Dry Freight
Dry Freight
Seaborne trade in bulk commodities remains the backbone of globalisation with more than 11 billion tonnes of cargo carried annually. Freight rates in the dry bulk sector can be extremely volatile, rallying or declining by thousands or even tens of thousands of dollars in days.
These levels of unpredictability mean that forward price transparency and the ability to manage price risks with financial derivatives are essential tools for any organisation with exposure to shipping rates.
Contract Specifications – Financial Futures on Dry Bulk Time Charter Freight
| Product Name | C5TC | P4TC | P5TC | S6TC | S10TC | S11TC | H7TC |
| Product Code | CPTM | PTCM | P5TC | STCM | SPTM | S11F | H7TC |
| Product Type | Future | Future | Future | Future | Future | Future | Future |
| Contract Size | 1 Day | 1 Day | 1 Day | 1 Day | 1 Day | 1 Day | 1 Day |
| Pricing | $ per day | $ per day | $ per day | $ per day | $ per day | $ per day | $ per day |
| Minimum Tick | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
| Contract Series (Months) | 84 | 84 | 84 | 84 | 84 | 84 | 84 |
More details
| Exchange Code & Product Description | CPTM - EEX Baltic Capesize 5TC Freight Futures PTCM - EEX Baltic Panamax 4TC Freight Futures* P5TC - EEX Baltic Panamax 5TC Freight Futures STCM - EEX Baltic Supramax 6TC Freight Futures SPTM - EEX Baltic Supramax 10TC Freight Future** S11F - EEX Baltic Supramax 11TC Freight Future H7TC - EEX Baltic Handysize 7TC Freight Futures |
| Contracts Size | One day |
| Pricing | US$ per day |
| Minimum Tick | US$1 |
| Contract Series (Expiry Months) | Up to 84 consecutive months. Quarterly, calendar, and any period of consecutive monthly contracts can be registered as a strip. |
| Last Trade Registration Day | Last Trade Registration Day is the last Exchange Day of the respective expiry month except for December contracts. The Last Trade Registration Day for December contracts is 24th December. If this day is not an Exchange Day, the Last Trade Registration Day is the Exchange Day preceding that day. |
| Final Settlement Price | Final settlement price will be the arithmetic average of the daily Baltic Exchange spot price assessments for every trading day in the expiry month. |
*to be delisted in Jan 26
**to be delisted in Jan 27
Contract Specifications – Financial Futures on Dry Bulk Trip Time Charter Freight
| Product Name | P1E_82 | P2E_82 | P3E_82 | P6_82 |
| Product Code | PE8M | PF8M | PG8M | PREM |
| Product Type | Future | Future | Future | Future |
| Contract Size | 1 Day | 1 Day | 1 Day | 1 Day |
| Pricing | $ per day | $ per day | $ per day | $ per day |
| Minimum Tick | $1 | $1 | $1 | $1 |
| Contract Series (Months) | 36 | 36 | 36 | 36 |
More details
| Exchange Code & Product Description | PE8M - EEX Baltic Panamax P1E_82 Freight Futures PF8M - EEX Baltic Panamax P2E_82 Freight Futures PG8M - EEX Baltic Panamax P3E_82 Freight Futures PREM - EEX Baltic Panamax Pacific P6_82 Freight Futures |
| Contracts Size | One day |
| Pricing | US$ per day |
| Minimum Tick | US$1 |
| Contract Series (Expiry Months) | Up to 36 consecutive months. Quarterly, calendar, and any period of consecutive monthly contracts can be registered as a strip. |
| Last Trade Registration Day | Last Trade Registration Day is the last Exchange Day of the respective expiry month except for December contracts. The Last Trade Registration Day for December contracts is 24th December. If this day is not an Exchange Day, the Last Trade Registration Day is the Exchange Day preceding that day. |
| Final Settlement Price | Final settlement price will be the arithmetic average of the daily Baltic Exchange spot price assessments for every trading day in the expiry month. |
Contract Specifications – Financial Futures on Dry Bulk Voyage Routes Freight
| Product Name | C3 | C5 | C7 |
| Product Code | C3EM | C5EM | C7EM |
| Product Type | Future | Future | Future |
| Contract Size | 1,000 tonnes | 1,000 tonnes | 1,000 tonnes |
| Pricing | $ & cents per tonne | $ & cents per tonne | $ & cents per tonne |
| Minimum Tick | $0.01 | $0.01 | $0.01 |
| Contract Series (Months) | 36 | 36 | 36 |
More details
| Exchange Code & Product Description | C3EM - EEX Baltic Capesize C3 Freight Futures (Tubarao – Qingdao) C5EM - EEX Baltic Capesize C5 Freight Futures (Western Australia – Qingdao) C7EM - EEX Baltic Capesize C7 Freight Futures (Bolivar – Rotterdam) |
