IMAREX Q407 trading volumes rise 60% - $15 billion traded on IMAREX in 2007
[First published: Wednesday 09 January 2008 8:22:37 am]
December 2007 highlights:
- Strong December volumes push final trading volumes at IMAREX to over $15 Billion in 2007 – up 130% from $6.6 billion in 2006.
- Total contracts traded at IMAREX and cleared at NOS Clearing in 2007 was 400 000 lots done in 16 000 transactions
- Notional values traded via IMAREX in Q407 rose 182% compared to Q406 and was the highest recorded via IMAREX with $5.3 billion compared to $1.9 billion in the same period last year.
- A total of 115 000 lots (contracts) were traded via IMAREX and cleared at NOS Clearing in Q407 – up 60% on Q406.
- New record of contracts traded on the IMAREX screen – more than $10 billion traded electronically in 2007
Trading statistics December 2007:
|
Dec.07 |
# trades |
# lots |
Notional value |
# lots / trade |
# value / trade |
|
Tankers |
1 023 |
16 308 |
$347 mill |
16 |
$0.34 mill |
|
Dry Bulk |
112 |
6 323 |
$444 mill |
56 |
$4.0 mill |
|
Freight Options |
28 |
1 442 |
$73 mill |
52 |
$2.6 mill |
|
Bunker Fuel Oil |
9 |
17 |
$8 mill |
2 |
$0.88 mil |
|
Total |
1 172 |
24 090 |
$871 mill |
|
|
Trading statistics Total 2007:
|
Total 2007 |
# trades |
# lots |
Notional value |
# lots / trade |
# value / trade |
|
Tankers |
12 640 |
186 731 |
$3 515 |
15 |
$0.3 mill |
|
Dry Bulk |
2 250 |
148 374 |
$7 701 |
66 |
$3.4 mill |
|
Freight Options |
629 |
57 071 |
$2 200 |
91 |
$3.5 mill |
|
Bunker Fuel Oil |
449 |
5 907 |
$1 791 |
13 |
$4 mill |
|
Total |
15 968 |
398 082 |
$15 206 |
|
|
CEO's view point:
“December wraps up a great year for IMAREX,” says CEO of the IMAREX Group, Herman W. Michelet. “Current estimates of the size of the FFA market for 2007 are around $70 billion which gives us close to 20% market share overall and a 39% share of the tanker FFA market alone. Already, 2008 is off to a great start on the IMAREX screen.” says Michelet
Proportional statistics December 2007:
|
Dec.07 |
# trades |
# lots |
Notional value |
|
Tankers |
87.3% |
67.7% |
39.7% |
|
Dry Bulk |
9.6% |
26.2% |
51.0% |
|
Freight Options |
2.4% |
6.0% |
8.4% |
|
Bunker Fuel Oil |
0.8% |
0.1% |
0.9% |
Proportional statistics Total 2007:
|
Total 2007 |
# trades |
# lots |
Notional value |
|
Tankers |
79.2% |
46.9% |
23.1% |
|
Dry Bulk |
14.1% |
37.3% |
50.6% |
|
Freight Options |
3.9% |
14.3% |
14.5% |
|
Bunker Fuel Oil |
2.8% |
1.5% |
11.8% |
Tanker derivatives:
A total of 1 023 trades (1 354 trades in November) were concluded by members and OTC clients, up 71 % on the same period last year.
A total of 16 308 lots in tanker futures (16.3 million tons) were traded via IMAREX, up 65 % compared to the 9 862 lots traded in the same period last year. The notional value of tanker transactions at IMAREX was USD 347 million up 131 % from USD 150 million traded in the same period last year.
Tanker futures accounted for 68 % of volumes and 40 % 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 6 323 lots (where 1 lot is 1 day of time charter or 1000 metric tons of freight), up 272 % from the 1 701 lots traded in December 2006. The notional value of contracts traded was USD 444 million, up 733 % compared to the $53 million traded in the same period last year.
A total of 112 dry bulk derivatives transactions in December compares to 46 transactions in the same period last year.
Dry bulk futures accounted for 26 % of volume traded at IMAREX NOS, and 51 % of the notional value traded via IMAREX and NOS.
Bunker fuel oil derivatives:
Fuel Oil Swaps volumes traded at IMAREX fell to a total of 9 trades valued at USD 8 million.
Freight options:
In December, a total of 28 IMAREX freight options (102 in November) accounting for 1 442 lots (12 330 in November) with a notional trade value of USD 73 million were traded. Freight options accounted for 14 % of all contracts traded at IMAREX NOS, and 15 % of the notional value traded via IMAREX and NOS.
Clearing and Open Interest
|
NOS Clearing - OPEN INTEREST : Maritime Derivatives |
# Lots |
||
|
TANKER FUTURES |
|
|
34 495 |
|
DRY BULK FUTURES |
|
|
40 414 |
|
FREIGHT OPTIONS |
|
|
25 084 |
At the end of December, Open Interest for Dry bulk and Tanker future contracts was 74 909 lots. Open interest for Freight Options was 25 084 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. 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:
One new member were added during December, making the total number of clearing and trading members 183
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
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