Dry bulk transactions hit all-time high in September
[First published: Wednesday 08 October 2008 3:25:09 pm]
September 2008 highlights:
o Total trading volumes of freight derivatives rose 94 % in September compared to the same period last year – notional value of contracts rose 65 % to over USD 2.1 billion – number of transactions rose 111 % to more than 2 000.
o Dry bulk FFA transaction numbers hit all-time high of 613, with a record volumes of 26 106 lots - nominal value of trades reach close to USD 1.4 billion.
o Tanker FFA hits 1 447 trades worth USD 577 million,
o Freight option transaction volumes rise 21 % compared to same period last year with nominal values up 20 %
o Imarex celebrates member number 210
Trading statistics - Freight Derivatives September 2008:
|
# Trades |
# lots |
Nominal Value |
# lots/trade |
Nominal value/trade |
|
|
Tanker FFAs |
1,447 |
22,185 |
577 |
15 |
0.4 |
|
Dry bulk FFAs |
613 |
26,106 |
1,392 |
43 |
2.27 |
|
Freight Options |
34 |
3,096 |
147 |
91 |
4.32 |
|
Total |
2,094 |
51,387 |
2,116 |
CEO's view point:
“September was a strong month for IMAREX with more than 2 000 trades done and notional values up by over USD 1 billion compared to September last year. Our dry team is pulling a new record volume of over 26 000 lots, up over 100 % compared to September last year. The tanker team is keeping up the strong volumes we have seen throughout the previous quarters. Last month the number of members at the exchange reached 210, indicating an increasing awareness of the great advantage NOS Clearing represents to risk management in today’s volatile markets.” says Herman W. Michelet, CEO at IMAREX.
Proportional statistics - Freight Derivatives September 2008:
|
# Trades |
# lots |
Nominal value (USD million) |
|
|
Tanker FFAs |
69.1 % |
43.2 % |
27.3 % |
|
Dry bulk FFAs |
29.3 % |
50.8 % |
65.8 % |
|
Freight Options |
1.6 % |
6.0 % |
6.9 % |
NOS Clearing - OPEN INTEREST Freight Derivatives: September 2008
|
Open Interest (Long-Only) |
|
|
Tanker FFAs |
35 067 |
|
Dry bulk FFAs |
37 548 |
|
Freight Options |
29 422 |
At the end of September, Open Interest for Dry bulk and Tanker future contracts was 72 615 lots (long only positions). Open interest for Freight Options was 29 422 lots, according to current NOS Clearing open interest calculation methodology.
(Please note: The Open Interest is the total number of lots which remain to be liquidated by either close-out-trades or delivery at NOS. NOS counts only long positions. Other clearing houses often count both long and short positions into the open interest. Please note: 1 lot = 1000 metric tons for all tanker and bunker fuel oil contracts as well as C4 and C7 contracts. For P2A, P3A, HS6TC, SM6TC, PM4TC and CS4TC, 1 lot=1 day of time charter)
New trading and clearing members:
Four new members were added, making the total number of clearing and trading members 210
Quick summary September 2008:
International Maritime Exchange, the regulated electronic market place for freight futures and options and NOS Clearing, both part of the stock listed IMAREX Group of companies (OSE: IMAREX) report strong growth in all sectors of the freight derivatives in September – dry bulk FFA transactions rose by astounding 306 % year-on-year.
Total trading volumes of freight derivatives rose 94 % compared to the same period last year, the notional value of contracts are up 65 % to over $2.1 billion, and number of transactions rose 111 % to more than 2 000.
In addition, Imarex celebrates that its exchange member number 210, approved for trading in September.
“September was a strong month for IMAREX with more than 2 000 trades done and notional values up by over USD 1 billion compared to September last year. Our dry team is pulling a new record volume of over 26.000 lots, up over 100 % compared to September last year. The tanker team is keeping up the strong volumes we have seen throughout the previous quarters. Last month the number of members at the exchange reached 210, indicating an increasing awareness of the great advantage NOS Clearing represents to risk management in today’s volatile markets.” says Herman W. Michelet, CEO at IMAREX.
For more information, please contact:
· Herman W. Michelet Tel: +47 2389 4223 hm@imarex.com
· Morten Erichsen, NOS Clearing Tel: +47 2325 9305 morten.erichsen@nos.no
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