Trading Statistics for January 2009
The number of maritime freight derivatives transactions concluded in January rose a sharp 63 % on the previous month, while the trade value was up 40 %. Compared to January 2008, the trading volume was down 33 %, to 33 259 lots. The number of energy transactions was up 61 % on the previous month, with energy trading volume up 32 %. However, trading volume was down 5 % compared to January 2008, to 1 113 TWh3, with the number of transactions down 8 % to 30 171.
“We are optimistic for the year ahead – transaction volumes and values have recovered markedly after a slow end to 2008, and we are hopeful that the recovery will continue” says Herman W. Michelet, Chief Executive of Imarex.
Energy Contracts
The number of energy transactions concluded was 30 171, up 61 % on December and the highest level since January 2008. Meanwhile the volume of energy traded was up 32 % on December, but down 5 % on January 2008, at 1 113 TWh. Energy prices have stabilised after falling sharply in the second half of 2008.
Tanker and Dry Bulk Derivatives
The freight options volume was 8 326 lots, up 130 % from January 2008. The tanker futures volume was 18 020 lots in January, down 17 % from the same month last year. The dry bulk futures volume was 6 913 lots, down 71 % from the same period in 2008. Dry bulk freight rates have continued to rise. This can be illustrated by the Baltic Exchange Dry Index for spot rates, which was 774 at the end of 2008 and 1 070 at the end of January 2009.
Freight Open Interest
At the end of January, open interest for dry bulk and tanker futures was 28 056 and 29 716 lots respectively (long only positions). Open interest for freight options was 30 083 lots. The open interest is the total number of lots which remain to be liquidated by either close-out trades or delivery at NOS Clearing. NOS Clearing counts only long positions. Other clearing houses often count both long and short positions into the open interest.
Freight trading and clearing members
At the end of the reporting month the number of freight derivatives clearing and trading members stood at 207, up 11 % in the last 12 months.
For more information, please contact:
• Herman W. Michelet, Chief Executive Officer Tel: +47 2389 4223, herman.michelet@imarex.com
• Arild Jæger, Chief Financial Officer Tel: +47 2389 4211, arj@imarex.com
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