News Release

Exchange to Launch Additional Freight Swap Futures Contracts

Tue May 17 2005
New York, N.Y., May 17, 2005 — The New York Mercantile Exchange, Inc. today announced that will introduce four additional freight futures contracts on its NYMEX ClearPortsm electronic trading and clearing platform beginning on May 22 for the May 23 trading session.

The new freight futures contracts, routes, and codes are as follows: Freight Route TC2 Europe to USAC, clean freight (TM); Freight Route TD3, Arab Gulf to Japan, crude oil freight (TL); Freight Route TD5, West Africa to USAC, crude oil freight (TI); and Freight Route TD7, North Sea to Europe, crude oil freight (TK).

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 the Baltic Exchange.

Fees for trading or clearing on NYMEX ClearPortsm or cash settlement will be $5.00 per side for non-members and $4.00 per side for members.

Exchange President James E. Newsome said, "We are excited to include the Baltic Exchange-settled contracts to our recently introduced slate of freight swap futures contracts. These contracts allow our customers to hedge freight market risk, giving them the most complete and full-service risk management portfolio."

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