “TSI Iron Ore Reference
Prices”, subheading “Iron Ore Fines, Chinese Imports (CFR
Tianjin Port)”, for the “62% Fe” quotation for each business day
(as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Date Two Clearing House Business Days following the Last Trading
Day
business days Singapore business days
24 Inserted 11 February 2013, Amended 14 March 2013
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 45
TTT 36. JKM LNG (PLATTS) FUTURE25
Description A monthly cash settled future based on the Platts daily assessment price for the LNG Japan/Korea Marker (JKM).
Contract Symbol JKM
Contract Size 10,000 MMBtu
Unit of Trading Any multiple of 10,000 MMBtus
Quotation US Dollars and cents per MMBtu
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per MMBtu
Settlement Price Quotation One tenth of one cent ($0.001) per MMBtu
Minimum Price Fluctuation One tenth of one cent ($0.001) per MMBtu
Last Trading Day Trading shall cease on the 15th calendar day of the calendar month prior to the contract month. If the 15th calendar day is not a business day then trading shall cease on the next preceding business day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and cents per MMBtu based on the average of the relevant quotations appearing in “Platts LNG Daily” under the heading "Platts daily LNG markers ($/MMBtu)” subheading “DES Japan/Korea Marker (JKM)" for “JKM (month)” for each business day (as specified below) in the determination period. The determination period starts on the 16th calendar day of the month which is two months before the contract month. If that day is not a business day, the determination period starts on the next following business day. The determination period ends on and includes the 15th calendar day of the month which is one month before the contract month. If that day is not a business day, the determination period ends on the next preceding business day.
Contract Series Up to 156 consecutive monthly contracts, or as otherwise determined by the Exchange. Quarterly, seasonal, calendar, and any period of consecutive monthly contracts can be registered as a strip.
Trading methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.
25 Amended 30 May 2017, 06 January 2020, 2 March 2020
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
46 © ICE Futures Europe
TTT Contract security ICE Clear Europe acts as the central counterparty for trades conducted
on ICE Futures Europe.
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
Business days Publication days for Platts LNG Daily
MIC Code IFEU
Clearing Venues ICEU
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 47
TTT 37. JKM LNG (PLATTS) BALMO FUTURE26
Description A balance of the month cash settled future based on the Platts daily
assessment price for the LNG Japan/Korea Marker (JKM).
Trading Screen Product Name LNG Balmo Futures
Trading Screen Hub Name JKM
Contract Symbol JKD
Trading Period 1 Balance of Month contract (BOM)
Contract Size 10,000 MMBtu
Units of Trading Any multiple of 10,000 MMBTUs
Currency US Dollars and cents
Trading Price One tenth of one cent ($0.001) per MMBtu
Settlement Price One tenth of one cent ($0.001) per MMBtu
Minimum Price Flux One tenth of one cent ($0.001) per MMBtu
Last Trading Day Fifteenth calendar day of the calendar month prior to the contract month.
If the fifteenth calendar day is not a business day then trading shall cease
on the next preceding business day.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products
Final Settlement In respect of final settlement of the Balance of Month contract (BOM), the
Floating Price will be a price in USD and cents per MMBtu equal to the
average of the relevant quotations appearing in “Platts LNG Daily” under
the heading "Platts daily LNG markers ($/MMBtu)” subheading “DES
Japan/Korea Marker (JKM)" for “JKM (month)” for each business day (as
specified below) starting from the first nearby Business Day after the
Transaction was concluded until the end of the determination period. The
determination period ends on and includes the 15th calendar day of the
month which is one month before the contract month. If that day is not a
business day, the determination period ends on the next preceding business
day.
Final Payment date Two Clearing House Business Days following the Last Trading Day
Business Days Publication days for Platts LNG Daily
MIC Code IFEU
Clearing Venue ICEU
26 Inserted 04 March 2019, 06 January 2020
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
48 © ICE Futures Europe
TTT 38. JKM LNG (PLATTS) HALF-MONTH FUTURE27
Description A cash settled daily futures contract based on the Platts daily
assessment price for the Half-Month LNG Japan/Korea Marker
(JKM).
