EEX would like to advise that a change will be made to the daily settlement procedures for Freight Options contracts. The current Black 76 model used for valuation of Freight Options will be changed to include the mathematical equation of the Turnbull-Wakeman formula extended by Espen Gaarder Haug (2006) and adjusted by EEX Group.
A description of the settlement procedure is available under following link: https://www.eex.com/en/trading/trading-forms-and-documentation/settlement-price
The changes will take effect on Thursday 25th May 2017.
Please do not hesitate to contact EEX Market Supervision by phone +49 341 2156 222 if you have any further questions.