Freight derivatives worth US$ 4.6 billion traded at IMAREX in Q1 up 78%
[First published: Tuesday 08 April 2008 11:38:52 am]
Q1 2008 highlights:
- Over 5000 freight derivatives transactions recorded at IMAREX and NOS combined in Q108, the highest ever recorded in a quarter up 32% compared to Q107
- Total volumes traded reached 110 600 lots, up 15%
- Contracts worth US$4.6 billion traded at IMAREX compared to US$2.6 billion in Q107
- Dry bulk futures volumes rose 94%, with the notional value of contracts traded rising 264% compared to Q107. Transactions rose by 158% to 1 210 a new record
- Tanker derivative volumes were in line with previous quarter volumes down 4% but notional values up 6%. Transactions rose 20% to 3 798.
- IMAREX now has 196 clearing and trading members worldwide
Trading statistics - Freight Derivatives March 2008:
|
Mar.08 |
# Trades |
# Lots |
# Notional value |
# lots/trade |
# value/trade |
|
Tanker FFAs |
1,070 |
14,274 |
$266 mill |
13 |
$ 0.25 mill |
|
Dry Bulk FFAs |
206 |
9,351 |
$674 mill |
45 |
$ 3.3 mill |
|
Freight Options |
53 |
3,195 |
$187 mill |
60 |
$ 3.5 mill |
|
Total |
1,329 |
26,820 |
$1 127 mill |
|
|
CEO's view point:
The first quarter of 2008 has been the second best quarter ever for IMAREX in the freight markets. The FFA markets in both Tankers and Dry bulk have been strong and we have maintained our momentum - getting off to an excellent start to 2008 says Gunnar Lindqvist, Head of market place operations at IMAREX in Oslo
Proportional statistics - Freight Derivatives March 2008:
|
Mar.08 |
# Trades |
# Lots |
# Notional value |
|
Tanker FFAs |
81% |
53% |
24% |
|
Dry Bulk FFAs |
16% |
35% |
60% |
|
Freight Options |
4% |
12% |
17% |
NOS Clearing - OPEN INTEREST Freight Derivatives: March 2008
|
Mar.08 |
# Lots |
|
Tanker FFAs |
37 380 |
|
Dry Bulk FFAs |
42 638 |
|
Freight Options |
26 306 |
At the end of March, Open Interest for Dry bulk and Tanker future contracts was 80 018 lots (long only positions). Open interest for Freight Options was 26 306 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:
Three new member were added during March, making the total number of clearing and trading members 196
Quick summary March 2008:
International Maritime Exchange, the central market for freight futures and options and part of the stock listed IMAREX Group of companies (OSE: IMAREX) announced a 78% increase in the value of freight contracts traded in the first quarter of this year. With a total value of US$4.6 billion from 110 000 contracts traded in over 5000 transactions, Q108 is the second best quarter ever for IMAREX, says Gunnar Lindqvist, head of Market operations at the companies Oslo headquarters. Dry bulk freight futures (FFA) volumes rose 94% Dry bulk futures volumes rose 94%, with the notional value of contracts traded rising 264% compared to Q107. Transactions rose by 158% to 1 210 a new record according to the company. Tanker derivative volumes were in line with same quarter last year - volumes down 4% but notional values up 6%. Transactions rose 20% to 3 798. The freight options segment continued its growth with 21% more transactions adding 31% to the notional value of contracts traded. IMAREX now has 196 freight derivatives clearing and trading members worldwide.
For more information, please contact:
· Gunnar Lindqvist Tel: +47 2389 4234 gl@imarex.com
· Morten Erichsen, NOS Clearing Tel: +47 2325 9305 morten.erichsen@nos.no
· Herman Michelet Tel: +47 2389 4230 hm@imarex.com
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