Trading Statistics May 2009

Tanker and Dry Bulk Derivatives

The number of dry bulk futures transactions was up 27% from the same period in 2008. Dry bulk freight rates kept increasing through May 2009. The dry bulk freight rates can be illustrated by the Baltic Exchange Dry Index for spot rates, which was 1786 at the end of April and 3494 at the end of May 2009. The trade value of tanker futures meanwhile rose 7% month-on-month - to USD 250 million, although tanker futures volume was down 15% from April 2009 at 16 458 lots. The number of freight options transactions was 72, up 41% from May 2008 and up 7% month-on-month.

"We are delighted to see the dry bulk market continue to recover. The trade value of dry bulk transactions has more than doubled from April and the statistics in general on freight futures show a clear upward trend since the end of last year", says Herman W. Michelet, Chief Executive of Imarex. "The open interest on tanker futures has increased significantly - to a new record, and the performance of our energy business remains rock solid. Things are certainly moving in the right direction."

Freight Open Interest

At the end of the reporting month, open interest for dry bulk was 29 269 as open interest for tanker futures hit a new high of 41 861 lots (long only positions). Open interest for freight options was 26 486 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.