IMAREX October statistics – strong start to fourth quarter

Trading statistics summary - October 2006:

Director's comment:

“A combination of a good trading market and our well functioning brokerage and clearing operations has again translated to a strong performance by both IMAREX and NOS. Our tanker team in particular is again showing what is possible, by pulling in substantial volumes from every corner of the market. Dry bulk and fuel swaps as well as freight options are now gathering pace”, says Tom Even Mortensen, IMAREX NOS CEO.

Trading and membership statistics – October 2006

A total of 991 trades were traded via IMAREX and cleared via NOS during October 2006, up 84 % on the same period last year. The nominal value of all trades done via IMAREX in October was USD 720 million, an increase of 247 % compared to October 2005. The volumes traded were 27 171 lots (1 lot= 1 000 tons or 1 day of time charter) up 138 % compared to the same period last year.

Tanker derivatives:

IMAREX and NOS handled a total of 782 tanker futures transactions during October, a 84 % increase on October 2005.

A total of 16 950 lots in tanker futures (17 million tons) were traded via IMAREX, up 93 % compared to the 8 820 lots traded in the same period last year. The nominal value of tanker transactions at IMAREX was USD 279 million, up 81 % from USD 155 million in the same period last year.

Dry bulk derivatives:

Combined dry bulk volumes cleared at NOS and traded at IMAREX was 5 485 lots (where 1 lot is 1 day of time charter or 1000 metric tons of freight). The nominal value of contracts traded was US$ 163 million.

A total of 77 dry bulk derivatives transactions in October compares to 88 in September and 71 in the same period last year.

Bunker fuel oil derivatives:

The total number of fuel oil derivative transactions in October was 105, up 16 % from 90 in September.

A total of 665 000 tons were traded in October, down up 5 % compared to 700 000 tons in September. The total nominal value of bunker fuel oil contracts traded at IMAREX and NOS in October fell 6 % to USD 192 million, down from USD 203.7 million in September.

Freight options:

In addition to the futures volumes traded in October, a total of 27 IMAREX freight options accounted for 4 071 lots with a nominal trade value of USD 85 million.

New trading and clearing members:

There were no new members approved for trading at IMAREX and clearing at NOS in October.

The total number of trading and clearing members at IMAREX and NOS is: 145

For more information, please contact:

• Tom Even Mortensen, Chief Executive Officer Tel: +47 2389 4222
• Arild Jæger, Chief Financial Officer Tel: +47 2389 4211

Please see the full report below:

• IMAREX October statistics – strong start to fourth quarter