Singapore Exchange Limited

Company Reg No. 199904940D

2 Shenton Way, #02-02 SGX Centre 1, Singapore 068804

main: +65 6236 8888 fax: +65 6535 6994

sgx.com Page 1

Circular 

16 November 2016

Circular No. DC/AM – 107 of 2016

Margin Changes for SGX-DT and SGX AsiaClear OTC Commodity Contracts

Pursuant to SGX-DC Rules 7.20 and 7.22, please be informed of margin changes for SGX-DT and SGX AsiaClear 

OTC Commodity contracts effective on Friday, 18 November 2016. Margin changes are prescribed in the 

Appendix.

The margins for all contracts (with changes indicated by the latest effective date) are detailed in the SGX-DC 

Margin Schedule available on SGX website (www.sgx.com) under Clearing -> Derivatives -> Operational 

Information. 

If you have any questions, please contact Mr Jerry Zhou (Tel: 6236-8161) and Mr Michael Wang (Tel: 6236-5345) 

of Risk Management, or email to margins@sgx.com .

Lee Chih-Wei

Vice President

Risk Management
List of Margin Changes

1. Outright Margin

Revised (effective 18 November 2016)

Contract Code Contract Name Currency Tier Maint. Margin Initial Margin Additional Margin 

(Maint.)

Additional Margin 

(Initial)

Short Option 

Minimum

Volatility scan range 

%

NK Yen Nikkei-225 Index Futures / Options YEN 1 430,000 473,000 17200 10

NS Mini Nikkei-225 Index Futures YEN 1 86,000 94,600

NU USD Nikkei-225 Index Futures USD 1 4,300 4,730

SGP MSCI Singapore Index Futures / Options USD 1 1,000 1,100 40 7

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 1 4,000 4,400 160 13

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 2 4,000 4,400 160 13

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 3 3,800 4,180 160 13

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 4 3,500 3,850 160 13

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 5 3,200 3,520 160 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 1 800 880 32 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 2 800 880 32 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 3 760 836 32 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 4 700 770 32 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 5 640 704 32 13

CV CTC Capesize Time Charter Basket Swap / Option USD 1 3,300 3,630 132 20

CV CTC Capesize Time Charter Basket Swap / Option USD 2 2,500 2,750 132 20

CV CTC Capesize Time Charter Basket Swap / Option USD 3 1,300 1,430 132 20

CV CTC Capesize Time Charter Basket Swap / Option USD 4 1,300 1,430 132 20

CV CTC Capesize Time Charter Basket Swap / Option USD 5 2,700 2,970 132 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 1 3,300 3,630 132 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 2 2,500 2,750 132 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 3 1,300 1,430 132 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 4 1,300 1,430 132 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 5 2,700 2,970 132 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 1 3,300 3,630 132 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 2 2,500 2,750 132 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 3 1,300 1,430 132 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 4 1,300 1,430 132 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 5 2,700 2,970 132 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 1 3,300 3,630 132 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 2 2,500 2,750 132 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 3 1,300 1,430 132 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 4 1,300 1,430 132 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 5 2,700 2,970 132 20

2. IntraComm Margin Rate

Revised (effective 18 November 2016)

Contract Code Contract Name Currency Priority Leg A's Tier Leg B's Tier IntraComm Main. 

Margin

IntraComm Initial 

Margin

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 1 2 4 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 2 2 3 1000 1100

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 3 2 5 1600 1760

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 4 2 2 900 990

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 5 3 4 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 6 3 5 1500 1650

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 7 4 5 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 8 1 1 1000 1100

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 9 1 3 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 10 1 4 1500 1650

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 11 1 5 1800 1980

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 12 3 3 1000 1100

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 13 4 4 1000 1100

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 14 1 2 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 15 5 5 1200 1320

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 1 2 4 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 2 2 3 200 220

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 3 2 5 320 352

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 4 2 2 180 198

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 5 3 4 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 6 3 5 300 330

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 7 4 5 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 8 1 1 200 220

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 9 1 3 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 10 1 4 300 330

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 11 1 5 360 396

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 12 3 3 200 220

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 13 4 4 200 220

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 14 1 2 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 15 5 5 240 264

CV CTC Capesize Time Charter Basket Swap / Option USD 1 1 3 2000 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 2 1 4 2000 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 3 2 3 1500 1650