| Contract Size | 1,000 metric tonnes |
| Pricing | US$ and cents per tonne |
| Minimum Tick | US$0.01 |
| Contract Series (Expiry Months) | Up to 36 consecutive months. Quarterly, calendar, and any period of consecutive monthly contracts can be registered as a strip. |
| Last Trade Registration Day | Last Trade Registration Day is the last Exchange Day of the respective expiry month except for December contracts. The Last Trade Registration Day for December contracts is 24th December. If this day is not an Exchange Day, the Last Trade Registration Day is the Exchange Day preceding that day. |
| Final Settlement Price | Final settlement price will be the arithmetic average of the daily Baltic Exchange spot price assessments for every trading day in the expiry month. |
Contract Specifications – Options on Financial Futures for Dry Bulk Time Charter Freight
| Product Name | C5TC | P4TC | P5TC | S10TC | S11TC |
| Product Code | OCPM | OPTM | OP5M | OPSM | OS11 |
| Product Type | European Option | European Option | European Option | European Option | European Option |
| Underlying | C5TC future | P4TC future | P5TC future | S10TC future | S11TC future |
| Strike Increments | $1 | $1 | $1 | $1 | $1 |
| Pricing | $ & cents | $ & cents | $ & cents | $ & cents | $ & cents |
| Minimum Tick | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
| Contract Series (Months) | 72 | 72 | 72 | 72 | 72 |
More details
| Exchange Code & Product Description | OCPM - Options on EEX Baltic Capesize 5TC Freight Futures OPTM - Options on EEX Baltic Panamax 4TC Freight Futures* OP5M - Options on EEX Baltic Panamax 5TC Freight Futures OPSM - Options on EEX Baltic Supramax 10TC Freight Futures** OS11 - Options on EEX Baltic Supramax 11TC Freight Futures |
| Underlying | The respective underlying future with the same maturity |
| Option Style | European option with “equity” style (premium up front) margining |
| Strike Price Increments | US$1 |
| Pricing | US$ and cents |
| Minimum Tick | US$0.01 per future |
| Contract Series (Expiry Months) | Up to 72 consecutive months. Quarterly, calendar, and any period of consecutive monthly contracts can be registered as a strip. |
| Last Trade Registration Day | Last Trade Registration Day is the last Exchange Day of the respective expiry month except for December contracts. The Last Trade Registration Day for December contracts is 24th December. If this day is not an Exchange Day, the Last Trade Registration Day is the Exchange Day preceding that day. |
| Expiry Day | Options which have not been exercised expire at 06:45 p.m. CE(S)T on the Last Trade Registration Day. Options that are “in-the-money” will be automatically exercised. |
*last tradeable maturity is December 2025
**last tradeable maturity is December 2026
Contract Specifications – Options on Financial Futures for Dry Bulk Voyage Routes Freight
| Product Name | C5 |
| Product Code | OC05 |
| Product Type | European Option |
| Underlying | C5 future |
| Strike Increments | $0.01 |
| Pricing | $ & cents |
| Minimum Tick | $0.01 |
| Contract Series (Months) | 36 |
More details
| Exchange Code & Product Description | OC05 - Options on EEX Baltic Capesize C5 Freight Futures |
| Option Style | European option with “equity” style (premium up front) margining |
| Underlying | The respective underlying future with the same maturity |
| Strike Price Increments | US$0.01 |
| Pricing | US$ and cents |
| Minimum Tick | US$0.01 per future |
| Contract Series (Expiry Months) | Up to 36 consecutive months. Quarterly, calendar, and any period of consecutive monthly contracts can be registered as a strip. |
| Last Trade Registration Day | Last Trade Registration Day is the last Exchange Day of the respective expiry month except for December contracts. The Last Trade Registration Day for December contracts is 24th December. If this day is not an Exchange Day, the Last Trade Registration Day is the Exchange Day preceding that day. |
| Expiry Day | Options which have not been exercised expire at 06:45 p.m. CE(S)T on the Last Trade Registration Day. Options that are “in-the-money” will be automatically exercised. |
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