Volume record for Imarex in Q208 freight derivatives market

Trading statistics - Freight Derivatives June 2008:

CEO's view point:

“With both the tanker and dry bulk markets in good health, our volumes have soared in the last quarter. The Imarex electronic trading screen handles the absolute majority of all these trades, making it the only really successful trading screen for freight in the market,” says Herman Michelet, CEO at IMAREX in Oslo.

Proportional statistics - Freight Derivatives June 2008:

NOS Clearing - OPEN INTEREST Freight Derivatives: June 2008

At the end of June, Open Interest for Dry bulk and Tanker future contracts was 75 729 lots (long only positions). Open interest for Freight Options was 31 780 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. NOS counts only long positions. Other clearing houses often count both long and short positions into the open interest. 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:

Two new members were added, making the total number of clearing and trading members 203

Quick summary June 2008:

International Maritime Exchange, the regulated electronic market place for freight futures and options and part of the stock listed IMAREX Group of companies (OSE: IMAREX) reports a new record volume of freight derivatives traded on the exchange in the second quarter of 2008.

At total of 127 796 freight derivatives lots (contracts) were traded at Imarex Q208, an increase of 32% compared to Q207. The number of transactions recorded rose to 6130 with contracts worth US$ 6 billion traded on the International Maritime Exchange and NOS Clearing.

The dry bulk FFA segment showed the largest rise of any sector with the value of contracts traded rising 103% to US$ 3.3 billion. Transactions recorded rose 96%.

Tanker FFAs rose 60% to 73 million tons in Q208 compared to Q207. Transaction volume rose 64% and the notional value of Tanker FFAs traded rose 85% to US$1.7 billion, indicating a total 2008 market for tanker FFAs worth between US$12-13 billion.

Imarex reports that the vast majority of trades were performed on the Imarex electronic trading screen, and Herman Michelet, CEO at IMAREX in Oslo says: “With both the tanker and dry bulk markets in good health, our volumes have soared in the last quarter. The Imarex electronic trading screen handles the absolute majority of all these trades, making it the only really successful trading screen for freight in the market.”

For the full report, please click on the link below:

• Imarex June Trading Statistics

  020708 IMAREX_JUN08_MB-2.pdf 109.10 kB

For more information, please contact:

• Herman Michelet Tel: +47 2389 4230 hm@imarex.com
• Morten Erichsen, NOS Clearing Tel: +47 2325 9305 morten.erichsen@nos.no