CV CTC Capesize Time Charter Basket Swap / Option USD 4 2 4 1700 1870

CV CTC Capesize Time Charter Basket Swap / Option USD 5 3 3 800 880

CV CTC Capesize Time Charter Basket Swap / Option USD 6 1 2 1800 1980

CV CTC Capesize Time Charter Basket Swap / Option USD 7 2 2 1000 1100

CV CTC Capesize Time Charter Basket Swap / Option USD 8 3 4 1000 1100

CV CTC Capesize Time Charter Basket Swap / Option USD 9 4 4 1000 1100

CV CTC Capesize Time Charter Basket Swap / Option USD 10 3 5 2500 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 11 4 5 2500 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 12 1 1 1500 1650

CV CTC Capesize Time Charter Basket Swap / Option USD 13 1 5 3000 2310

CV CTC Capesize Time Charter Basket Swap / Option USD 14 2 5 2800 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 15 5 5 3800 2420

CVF Baltic Capesize Time Charter Average Futures USD 1 1 3 2000 2200

CVF Baltic Capesize Time Charter Average Futures USD 2 1 4 2000 2200

CVF Baltic Capesize Time Charter Average Futures USD 3 2 3 1500 1650

CVF Baltic Capesize Time Charter Average Futures USD 4 2 4 1700 1870

CVF Baltic Capesize Time Charter Average Futures USD 5 3 3 800 880

CVF Baltic Capesize Time Charter Average Futures USD 6 1 2 1800 1980

CVF Baltic Capesize Time Charter Average Futures USD 7 2 2 1000 1100

CVF Baltic Capesize Time Charter Average Futures USD 8 3 4 1000 1100

CVF Baltic Capesize Time Charter Average Futures USD 9 4 4 1000 1100

CVF Baltic Capesize Time Charter Average Futures USD 10 3 5 2500 2200

CVF Baltic Capesize Time Charter Average Futures USD 11 4 5 2500 2200

CVF Baltic Capesize Time Charter Average Futures USD 12 1 1 1500 1650

CVF Baltic Capesize Time Charter Average Futures USD 13 1 5 3000 2310

CVF Baltic Capesize Time Charter Average Futures USD 14 2 5 2800 2200

CVF Baltic Capesize Time Charter Average Futures USD 15 5 5 3800 2420

CW CTC Capesize Time Charter Basket Swap / Option USD 1 1 3 2000 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 2 1 4 2000 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 3 2 3 1500 1650

CW CTC Capesize Time Charter Basket Swap / Option USD 4 2 4 1700 1870

CW CTC Capesize Time Charter Basket Swap / Option USD 5 3 3 800 880

CW CTC Capesize Time Charter Basket Swap / Option USD 6 1 2 1800 1980

CW CTC Capesize Time Charter Basket Swap / Option USD 7 2 2 1000 1100

CW CTC Capesize Time Charter Basket Swap / Option USD 8 3 4 1000 1100

CW CTC Capesize Time Charter Basket Swap / Option USD 9 4 4 1000 1100

CW CTC Capesize Time Charter Basket Swap / Option USD 10 3 5 2500 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 11 4 5 2500 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 12 1 1 1500 1650

CW CTC Capesize Time Charter Basket Swap / Option USD 13 1 5 3000 2310

CW CTC Capesize Time Charter Basket Swap / Option USD 14 2 5 2800 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 15 5 5 3800 2420

CWF Baltic Capesize Time Charter Average Futures USD 1 1 3 2000 2200

CWF Baltic Capesize Time Charter Average Futures USD 2 1 4 2000 2200

CWF Baltic Capesize Time Charter Average Futures USD 3 2 3 1500 1650

CWF Baltic Capesize Time Charter Average Futures USD 4 2 4 1700 1870

CWF Baltic Capesize Time Charter Average Futures USD 5 3 3 800 880

CWF Baltic Capesize Time Charter Average Futures USD 6 1 2 1800 1980

CWF Baltic Capesize Time Charter Average Futures USD 7 2 2 1000 1100

CWF Baltic Capesize Time Charter Average Futures USD 8 3 4 1000 1100

CWF Baltic Capesize Time Charter Average Futures USD 9 4 4 1000 1100

CWF Baltic Capesize Time Charter Average Futures USD 10 3 5 2500 2200

CWF Baltic Capesize Time Charter Average Futures USD 11 4 5 2500 2200

CWF Baltic Capesize Time Charter Average Futures USD 12 1 1 1500 1650

CWF Baltic Capesize Time Charter Average Futures USD 13 1 5 3000 2310

CWF Baltic Capesize Time Charter Average Futures USD 14 2 5 2800 2200

CWF Baltic Capesize Time Charter Average Futures USD 15 5 5 3800 2420
Current Margins

1. Outright Margins

Contract Code Contract Name Currency Tier Maint. Margin Initial Margin Additional Margin 

(Maint.)

