LSFO futures are physically delivered. LSFO futures 

contracts follow the standard delivery procedures upon 

expiration, and may be delivered through EFP before 

that. Furthermore, bonded delivery applies to LSFO, i.e. 

the delivery is for bonded LSFO that is stored in bonded 

oil tanks under customs’ supervision at a Designated 

Delivery Storage Facility. 

Standard delivery procedures refer to the process where, 

upon a contract’s expiration, the buyer and the seller 

complete physical delivery via a transfer of the ownership 

of the corresponding bonded standard warrant (a 

document created in the Standard Warrant Management 

System and issued by the Designated Delivery Storage 

Facility in accordance with INE procedures that entitles 

the holder to take delivery of the specified commodity).

In short, the seller must complete the load-in of the 

underlying commodity and receive the warrant before a 

contract expires. Within the five delivery days following 

the expiration of the contract, the seller will submit the 

warrant, collect payment, and submit the tax invoice; the 

buyer will make payment in exchange for the warrant 

and tax invoice; and INE will assign standard warrants 

based on available resources and settle payment, thereby 

completing the delivery process.

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