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The new freight futures contracts, routes, and codes are as follows: Freight Route TD9, Caribbean to US Gulf, crude oil freight (TN); Freight Route TD10D, Caribbean to US Atlantic Coast, crude oil freight (TO).
The contracts are 1,000 metric tons in size and will be listed for 36 consecutive months forward, starting with the August 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 ClearPort® or cash settlement will be $5.00 per side for non-members and $4.00 per side for members.
Margins on all months of the Freight Route TD9 and Freight Route TD10D futures contracts will be $750 for clearing members, $825 for members, and $ 1,013 for customers.
Intra–commodity spread margin rates for the Freight Route TD9 futures contracts will be $200 for clearing members, $220 for members, and $270 for customers. Intra-commodity spread margin rates for the Freight Route TD10 futures contracts will be $150 for clearing members, $165 for members, and $203 for customers.
Exchange President James E. Newsome said, "We are very pleased to add these contracts to the fast-growing freight futures complex offered by the Exchange and increase the range of risk management services we offer our market participants."
