Imarex does first financial market transactions

Imarex proudly announce the first series of freight futures transactions done by leading Nordic Investment Bank; Carnegie on behalf of investment clients.

"This is the first of many to come as we introduce this exciting market to our clients," says Tor Svelland, head of freight trading at Carnegie.

Over the last two years freight principals have increasingly embraced the cleared freight futures market at Imarex. Imarex market share of the tanker freight derivatives market reached nearly 35% in 2004.

Investor clients, like principal members of Imarex, enjoy straight through clearing of all contracts with NOS (The Norwegian Futures and Options Clearing House), the only specialised clearing house for freight derivatives.

"It's now a long time since the Biffex traded actively in small lots, but Imarex has anticipated the revival since the inception of the marketplace. Now, main principals are present on the Imarex screen, providing a real time pricing environment and the relationships with Financial Broker intermediaries in place - the freight market is open to anyone, anywhere in the world.

“Many investors have been asking us for this solution - and now it's finally a reality - another ‘first to market event’ for Imarex," says Tom Even Mortensen, Imarex' Managing Director.

Imarex expects membership of the exchange to exceed 100 full members this quarter. "We have over 75% of all currently active freight derivatives principals looking at our screens," says Mortensen. "Our focus is to bring new products and new principals to the market, to boost the liquidity of freight derivatives - I think we're pretty much alone in doing that these days," he adds. "It's what our members and our shareholders want," he adds.

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For more information please contact:

Mikal Bøe, Director - Imarex Information Services Tel: +47 2389 4227

or

Tor Svelland, Head of Freight Derivatives, Carnegie ASA Tel: +47 2200 9391