Trading Screen Product Name LNG Half Month Futures
Trading Screen Hub Name JKM
Contract Symbol JKH
Trading Period Up to 2 consecutive months (4 Half-Months), or as otherwise
determined by the Exchange. The First Half-Month contracts (H1)
start on the first calendar day of the month and end on the fifteenth
calendar day of the month. The Second Half-Month contracts (H2)
start on the sixteenth calendar day of the month and end on last
calendar day of the month
Contract Size 10,000 MMBtu
Units of Trading Any multiple of 10,000 MMBTUs
Currency US Dollars and cents
Trading Price One tenth of one cent ($0.001) per MMBtu
Settlement Price One tenth of one cent ($0.001) per MMBtu
Minimum Price Flux One tenth of one cent ($0.001) per MMBtu
Last Trading Day Trading in a First Half-Month contracts (H1) shall cease on the
fifteenth calendar day of the calendar month prior to the Half-Month
contract. If the fifteenth calendar day is not a business day then
trading shall cease on the next preceding business day.
Trading in a Second Half-Month contracts (H2) shall cease on the last
day of the calendar month prior to the Half-Month contract. If the last
day of the calendar month is not a business day then trading shall
cease on the next preceding business day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products
Final Settlement In respect of final settlement of the First Half-Month (H1) contract,
the Floating Price will be a price in USD and cents per MMBtu equal
to the average of the relevant quotations appearing in “Platts LNG
Daily” under respectively the heading "Platts daily LNG markers
($/MMBtu)” subheading “DES Japan/Korea Marker (JKM)" for “H1
(month)” for each business day (as specified below) between the first
and the fifteenth day of the previous calendar month.
In respect of final settlement of the Second Half-Month (H2) contract,
the Floating Price will be a price in USD and cents per MMBtu equal
to the average of the relevant quotations appearing in “Platts LNG
Daily” under respectively the heading "Platts daily LNG markers
($/MMBtu)” subheading “DES Japan/Korea Marker (JKM)" for “H2
(month)” for each business day (as specified below) between the
sixteenth and the last day of the previous calendar month.
Final Payment date Two Clearing House Business Days following the Last Trading Day
Business Days Publication days for Platts LNG Daily
MIC Code IFEU
27 Inserted 08 April 2019
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 49
TTT Clearing Venue ICEU
39. GULF COAST LNG (PLATTS) 1ST LINE FINANCIAL FUTURE28
Contract Description A financially settled futures contract based upon the average of the Platts FOB
Gulf Coast Marker (GCM) during the period that the expiring month is the front
month.
Trading Screen Product
Name
Gulf Coast 1st Line Financial Futures
Trading Screen Hub Name Gulf Coast
Contract Symbol GPF
Contract Size 10,000 MMBTU
Unit of trading Any multiple of lots
Quotation The contract price is in United States dollar and cent per MMBTU
Minimum Price
Fluctuation
One tenth of one cent ($0.001) per MMBTU
Last trading day Trading will cease at the close of business on the last day of the month prior to
the first calendar day of the delivery month, quarter, season, or calendar. If the
last day of the month is not a Business Day, trading will cease at the close of
business of the next preceding Business Day.
Trading period Up to 156 consecutive monthly Contract Periods, or as otherwise determined by
the Exchange. Quarterly, seasonal, calendar, and any period of consecutive
monthly contracts can be registered as a strip.
Trading methods Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and
Block Trades are available for this contract.
Minimum trading size 1 lot = 10.000 MMBTU
Minimum block
order
5 lots = 50,000 MMBTU
Contract security ICE Clear Europe acts as the central counterparty for trades conducted on ICE
Futures Europe.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using
price data from a number of sources including spot, forward and derivative
markets for both physical and financial products.
Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents
per MMBtu based on the average of the relevant quotations appearing in “Platts
LNG Daily” under the heading "Platts daily LNG markers ($/MMBtu)”
subheading “FOB Gulf Coast Marker (GCM) " for “GCM (month)” (symbol
LGCSM01) for each business day during the period that the expiring month is
the front month.
Business Days Publication days for Platts LNG Daily
MIC Code IFEU
Clearing Venue ICEU
28 Inserted 29 July 2019
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
50 © ICE Futures Europe
TTT
40. LPG (BLGP) FFA – MIDDLE EAST GULF TO EAST 44,000MTS (BALTIC) FUTURE29
Description A monthly cash settled freight future based on the Baltic Exchange
index (BLGP) for LPG.
Contract Symbol WAT
Contract Size 1,000 metric tonnes.
Unit of Trading Any multiple of 1,000 metric tonnes.
Currency US Dollars and cents.
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne.
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne.
Minimum Price
Fluctuation
One hundredth of one cent ($0.0001) per metric tonne.
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or
the previous business day where the 24th of December is a non-
working day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House business days following the Last Trading Day
business days Publication days for Baltic Exchange.
29 Inserted 30 March 2015
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 51
TTT 41. LPG (BLPG) FFA - MIDDLE EAST GULF TO EAST 44,000MTS (BALTIC) BALMO FUTURE30
Description A balance of the month cash settled freight future based on the Baltic
Exchange index (BLPG) for LPG.
Contract Symbol WAV
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a nonworking day.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
30 Inserted 18 September 2017
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
52 © ICE Futures Europe
TTT 42. TC2_37 FFA TRIANGULATION WITH TC14 FFA – CPP/UNL CONTINENT TO USAC
(BALTIC) FUTURE31
Description A monthly cash settled freight future based on the Baltic Exchange index
for TC2_37 FFA Triangulation with TC14 – CPP/UNL Continent to
USAC
Contract Symbol TCD
Contract Size 1 day of time charter
Unit of Trading Any multiple of 1 day of time charter
Currency US Dollars and cents
Trading Price Quotation One dollar ($1.00) per day of time charter
Settlement Price Quotation One cent ($0.01) per day of time charter
Minimum Price Fluctuation One cent ($0.01) per day of time charter
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per day of time charter based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each business
day (as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
31 Inserted 10 June 2014
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 53
TTT 43. TC2 FFA - NORTHWEST EUROPE TO USAC (BALTIC) BALMO FUTURE32
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TC2 - Northwest Europe to US Atlantic Coast.
Contract Symbol WNT
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
32 Inserted 10 June 2014 Amended 01 October 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
54 © ICE Futures Europe
TTT 44. TC5 FFA – ARABIAN GULF TO JAPAN (PLATTS) BALMO FUTURE33
Description A balance of the month cash settled freight future based on the Platts
index for TC5 - Arabian Gulf to Japan
Contract Symbol WNX
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments appearing
in the “Platts Clean Tankerwire” under the heading “East of Suez LRs”
for the AG to Japan 55kt route for each business day (as specified below) in
the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Clean Tankerwire
33 Inserted 10 June 2014 Amended 01 October 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 55
TTT 45. TC6 FFA - SKIKDA TO LAVERA (CROSS MED) (BALTIC) BALMO FUTURE34
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TC6 - Skikda to Lavera (Cross Mediterranean)
Contract Symbol WNZ
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
34 Inserted 10 June 2014 Amended 01 October 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
56 © ICE Futures Europe
TTT 46. TC7 FFA – SINGAPORE TO EC AUSTRALIA (BALTIC) BALMO FUTURE35
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TC7 – Singapore to EC Australia.
Contract Symbol TC8
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
35 Inserted 30 March 2015 Amended 01 October 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 57
TTT 47. TC9 FFA - BALTIC TO UK-CONTINENT (BALTIC) BALMO FUTURE36
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TC9 – Baltic to UK-Continent.
