News Release

Exchange to Launch Freight Futures Contracts

Thu May 12 2005
NEW YORK, N.Y., May 12, 2005 — The New York Mercantile Exchange, Inc., today announced that will introduce three freight swap futures contracts on its NYMEX ClearPortsm electronic trading and clearing platform beginning on May 15 for the May 16 trading session.

The new freight swap futures contracts, routes, and codes are as follows: Freight Route TC1 Ras Tanura to Japan, refined clean products freight (TG); Freight Route TC4, Singapore to Japan, clean products freight (TJ); Freight Route TC5, Ras Tanura to Japan, clean products freight futures (TH).

The contracts are 1,000 metric tons in size and will be listed for 36 consecutive months forward, starting with the June 2005 contract month. They will be cash-settled based on calendar-month averages for tanker routes assessed by Platts.

The fees for these contracts, including the final cash settlement fee, will be $5.00 per side for non-members and $4.00 per side for members.

Exchange President James E. Newsome said, "There is an excellent synergy between the freight swap futures contracts and our current product slate and customer base. We are excited to enter the freight market, and we anticipate these contracts will add liquidity and transparency to a marketplace that has recently seen increased volatility."

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