Additional Margin 

(Initial)

Short Option 

Minimum

Volatility scan range 

%

NK Yen Nikkei-225 Index Futures / Options YEN 1 380,000 418,000 15200 10

NS Mini Nikkei-225 Index Futures YEN 1 76,000 83,600

NU USD Nikkei-225 Index Futures USD 1 3,800 4,180

SGP MSCI Singapore Index Futures / Options USD 1 1,200 1,320 48 7

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 1 3,500 3,850 140 13

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 2 3,500 3,850 140 13

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 3 3,200 3,520 140 13

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 4 3,000 3,300 140 13

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 5 2,800 3,080 140 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 1 700 770 28 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 2 700 770 28 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 3 640 704 28 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 4 600 660 28 13

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 5 560 616 28 13

CV CTC Capesize Time Charter Basket Swap / Option USD 1 3,000 3,300 120 20

CV CTC Capesize Time Charter Basket Swap / Option USD 2 2,500 2,750 120 20

CV CTC Capesize Time Charter Basket Swap / Option USD 3 1,300 1,430 120 20

CV CTC Capesize Time Charter Basket Swap / Option USD 4 1,300 1,430 120 20

CV CTC Capesize Time Charter Basket Swap / Option USD 5 2,700 2,970 120 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 1 3,000 3,300 120 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 2 2,500 2,750 120 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 3 1,300 1,430 120 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 4 1,300 1,430 120 20

CVF Baltic Capesize Time Charter Average Futures / Option USD 5 2,700 2,970 120 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 1 3,000 3,300 120 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 2 2,500 2,750 120 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 3 1,300 1,430 120 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 4 1,300 1,430 120 20

CW Capesize Time Charter Average (5TC) Swap / Option USD 5 2,700 2,970 120 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 1 3,000 3,300 120 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 2 2,500 2,750 120 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 3 1,300 1,430 120 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 4 1,300 1,430 120 20

CWF Capesize Time Charter Average (5TC) Futures / Option USD 5 2,700 2,970 120 20

2. IntraComm Margin Rate

Contract Code Contract Name Currency Priority Leg A's Tier Leg B's Tier IntraComm Main. 

Margin

IntraComm Initial 

Margin

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 1 2 3 1000 1100

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 2 2 4 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 3 1 3 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 4 2 2 900 990

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 5 2 5 1600 1760

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 6 1 1 1000 1100

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 7 1 4 1500 1650

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 8 3 3 1000 1100

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 9 3 4 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 10 4 4 1000 1100

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 11 4 5 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 12 1 5 1800 1980

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 13 3 5 1500 1650

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 14 1 2 1200 1320

FE Iron Ore CFR China (62% Fe Fines) Swap / Option USD 15 5 5 1200 1320

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 1 2 3 200 220

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 2 2 4 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 3 1 3 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 4 2 2 180 198

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 5 2 5 320 352

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 6 1 1 200 220

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 7 1 4 300 330

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 8 3 3 200 220

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 9 3 4 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 10 4 4 200 220

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 11 4 5 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 12 1 5 360 396

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 13 3 5 300 330

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 14 1 2 240 264

FEF Iron Ore CFR China (62% Fe Fines) Futures / Option USD 15 5 5 240 264

CV CTC Capesize Time Charter Basket Swap / Option USD 1 1 3 2000 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 2 1 4 2000 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 3 2 3 1500 1650

CV CTC Capesize Time Charter Basket Swap / Option USD 4 2 4 1700 1870

CV CTC Capesize Time Charter Basket Swap / Option USD 5 3 3 800 880

CV CTC Capesize Time Charter Basket Swap / Option USD 6 2 2 1000 1100

CV CTC Capesize Time Charter Basket Swap / Option USD 7 3 4 1000 1100

CV CTC Capesize Time Charter Basket Swap / Option USD 8 4 4 1000 1100

CV CTC Capesize Time Charter Basket Swap / Option USD 9 3 5 2500 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 10 4 5 2500 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 11 1 2 1800 1980