Contract Symbol TCJ
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a nonworking day.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
36 Inserted 18 September 2017
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
58 © ICE Futures Europe
TTT 48. TC12 FFA - WCI TO JAPAN (BALTIC) BALMO FUTURE37
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TC12 – WCI (West Coast India) to Japan.
Contract Symbol TCK
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a nonworking day.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
37 Inserted 18 September 2017
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 59
TTT 49. TC14 FFA - USGC TO UK-CONTINENT (BALTIC) BALMO FUTURE38
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TC14 - USGC to UK-Continent
Contract Symbol WNW
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One cent ($0.01) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
38 Inserted 10 June 2014 Amended 01 October 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
60 © ICE Futures Europe
TTT 50. TC15 FFA - MED TO FAR EAST (BALTIC) BALMO FUTURE39
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TC15 – Med to Far East.
Contract Symbol TCL
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a nonworking day.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
39 Inserted 18 September 2017
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 61
TTT 51. TD3C FFA - MIDDLE EAST GULF TO CHINA (BALTIC) BALMO FUTURE40
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TD3C – Middle East Gulf to China.
Contract Symbol TDM
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a nonworking day.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
40 Inserted 18 September 2017
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
62 © ICE Futures Europe
TTT 52. TD8 FFA - KUWAIT TO SINGAPORE (BALTIC) BALMO FUTURE41
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TD8 – Kuwait to Singapore.
Contract Symbol TDR
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a nonworking day.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made
public by the Baltic Exchange for the relevant route for each business day
(as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
41 Inserted 18 September 2017
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 63
TTT 53. TD20 FFA – WEST AFRICA TO UK-CONTINENT (BALTIC) BALMO FUTURE42
Description A balance of the month cash settled freight future based on the Baltic
Exchange index for TD20 - West Africa to UK-Continent.
Contract Symbol TDA
Contract Size 1,000 metric tonnes.
Unit of Trading Any multiple of 1,000 metric tonnes.
Currency US Dollars and cents.
Trading Price Quotation One hundredth of one cent ($0.0001) per metric tonne.
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne.
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne.
Last Trading Day Last Trading Day of the contract month.
Note: the December contract will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
Contract Series Up to 2 consecutive months.
Final Payment Dates Two Clearing House business days following the Last Trading Day.
business days Publication days for Baltic Exchange.
42 Inserted 30 March 2015 Amended 01 October 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
64 © ICE Futures Europe
TTT 54. DIRTY FFA - USGC TO UK CONTINENT (PLATTS) BALMO FUTURE43
Description A balance of the month monthly cash settled freight future based on the Platts
daily assessment price for USGC to UK Continent.
Contract Symbol DUR
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments appearing in the
“Platts Dirty Tankerwire” under the heading “Americas Dirty Tankers”,
subheading “Aframax” and “$/mt” for the USGC to UK Continent route for
each business day (as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
Business days Publication days for Platts Dirty Tankerwire
MIC Code IFEU
Clearing Venue ICEU
43 Inserted 16 September 2019
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 65
TTT 55. DIRTY FFA - USGC TO CHINA (PLATTS) BALMO FUTURE44
Description A balance of the month cash settled freight future based on the Platts daily
assessment price for USGC to China.
Contract Symbol DUS
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments appearing in the
“Platts Dirty Tankerwire” under the heading “Americas Dirty Tankers”,
subheading “VLCC” and “$/mt” for the USGC to China route for each business
day (as specified below) in the determination period.
Contract Series Up to 2 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Dirty Tankerwire
MIC Code IFEU
Clearing Venue ICEU
44 Inserted 16 September 2019
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
66 © ICE Futures Europe
TTT
56. TD17 FFA - BALTIC TO UK-CONTINENT (BALTIC) FUTURE45
Description A monthly cash settled freight future based on the Baltic Exchange
index for TD17 – Baltic to UK-Continent.
Contract Symbol BAU
Contract Size 1,000 metric tonnes
Unit of Trading Any multiple of 1,000 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Last Trading Day of the contract month
Note: the December swap will expire on the 24th of December or the
previous business day where the 24th of December is a non-working
day.
