Asset Class Navigation

Freight Route TD3 (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. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Minimum Price Fluctuation $0.0001 per metric ton
Product Code CME Globex: TL
CME ClearPort: TL
Clearing: TL
Listed Contracts Monthly contracts listed for the current year and the next 2 calendar years. Monthly contracts for a new calendar year will be added following the termination of trading in the December contract of the current year.
Settlement Method Financially Settled
Floating Price For contract months up to and including December 2017, the Floating Price for each contract month is equal to the arithmetic average of the rates for each business day that the TD3 Tanker Route (for 265,000 metric tons for Middle East Gulf to Japan) is published by the Baltic Exchange over the contract month, converted to a US dollar per metric ton valuation at the prevailing Worldscale rate as published by Worldscale Association.

For contract months from and including January 2018, the Floating Price for each contract month is equal to the arithmetic average of the rates for each business day that the TD3C Tanker Route (for 270,000 metric tons for Middle East Gulf to China) is published by the Baltic Exchange over the contract month, converted to a US dollar per metric ton valuation at the prevailing Worldscale rate as published by Worldscale Association.

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 Futures Settlement Procedure
Position Limits NYMEX Position Limits
Exchange Rulebook NYMEX 684
Block Minimum Block Minimum Thresholds
Vendor Codes Quote Vendor Symbols Listing