IMAREX trading volumes hit US$ 1.8 billion in October

Trading statistics:

CEO's view point:

“Growth continues at IMAREX!” says CEO of the IMAREX Group, Herman W. Michelet. “We said we would deliver growth in freight derivatives volumes, and that is exactly what we are doing. With 1 500 transactions worth over $1.8 billion traded in October, we are off to a strong start for Q4.”

Proportional statistics:

Tanker derivatives:

A total of 1 135 trades (790 trades in September) were concluded by members and OTC clients, up 45% on the same period last year.

A total of 11 462 lots in tanker futures (11.5 million tons) were traded, down 32% compared to the 16 950 lots traded in the same period last year. The notional value of tanker transactions was US$ 207 million down 26% from US$279 million traded in the same period last year.

Tanker futures accounted for 32% of volumes and 11% of the notional value traded via IMAREX and NOS.

Dry bulk derivatives:

Combined dry bulk volumes cleared at NOS and traded at IMAREX was 17 116 lots (where 1 lot is 1 day of time charter or 1000 metric tons of freight), up 212% from the 5 485 lots traded in October 2006. The notional value of contracts traded was US$1 191 million, up 631% compared to the same period last year.

A total of 293 dry bulk derivatives transactions in October compares to 77 transactions in the same period last year.

Dry bulk futures accounted for 48% of volume and 65% of the notional value traded via IMAREX and NOS.

Bunker fuel oil derivatives:

A total of 12 bunker fuel oil trades accounting for 50 lots with a notional trade value of US$19 million were traded in October. Bunker fuel oil accounted for 0.14% of all contracts and 1.03% of the notional value traded via IMAREX and NOS.

Freight options:

In October, a total of 68 freight options (28 in September) accounting for 6 887 lots (3 891 in September) with a notional trade value of US$426 million were traded (US$122 million in September). Freight options accounted for 19% of all contracts and 23% of the notional value traded via IMAREX and NOS.

Clearing and Open Interest

At the end of October, Open Interest for Dry bulk and Tanker future contracts was 73 186 lots. Open interest for Freight Options was 18 476 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, SM5TC, PM4TC and CS4TC , 1 lot=1 day of time charter. )

New trading and clearing members:

Two new members were added during September, making the total number of clearing and trading members 180.

For more information, please contact:

• Herman W. Michelet, CEO Tel: +47 9822 9651 hm@imarex.com
• Arild Jæger, CFO Tel: +47 2389 4211 arj@imarex.com
• Mikal Bøe, Director Tel: +65 9474 2822 mb@imarex.com