IMAREX and NOS go for a new level of transparency in freight

Oslo, 25 July 2006 - Principals in the freight derivatives market have long asked for the industry to compile and publish a reliable set of statistics showing trades, prices and volumes done both OTC and cleared in the tanker and dry bulk markets. This is seen as an important step to increase confidence and trading liquidity in this emerging market, and to attract new participants to trade freight derivatives.

IMAREX and NOS, the only regulated market for freight, recently started publishing a daily summary volume report showing the total traded volumes and open interest at the exchange.

Together, IMAREX and NOS are continuing their commitment to overall growth of the maritime derivatives market for all participants through innovation, support for liquidity and a push for greater transparency.

"We believe that overall growth is best promoted through innovation of new products for trading and clearing;  by providing an efficient market place with strong liquidity, and by giving transparency in both prices and transactions done to all participants in the market," says Morten Erichsen, the head of clearing at NOS.

On request from trading and clearing members and from the market participants in general, IMAREX and NOS will from today publish a daily list of trades transacted via IMAREX and NOS. This will be included in the daily summary volume report, which will then show total traded volumes, open interest and transaction lists. The report will be available for all through direct distribution and through the Imarex and NOS web sites.

The trade list will contain trades done at IMAREX both cleared and OTC as well as trades reported for clearing at NOS.

"This is an industry initiative for the industry, aimed at growing the overall pool of liquidity for everyone," says Tom Even Mortensen, Managing Director of IMAREX.

For more information please contact:

• Tom Even Mortensen       tel: +47 2389 4222
• Morten Erichsen              tel: +47 2323 9300