Floating Price In respect of daily settlement, the Floating Price will be determined
by ICE using price data from a number of sources including spot,
forward and derivative markets for both physical and financial
products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in
USD and cents per metric tonne based on the average of the
assessments as made public by the Baltic Exchange for the relevant
route for each business day (as specified below) in the determination
period.
Contract Series Up to 48 consecutive months
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
45 Inserted 12 June 2017
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 67
TTT 57. DAILY - TC2 FFA - NORTHWEST EUROPE TO USAC (BALTIC) MINI FUTURE46
Description A daily cash settled mini freight future based on the Baltic Exchange
index for TC2 – Northwest Europe to US Atlantic Coast.
Contract Symbol DFS
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Note: in December the last contract day will be the 24th of December or
the previous business day where the 24th of December is a nonworking
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
46 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
68 © ICE Futures Europe
TTT
58. DAILY - TC5 FFA - ARABIAN GULF TO JAPAN (PLATTS) MINI FUTURE47
Description A daily cash settled mini freight future based on the Platts daily
assessment price for TC5 – Arabian Gulf to Japan.
Contract Symbol DFT
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments
appearing in the “Platts Clean Tankerwire” under the heading “East of
Suez LRs” for the Arab Gulf to Japan 55kt route for each business day (as
specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Clean Tankerwire
MIC Code IFEU
Clearing Venue ICEU
47 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 69
TTT 59. DAILY - TC6 FFA - SKIKDA TO LAVERA (CROSS MED) (BALTIC) MINI FUTURE48
Description A daily cash settled mini freight future based on the Baltic Exchange
index for TC6 – Skikda to Lavera (Cross Mediterranean).
Contract Symbol DFU
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Note: in December the last contract day will be the 24th of December or
the previous business day where the 24th of December is a nonworking
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
48 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
70 © ICE Futures Europe
TTT 60. DAILY - TC12 FFA - WCI TO JAPAN (BALTIC) MINI FUTURE49
Description A daily cash settled mini freight future based on the Baltic Exchange
index for TC12 – WCI (West Coast India) to Japan.
Contract Symbol DFX
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Note: in December the last contract day will be the 24th of December or
the previous business day where the 24th of December is a nonworking
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
49 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 71
TTT 61. DAILY - TC14 FFA - USGC TO CONTINENT (BALTIC) MINI FUTURE50
Description A daily cash settled mini freight future based on the Baltic Exchange
index for TC14 – USGC to Continent.
Contract Symbol DFY
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Note: in December the last contract day will be the 24th of December or
the previous business day where the 24th of December is a nonworking
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
50 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
72 © ICE Futures Europe
TTT 62. DAILY - TD3C FFA - MIDDLE EAST GULF TO CHINA (BALTIC) MINI FUTURE
Description A daily cash settled mini freight future based on the Baltic Exchange
index for TD3C – Middle East Gulf to China.
Contract Symbol DFN
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Note: in December the last contract day will be the 24th of December or
the previous business day where the 24th of December is a nonworking
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 73
TTT 63. DAILY - TD7 FFA - UK NORTH SEA TO CONTINENT (BALTIC) MINI FUTURE51
Description A daily cash settled mini freight future based on the Baltic Exchange
index for TD7 – UK North Sea to Continent.
Contract Symbol DFO
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Note: in December the last contract day will be the 24th of December or
the previous business day where the 24th of December is a nonworking
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
51 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
74 © ICE Futures Europe
TTT 64. DAILY - TD8 FFA - KUWAIT TO SINGAPORE (BALTIC) MINI FUTURE52
Description A daily cash settled mini freight future based on the Baltic Exchange
index for TD8 – Kuwait to Singapore.
