ICE Expands Global Natural Gas Liquids Complex with Launch of Future Liquefied Petroleum Gas Freight Between Houston and Chiba Based on Baltic’s BLPG3 Assessment | Business
LONDON AND NEW YORK – (BUSINESS WIRE) – Sep 24, 2021–
Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of data, technology and market infrastructure, has announced plans to launch a new freight forward contract based on gas valuation of liquefied petroleum (LPG) from the Baltic Exchange bound for the Houston to Chiba on September 27.
The contract, called the Houston To Chiba (Baltic) LPG Freight Forward Contract (BLPG3) (FFA), will be cash settled and allow participants to manage freight price risk on one of the main export routes of liquid petroleum gas. The United States is one of the world’s largest producers and exporters of LPG, and Asia is one of the largest demand centers for fuel. Freight rates from Houston to Chiba have fluctuated between $ 45.75 and $ 182.40 per tonne since the Baltic Exchange began reporting the route in April 2020 *.
“Covering the US Gulf Coast export route to Japan has become increasingly critical for our customers,” said JC Kneale, vice president, North America gas and power. , at ICE. “ICE’s natural gas liquids markets are experiencing strong growth, with interest open until 2024. With the new LPG freight contract, we are helping our customers better manage their entire portfolio of exposure to LPG, from production to shipment to consumption. “
The new BLPG3 contract will trade alongside ICE’s future existing LPG freight based on the Baltic Exchange valuation for the Middle East-Japan route (ICE: WAT).
* Source: Baltic Exchange
About the intercontinental exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services in major asset classes that provide our clients with access to essential workflow tools that increase transparency and operational efficiency. We operate Exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our global fixed income data services and execution capabilities provide insights, analytics, and platforms that help our clients capitalize on opportunities and operate more efficiently. TO ICE Mortgage Technology, we’re transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunities.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risk. and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see documents filed by the Securities and Exchange Commission (SEC) of ICE, including, but not limited to be limited to the risk factors in ICE’s annual report. Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 4, 2021.
Source: Intercontinental exchange
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SOURCE: Intercontinental exchange
Copyright Business Wire 2021.
PUB: 24/09/2021 08: 00 / DISC: 24/09/2021 08:02
Copyright Business Wire 2021.