$1.9 billion traded via IMAREX in January - screen trading rockets
[First published: Wednesday 06 February 2008 9:05:26 am]
January 2008 highlights:
- Combined FFA volumes traded at IMAREX and cleared at NOS in January reach 49 000 lots (contracts) worth $1.9 billion, the second highest volumes and notional trade values ever recorded.
- The proportion of volumes traded Electronically on the IMAREX screen rose to 62% of the total volumes at 30 000 lots, estimated at more than 10 times that of the nearest competitor
- Dry cargo transactions rise 250% to 555 with volumes reaching 24 000, up 290% on the same period last year – Dry bulk FFA trade values rocket 650% to $1.4 billion
- Several new records were set in tanker FFAs with transactions rising 83% to 1 637, and the notional value of trades up 75% to a new high of $428 million
- Freight options volumes rise 77% to 3 600 with values up 200% to $141 million
- Four new clearing members takes total membership to 187
- Open Interest at NOS was 82 000 lots of “long only” (164 000 lots when counting both long and short positions) of FFAs and 26 000 lots of Freight Options – again “long only”.
Trading statistics January 2008:
|
Jan.08 |
# Trades |
# Lots |
# Notional value |
# lots/trade |
# value/trade |
|
Tanker FFAs |
1,637 |
21,725 |
$ 428 mill |
13 |
$ 0.3 mill |
|
Dry Bulk FFAs |
555 |
23,975 |
$1 403 mill |
43 |
$ 2.5 mill |
|
Freight Options |
78 |
3,619 |
$141 mill |
46 |
$ 1.8 mill |
|
Total |
2,270 |
49,319 |
$1 971 mill |
|
|
CEO's view point:
“January was at record levels for the IMAREX screen with over 30 000 lots out of 49 000 in total, traded electronically with us,” says Head of market place operations at IMAREX, Gunnar Lindqvist. “We also beat previous records in Tanker and Dry bulk FFA volumes, outperforming every other broker in the market on growth, by a substantial margin,” says Lindqvist.
Proportional statistics January 2008:
|
Jan.08 |
# Trades |
# Lots |
# Notional value |
|
Tanker FFAs |
72% |
44% |
22% |
|
Dry Bulk FFAs |
24% |
49% |
71% |
|
Freight Options |
3% |
7% |
7% |
Tanker derivatives:
A total of 1 637 trades (1 023 trades in December) were concluded by members and OTC clients, up 83 % on the same period last year.
A total of 21 725 lots in tanker futures (21.7 million tons) were traded via IMAREX, up 40 % compared to the 15 480 lots traded in the same period last year. The notional value of tanker transactions at IMAREX was $ 428 million up 74 % from $ 246 million traded in the same period last year.
Tanker futures accounted for 44 % of volumes and 22 % of the notional value traded via IMAREX and NOS Clearing.
Dry bulk derivatives:
Combined dry bulk volumes cleared at NOS and traded at IMAREX was 23 975 lots (where 1 lot is 1 day of time charter or 1000 metric tons of freight), up 288 % from the 6 172 lots traded in January 2007. The notional value of contracts traded was $ 1 403 million, up 666 % compared to the $ 183 million traded in the same period last year.
A total of 555 dry bulk derivatives transactions in January compares to 156 transactions in the same period last year.
Dry bulk futures accounted for 49 % of volume traded at IMAREX NOS, and 71 % of the notional value traded via IMAREX and NOS.
Freight options:
In January, a total of 78 IMAREX freight options (28 in December) accounting for 3 619 lots (1 442 in December) with a notional trade value of $ 141 million were traded. Freight options accounted for 7 % of all contracts traded at IMAREX NOS, and 7 % of the notional value traded via IMAREX and NOS.
Clearing and Open Interest
|
NOS Clearing House - OPEN INTEREST : Maritime Derivatives |
# Lots |
||
|
TANKER FUTURES |
|
|
38 850 |
|
DRY BULK FUTURES |
|
|
43 049 |
|
FREIGHT OPTIONS |
|
|
26 014 |
At the end of January, Open Interest for Dry bulk and Tanker future contracts was 81 899 lots (long only positions). Open interest for Freight Options was 26 014 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 counts 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 member were added during January, making the total number of clearing and trading members 187
For more information, please contact:
- Gunnar Lindqvist Tel: +47 2389 4220 gl@imarex.com
- Morten Erichsen Tel: +47 2325 9300 morten.erichsen@nos.no
- Herman Michelet Tel: +47 2389 4230 hm@imarex.com
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