Contract Symbol DFP
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Note: in December the last contract day will be the 24th of December or
the previous business day where the 24th of December is a nonworking
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
52 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 75
TTT 65. DAILY - TD9 FFA - CARIBBEAN TO US GULF (BALTIC) MINI FUTURE53
Description A daily cash settled mini freight future based on the Baltic Exchange index
for TD9 - Caribbean to US Gulf
Contract Symbol WDB
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made public
by the Baltic Exchange for the relevant route for each business day (as
specified below) in the determination period.
If there are no business days in the determination period, the Floating Price
shall be the average of the assessments for the last business day prior to the
determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
53 Inserted 17 September 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
76 © ICE Futures Europe
TTT 66. DAILY - TD19 FFA - CROSS MED (CEYHAN TO LAVERA) (BALTIC) MINI FUTURE54
Description A daily cash settled mini freight future based on the Baltic Exchange index
for TD19 - Cross Med
Contract Symbol WDA
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments as made public
by the Baltic Exchange for the relevant route for each business day (as
specified below) in the determination period.
If there are no business days in the determination period, the Floating Price
shall be the average of the assessments for the last business day prior to the
determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
54 Inserted 17 September 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 77
TTT 67. DAILY - TD20 FFA - WEST AFRICA TO UK-CONTINENT (BALTIC) MINI FUTURE55
Description A daily cash settled mini freight future based on the Baltic Exchange
index for TD20 – West Africa to UK-Continent.
Contract Symbol DFQ
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Note: in December the last contract day will be the 24th of December or
the previous business day where the 24th of December is a nonworking
day.
Floating Price In respect of daily settlement, the Floating Price will be determined by
ICE using price data from a number of sources including spot, forward
and derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD
and cents per metric tonne based on the average of the assessments as
made public by the Baltic Exchange for the relevant route for each
business day (as specified below) in the determination period.
If there are no business days in the determination period, the Floating
Price shall be the average of the assessments for the last business day
prior to the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venue ICEU
55 Inserted 22 January 2018
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
78 © ICE Futures Europe
TTT 68. DAILY - DIRTY FFA - USGC TO UK CONTINENT (PLATTS) MINI FUTURE56
Description A daily cash settled mini freight future based on the Platts daily assessment
price for USGC to UK Continent.
Contract Symbol DFC
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments appearing in the
“Platts Dirty Tankerwire” under the heading “Americas Dirty Tankers”,
subheading “Aframax” and “$/mt” for the USGC to UK Continent route for
each business day (as specified below) in the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Dirty Tankerwire
MIC Code IFEU
Clearing Venue ICEU
56 Inserted 16 September 2019
SECTION TTT PART II E: FREIGHT, IRON ORE AND LNG
© ICE Futures Europe 79
TTT 69. DAILY - DIRTY FFA - USGC TO CHINA (PLATTS) MINI FUTURE57
Description A daily cash settled mini freight future based on the Platts daily assessment
price for USGC to China.
Contract Symbol DFD
Contract Size 100 metric tonnes
Unit of Trading Any multiple of 100 metric tonnes
Currency US Dollars and cents
Trading Price Quotation One tenth of one cent ($0.001) per metric tonne
Settlement Price Quotation One hundredth of one cent ($0.0001) per metric tonne
Minimum Price Fluctuation One hundredth of one cent ($0.0001) per metric tonne
Last Trading Day Second Business Day after the nominal contract date.
Floating Price In respect of daily settlement, the Floating Price will be determined by ICE
using price data from a number of sources including spot, forward and
derivative markets for both physical and financial products.
Final Settlement Price In respect of final settlement, the Floating Price will be a price in USD and
cents per metric tonne based on the average of the assessments appearing in the
“Platts Dirty Tankerwire” under the heading “Americas Dirty Tankers”,
subheading “VLCC” and “$/mt” for the USGC to China route for each business
day (as specified below) in the determination period.
Contract Series Up to 130 consecutive business days
Final Payment Dates Two Clearing House Business Days following the Last Trading Day
business days Publication days for Platts Dirty Tankerwire
MIC Code IFEU
Clearing Venue ICEU
57 Inserted 16 September 2019
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