ICE Panamax Timecharter (Baltic) Freight Future

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A monthly cash settled freight future based on the Panamax Timecharter Index as made public by the Baltic Exchange.[1]

Contract Specs

Panamax Timecharter (Baltic) Freight Future
Trading Screen Product Name Panamax Timecharter Freight Futures
Trading Screen Hub Name Panamax
Contract Symbol TCP
Contract Size 1 day of time charter
Unit of Trading Any multiple of 1 day of time charter
Currency US Dollars and cents
Trading Price $1.00 per Charter Day
Settlement Price One cent ($0.01) per Charter Day
Minimum Price Fluctuation One cent ($0.01) per Charter Day
Last Trading Day Last Trading Day of the contract month

Note: the December will expire on the 24th of December or the previous business day where the 24th of December is a non-working day.

Floating Price In respect of daily settlement, the Floating Price will be determined by ICE using price data from a number of sources including spot, forward and derivative markets for both physical and financial products.
Final Settlement In respect of final settlement, the Floating Price will be a price in USD and cents per day based upon the average of the spot assessments as made public by the Baltic Exchange for the Panamax Timecharter Index for each business day (as specified below) in the determination period.
Contract Series Up to 48 consecutive months
Final Payment Date Two Clearing House Business Days following the Last Trading Day
Business Days Publication days for Baltic Exchange
MIC Code IFEU
Clearing Venues ICEU
Trading Hours CITY TRADING PRE-OPEN
NEW YORK 7:50 PM - 6:00 PM*

19:50 - 18:00

7:40 PM

19:40

LONDON 12:50 AM - 11:00 PM*

00:50 - 23:00

12:40 AM

00:40

SINGAPORE 7:50 AM - 6:00 AM*

07:50 - 06:00

7:40 AM

07:40

*Next Day
Codes Clearing Admin Name Dry Freight Day
Physical TCP
Logical TCP
GMI (FC) @8
ION A.C.N. None

Notes

References

  1. Panamax Timecharter (Baltic) Freight Future. ICE.

Resources

Panamax Timecharter (Baltic) Freight Future Contract Specs

Last modified on 7 April 2021, at 18:44