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Freight Route TC12 (Baltic) Futures Contract Specs

Contract Unit 1,000 Metric Tons
Price Quotation U.S. dollars and cents per metric ton
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:15 p.m. New York time/ET (5:00 p.m. - 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Minimum Price Fluctuation $0.0001 per metric ton
Product Code CME Globex: FRS
CME ClearPort: FRS
Clearing: FRS
Listed Contracts 24 months
Settlement Method Financially Settled
Floating Price The Floating Price for each contract month is equal to the arithmetic average of the rates for each business day that the TC12 Tanker Route (for 35,000 metric tons for Sikka, West Coast India to Chiba, Japan) is published by the Baltic Exchange over the contract month. If for any reason the Baltic Exchange cannot provide any rate required for establishing the Floating Price, then the Forward Freight Agreement Brokers Association (FFABA) may be instructed by either party to form a panel to establish any rate which will be binding on both parties.
Termination Of Trading Trading shall cease on the last business day of the contract month.
Settlement Procedures Daily Baltic Freight Swap Futures Settlement Procedure (PDF)
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 522
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing