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Freight Futures

Berkeley offers clients the opportunity to trade the Forward Freight Agreement (FFA) market provided by Imarex on a margined basis.

An FFA contract is a financially settled contract for difference between two parties, which sets an agreed future price for carrying commodities at sea against an agreed price.

Market participants can now trade the following Freight Futures through Berkeley:

Tanker FFAs:

Contract		Index Provider	Closing Price Provider
TD 7	Aframax, North Sea - Continent, 80,000 mt	Baltic Exchange	Imarex
TD 9	Aframax, Caribs - USG, 70,000 mt	Baltic Exchange	Imarex
TD 5	Suezmax, West Africa - USAC, 130,000 mt	Baltic Exchange	Imarex
TD 3	VLCC, AG - East, 260,000 mt	Baltic Exchange	Imarex
TD 8	Aframax, Kuwait - Singapore, 80,000 mt	Baltic Exchange	Imarex
TD 11	Aframax, Cross - Med, 80,000mt	Baltic Exchange	Imarex
TC 4	MR, Singapore - Japan, 30,000 mt	Platts	Imarex
TC 2	MR, Continent - USAC, 37,000 mt	Baltic Exchange	Imarex
TC 5	LR 1, AG - Japan, 55,000 mt	Platts	Imarex
TC 6	MR, Algeria - Euromed, 30,000 mt	Baltic Exchange	Imarex

Product Specification:

Flat Rates	As published by the Worldscale Association (London) Limited and the Worldscale Association (NY) Inc.
Price Quotation	Worldscale points
Minimum Price Fluctuation	0.25 Worldscale point
Contract Value	Lots x Lot size x Worldscale Flatrate x (Worldscale points/100) (The Worldscale Flatrate applicable for each Index Day in the Delivery Period)
Delivery Period	Month: First Index Day of the month to last Index Day of the month. Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contracts. Year: First Index Day of the Year to last Index Day of the Year A Year Contract is split into equally into 12 Month Contracts on the Trading day and settled as Month Contracts.
Final Settlement Day	Last settlement day in the Delivery Period.
Settlement Price	The arithmetic average of the Spot Prices for the relevant Underlying Product over the number of Index Days in the Delivery Period.
(I) Lot Size	1 lot = 1,000 mt
Minimum Lots	Trades in 5 lots as standard (5,000 mt)

Dry Bulk FFAs:

Contract	Sector	Physical Trade Route	Lot Size	Price Quotation	Index Provider
CS4TC	Capesize	Basket of: C8 Gibraltar/Hamburg trans Atlantic RV C9 Continent/Mediterranean trip Far East C10 Pacific RV C11 China/Japan trip Mediterranean/Cont	Day	USD / Day	Baltic Exchange
PM4TC	Panamax	Basket of: P1A Transatlantic RV P2A SKAW-GIB / Far East P3A Japan-SK / Pacific / RV P4 Far East / NOPAC / SK-PASS	Day	USD / Day	Baltic Exchange
SM6TC	Supramax	Basket of: S1A Antwerp Skaw trip Far East S1B Canakkale trip Far East S2 Japan SK / NOPAC or Australia RV S3 Japan SK trip GIB Skaw range S4 US Gulf Skaw Passero S4B Skaw Passero US Gulf	Day	USD / Day	Baltic Exchange

Berkeley also offers daily reports, analytical tools, historical data, and trader education.

Berkeley On-line and Berkeley Equities are trading names of Berkeley Futures Limited. Berkeley Futures Limited is authorised and regulated by the Financial Services Authority (Registered no. 114159)

Security of clients funds placed with Berkeley

Freight Futures