Trading Statistics November 2008

Freight derivatives trading and clearing volumes were 32 114 lots in November, down 42 % from the same month in 2007. The number of transactions was down 39 % to 1 067, whereas the nominal value was down 82 % to USD 467 million due to lower volumes and freight rates, particularly in the dry bulk segment.

Tankers and Dry Bulk Derivatives

The tanker futures volume was 14 970 lots in November, down 33 % from the same month last year. The dry bulk futures volume was 8 829 lots, down 57 % from the same period in 2007. The freight options volume was 8 315 lots, down 33 % from November 2007, but up 7 % compared to October 2008. The dry bulk freight rates continued to decline. This can be illustrated by the Baltic Dry Index for spot rates which was 851 at the end of October and 715 at the end of November 2008.

Freight Open Interest

At the end of October, open interest for dry bulk and tanker futures was 34 857 and 32 023 lots respectively (long only positions). Open interest for freight options was 34 893 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 205, up 13 % from one year before.