Imarex and NOS launches Time Charter Equivalent (TCE) contracts

Imarex and NOS are pleased to announce that from 1st October 2008 members will be able to trade cleared tanker freight futures denominated in USD per day — otherwise known as Time Charter Equivalent (TCE) contracts — on the Imarex trading platform. This is the first time electronic trading has been made available for Tanker TCE contracts. It is also the first time clearing has been made available for Tanker TCE contracts.

“Physical time charters are traded in USD per day and listed tanker companies report their results in USD per day. This has caused an increasing number of market participants to ask for the possibility to trade USD-denominated contracts as opposed to Worldscale, especially on the back-end of the curve and generally for longer term contracts,” said Richard Arnesen, Global Head of Tankers at Imarex.

The first contract to be listed on the screen will be TD3_TCE (Middle East-Japan). Settlement will be against the Dirty Tanker Time Charter Equivalent TD3-TCE index published by the Baltic Exchange.

For a detailed product specification or more information, please contact:

• Richard Arnesen – Global Head of Tankers at Imarex:

ra@imarex.com +1 281 445 5151

• Hanne Bævre Johansson - Vice President NOS:

freight@nos.no + 47 2325 9320