IMAREX - Trading volumes over US$ 3.8 billion in third quarter

Trading statistics:

CEO's view point:

“The third quarter has exceeded our expectations both in terms of volumes and the notional values traded via our exchange. We have particularly benefited from the strong dry bulk market, and have made every effort to take full advantage of it. We now enter the fourth quarter having handled more than 11,500 transactions and nearly 300,000 lots so far this year.” says CEO of the IMAREX Group, Herman W. Michelet.

Proportional statistics:

Tanker derivatives:

A total of 790 trades (1 087 trades in August) were concluded by members and OTC clients, up 7% on the same period last year.

A total of 9 550 lots in tanker futures (9.5 million tons) were traded via IMAREX, down 34% compared to the 14 505 lots traded in the same period last year. The notional value of tanker transactions at IMAREX was US$ 170 million down 39% from US$276 million traded in the same period last year. Tanker futures accounted for 36% of volumes and 13% of the notional value traded via IMAREX and NOS.

Dry bulk derivatives:

Combined dry bulk volumes cleared at NOS and traded at IMAREX was 12 862 lots (where 1 lot is 1 day of time charter or 1000 metric tons of freight), up 72% from the 7 485 lots traded in September 2006. The notional value of contracts traded was US$898 million, up 300% compared to the same period last year.

A total of 151 dry bulk derivatives transactions in September compares to 88 transactions in the same period last year. Dry bulk futures accounted for 48% of volume traded at IMAREX NOS, and 70% of the notional value traded via IMAREX and NOS.

Bunker fuel oil derivatives:

The total number of fuel oil derivative transactions in September was 25. Volumes traded were 249 000 tons, down 65% compared to September 2006. The total notional value of bunker fuel oil contracts traded at IMAREX and NOS in September fell 55% to US$91 million, from US$204 million in the same month last year.

Bunker fuel oil swaps accounted for 1% of volume traded at IMAREX NOS, and 7% of the notional value traded via IMAREX and NOS.

Freight options:

In September, a total of 28 IMAREX freight options (41 in August) accounting for 3 891 lots (2 944 in August) with a notional trade value of US$122 million were traded (US$98 million in August). Freight options accounted for 15% of all contracts traded at IMAREX NOS, and 9.5% of the notional value traded via IMAREX and NOS.

Clearing and Open Interest

At the end of September, Open Interest for Dry bulk and Tanker future contracts was 74 084 lots. Open interest for Freight Options was 16 025 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. For more information, please contact NOS on the numbers below. 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:

Three new members were added during September, making the total number of clearing and trading members 178

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
• Mikal Bøe, Director Tel: +65 9474 2822 mb@imarex.com