Trading Statistics March 2009

Tanker and Dry Bulk Derivatives

The freight options volume was 8 473 lots, up 165 % from March 2008. The tanker futures volume was 19 965 lots in March, up 40 % from the same month last year. The number of dry bulk futures transactions was down 27 % from the same period in 2008. Dry bulk freight rates declined through March 2009; this can be illustrated by the Baltic Exchange Dry Index for spot rates, which was 1 986 at the end of February and 1 615 at the end of March 2009.

Freight Open Interest

At the end of the reporting month, open interest for dry bulk and tanker futures was 27 212 and 30 161 lots respectively (long only positions). Open interest for freight options was 36 794 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.