EEX brings price risk management and trading opportunities to Global Commodities markets through a portfolio of exchange listed derivatives contracts. The products covered include seaborne freight FFAs and options as well as futures for their adjacent cargoes.
Dry Freight
Seaborne trade in dry 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. This high level of unpredictability means that financially settled derivatives are essential tools for any organisation looking to manage exposure to global shipping rates.
Financial Futures on Dry Bulk Time Charter Freight
Contract Specifications
| Product Name | C5TC (182) | C5TC | P5TC | S10TC | S11TC | H7TC |
| Product Code | C5TM | CPTM | P5TC | SPTM | S11F | H7TC |
| Product Type | Future | Future | Future | Future | Future | Future |
| Contract Size | 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 |
| Minimum Tick | $1 | $1 | $1 | $1 | $1 | $1 |
| Contract Series (Months) | 84 | 84 | 84 | 84 | 84 | 84 |
More details
| Exchange Code & Product Description | C5TCM - EEX Baltic Capesize 5TC (182) Freight Futures CPTM - EEX Baltic Capesize 5TC Freight Futures* P5TC - EEX Baltic Panamax 5TC Freight Futures SPTM - EEX Baltic Supramax 10TC Freight Future** S11F - EEX Baltic Supramax 11TC Freight Future H7TC - EEX Baltic Handysize 7TC Freight Futures |
| Contracts Size | One day |
| Pricing | US$ 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. |
*last tradeable maturity is December 2031
**last tradeable maturity is December 2028. To be delisted in Jan 27
Financial Futures on Dry Bulk Trip Time Charter Freight
Contract Specifications
| 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. |
Financial Futures on Dry Bulk Voyage Routes Freight
Contract Specifications
| 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. |
Options on Financial Futures for Dry Bulk Time Charter Freight
Contract Specifications
| Product Name | C5TC (182) | C5TC | P5TC | S10TC | S11TC |
| Product Code | O5TM | OCPM | OP5M | OPSM | OS11 |
| Product Type | European Option | European Option | European Option | European Option | European Option |
| Underlying | C5TC 182 future | C5TC 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 | O5TM - Options on EEX Baltic Capesize 5TC (182) 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 2026
**last tradeable maturity is December 2027
Options on Financial Futures for Dry Bulk Voyage Routes Freight
Contract Specifications
| 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. |
Liquified Natural Gas (LNG) Freight
Seaborne trade of liquified natural gas (LNG) is a rapidly growing sector in the global seaborne freight market. LNG freight rates can be extremely volatile, thus financial derivatives are an essential tool for any organisation with exposure to LNG shipping rates.
EEX offers three LNG freight futures products to help customers manage price risk in this market.
- EEX Baltic LNG Route BLNG1-174 Freight Month Future (Australia to Japan)
- EEX Baltic LNG Route BLNG2-174 Freight Month Future (US Gulf to Continent)
- EEX Baltic LNG Route BLNG3-174 Freight Month Future (US Gulf to Japan)
Contract Specifications
| Product Description | Monthly financially settled futures based on the respective Baltic Exchange BLNG-174 Index: BLNG1-174 (Australia to Japan) BLNG2-174(US Gulf to Continent) BLNG3-174 (US Gulf to Japan) |
| Contract Size | 1 day |
| Pricing | USD per day |
| Price Tick | 1.00 USD per day |
| Last Trade Registration Day | For January to November: Last Exchange Day of the respective expiry month. For December: The 24th day of the expiry month or, if this is not an Exchange Day, the preceding day. |
| Final Settlement Price | The monthly price index for the respective BLNG-174 freight assessment (Index). The Index is the arithmetic average of all spot price assessments for the respective BLNG-174 freight assessment of the respective month as published by the Baltic Exchange. |
Monthly expiry, which are financially settled against the respective Baltic Exchange BLNG-174 index. Detailed specifications can be found here.
Liquified Natural Gas (LNG)
LNG is a fast-growing global commodity; total exports have increased by over 60% in the last 10 years and around 50% of worldwide natural gas is now traded in the form of LNG.
Learn more about EEX’s LNG futures offering.
Touchpoint
Touchpoint brings together all EEX asset classes in a single, intuitive and easy to use trade registration platform, The feature rich system provides a comprehensive range of trade registration and administration tools, allowing users to control all parts of their OTC trade workflow.
In collaboration with Veson, customers can now access their EEX freight and selected emission trading data concluded via Touchpoint through the Veson IMOS Platform. More information can be found here.
For further information on these contracts please contact globalcommodities@eex.com.