right first refusal pricing lorrian michel rofr option grants shipper right lock transportation rate max rate next years priced spread swaption priced two scenarios strip starts 1 nov 1 00 2 nov 1 01 first one assume shipper makes decision oct 31 00 54 days maturity oct 31 01 419 days maturity second case second case longer time expiration therefore larger option time value see attached spreadsheets detail let know questions zimin