Imarex Q3 volume jumps 62 pct on strong dry bulk

Imarex Q3 volume jumps 62 pct on strong dry bulk
Published: 05 October 2007

Norway’s ocean freight derivatives exchange Imarex NOS said its trading volumes surged 62 percent year-on-year to a record $3.8 billion in the third quarter, helped by a strong market for dry bulk transport.

The notional value of dry bulk transactions increased by 300 percent to $898 million compared with the same period last year, and the total volume of contracts traded rose by 72 percent.

"The third quarter has exceeded our expectations both in terms of volumes and the notional values traded via our exchange," Imarex group Chief Executive Herman Michelet said in a statement on Thursday.

"We have particularly benefited from the strong dry bulk market and have made every effort to take full advantage of it."

Imarex has seen surging trade values in its principal freight futures business as more firms seek to hedge soaring transport costs for comodities as diverse as iron ore, coal, oil grains and cement.