CV CTC Capesize Time Charter Basket Swap / Option USD 12 1 1 1500 1650

CV CTC Capesize Time Charter Basket Swap / Option USD 13 2 5 2800 2200

CV CTC Capesize Time Charter Basket Swap / Option USD 14 1 5 3000 2310

CV CTC Capesize Time Charter Basket Swap / Option USD 15 5 5 3800 2420

CVF Baltic Capesize Time Charter Average Futures USD 1 1 3 2000 2200

CVF Baltic Capesize Time Charter Average Futures USD 2 1 4 2000 2200

CVF Baltic Capesize Time Charter Average Futures USD 3 2 3 1500 1650

CVF Baltic Capesize Time Charter Average Futures USD 4 2 4 1700 1870

CVF Baltic Capesize Time Charter Average Futures USD 5 3 3 800 880

CVF Baltic Capesize Time Charter Average Futures USD 6 2 2 1000 1100

CVF Baltic Capesize Time Charter Average Futures USD 7 3 4 1000 1100

CVF Baltic Capesize Time Charter Average Futures USD 8 4 4 1000 1100

CVF Baltic Capesize Time Charter Average Futures USD 9 3 5 2500 2200

CVF Baltic Capesize Time Charter Average Futures USD 10 4 5 2500 2200

CVF Baltic Capesize Time Charter Average Futures USD 11 1 2 1800 1980

CVF Baltic Capesize Time Charter Average Futures USD 12 1 1 1500 1650

CVF Baltic Capesize Time Charter Average Futures USD 13 2 5 2800 2200

CVF Baltic Capesize Time Charter Average Futures USD 14 1 5 3000 2310

CVF Baltic Capesize Time Charter Average Futures USD 15 5 5 3800 2420

CW CTC Capesize Time Charter Basket Swap / Option USD 1 1 3 2000 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 2 1 4 2000 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 3 2 3 1500 1650

CW CTC Capesize Time Charter Basket Swap / Option USD 4 2 4 1700 1870

CW CTC Capesize Time Charter Basket Swap / Option USD 5 3 3 800 880

CW CTC Capesize Time Charter Basket Swap / Option USD 6 2 2 1000 1100

CW CTC Capesize Time Charter Basket Swap / Option USD 7 3 4 1000 1100

CW CTC Capesize Time Charter Basket Swap / Option USD 8 4 4 1000 1100

CW CTC Capesize Time Charter Basket Swap / Option USD 9 3 5 2500 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 10 4 5 2500 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 11 1 2 1800 1980

CW CTC Capesize Time Charter Basket Swap / Option USD 12 1 1 1500 1650

CW CTC Capesize Time Charter Basket Swap / Option USD 13 2 5 2800 2200

CW CTC Capesize Time Charter Basket Swap / Option USD 14 1 5 3000 2310

CW CTC Capesize Time Charter Basket Swap / Option USD 15 5 5 3800 2420

CWF Baltic Capesize Time Charter Average Futures USD 1 1 3 2000 2200

CWF Baltic Capesize Time Charter Average Futures USD 2 1 4 2000 2200

CWF Baltic Capesize Time Charter Average Futures USD 3 2 3 1500 1650

CWF Baltic Capesize Time Charter Average Futures USD 4 2 4 1700 1870

CWF Baltic Capesize Time Charter Average Futures USD 5 3 3 800 880

CWF Baltic Capesize Time Charter Average Futures USD 6 2 2 1000 1100

CWF Baltic Capesize Time Charter Average Futures USD 7 3 4 1000 1100

CWF Baltic Capesize Time Charter Average Futures USD 8 4 4 1000 1100

CWF Baltic Capesize Time Charter Average Futures USD 9 3 5 2500 2200

CWF Baltic Capesize Time Charter Average Futures USD 10 4 5 2500 2200

CWF Baltic Capesize Time Charter Average Futures USD 11 1 2 1800 1980

CWF Baltic Capesize Time Charter Average Futures USD 12 1 1 1500 1650

CWF Baltic Capesize Time Charter Average Futures USD 13 2 5 2800 2200

CWF Baltic Capesize Time Charter Average Futures USD 14 1 5 3000 2310

CWF Baltic Capesize Time Charter Average Futures USD 15 5 5 3800 2420