All previous records broken by IMAREX in November

Trading statistics:

CEO's view point:

"November proves that the IMAREX business model works better than anything else in the FFA market!" says CEO of the IMAREX Group, Herman W. Michelet. "With over 55 000 lots traded we are the undisputed largest market for freight derivatives anywhere."

Proportional statistics:

Tanker derivatives:

A total of 1 354 trades (1 135 trades in October) were concluded by members and OTC clients, up 83% on the same period last year.

A total of 22 432 lots in tanker futures (22.4 million tons) were traded via IMAREX, up 30% compared to the 17 185 lots traded in the same period last year. The notional value of tanker transactions at IMAREX was USD 414 million up 75% from USD 237 million traded in the same period last year.

Tanker futures accounted for 40% of volumes and 16% of the notional value traded via IMAREX and NOS.

Dry bulk derivatives:

Combined dry bulk volumes cleared at NOS and traded at IMAREX was 20 600 lots (where 1 lot is 1 day of time charter or 1000 metric tons of freight), up 155% from the 8 083 lots traded in November 2006. The notional value of contracts traded was USD 1 489 million, up 531% compared to the same period last year.

A total of 273 dry bulk derivatives transactions in November compares to 130 transactions in the same period last year.

Dry bulk futures accounted for 37 % of volume traded at IMAREX NOS, and 57% of the notional value traded via IMAREX and NOS.

Bunker fuel oil derivatives:

Fuel Oil Swaps volumes traded at IMAREX fell further to a total of 15 trades valued at USD 66 million.

Freight options:

In November, a total of 102 IMAREX freight options (68 in October) accounting for 12 330 lots (6 887 in October) with a notional trade value of USD 640 million were traded (USD 426 million in October). Freight options accounted for 22% of all contracts traded at IMAREX NOS, and 24% of the notional value traded via IMAREX and NOS.

Clearing and Open Interest

At the end of November, Open Interest for Dry bulk and Tanker future contracts was 82 917 lots. Open interest for Freight Options was 28 341 lots.

(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. 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. )

IMAREX ACADEMY -

In an attempt to educate and recruit more traders to the freight derivatives market, IMAREX has started running 2 day professional trading courses. Courses are organized in cooperation with Reuters and are run in Singapore, London and New York. Anyone wanting to attend an IMAREX ACADEMY course should visit: http://www.imarex.com/home/trading_courses

To date over 160 persons have attended the IMAREX ACADEMY.

New trading and clearing members:

Two new members were added during November, making the total number of clearing and trading members 182

For more information, please contact:

• Herman W. Michelet, CEO Tel: +47 2389 4223 hm@imarex.com
• Arild Jæger, CFO Tel: +47 2389 4211 arj@imarex.com