Iron Ore, Coal and Fuel Oil Swaps

If the swap is accepted for clearing by a clearing organization, the terms and conditions of the freight swap incorporate by reference such terms and conditions established by the relevant clearing organization in its rules or bylaws. If the swap is not submitted for clearing to a clearing organization, the terms and conditions of the swap incorporate by reference such credit and other terms as the parties may establish through their pre-existing bilateral agreement. The swap has the following characteristics:
   
Contract Overview: A agreement to exchange a stream of cash flows by reference to the difference between (i) a fixed price agreed by the parties and a floating rate based on a specified notional amount over a specified term to maturity, or )ii) two floating rates based on specified notional amounts over a specified term to maturity.
Trade Date: As agreed by the parties.
Effective Date: The date on which the calculation of accrued obligations begins under the contract.
Reference Commodities: Iron Ore
Coal
Fuel Oil
Notional Amount: As agreed by the parties for each relevant commodity.
Settlement Dates: As agreed by the parties.
Termination Date: As agreed by the parties.
Fixed Price Payer: Party [A/B], if applicable.
Fixed Price: [currency] [amount in numerals] [per units of commodity], if applicable.
Floating Price Payer: Party [B/A], or both Party A and B, if applicable.
Floating Price: As agreed by the parties.
Pricing Differential: If applicable, as agreed by the parties.
Specified Delivery Point: If applicable, as agreed by the parties.
Pricing Dates: If applicable, as agreed by the parties.
Method of Averaging: If applicable, as agreed by the parties.