Imarex trades world's first cleared dry bulk option

The freight market's first two cleared dry bulk options contracts were traded at Imarex on May 24. The contracts are derivative contracts linked to the future charter rate of Panamax bulk carriers in the third quarter of 2006.

"Dry bulk freight options should be a natural part of the trading portfolio of both owners and charterers" says Lauritz Haarr, options desk manager at Imarex in Oslo. "Clearing just opens a new world of possibilities. The option contracts traded on May 24 are known as a