IMAREX upgrades dry bulk FFA operations

IMAREX, the International Maritime Exchange, which operates a hybrid commodity exchange model with customers interacting with both the IMAREX screen for cleared trading and voice brokers assisting with execution, is upgrading its European dry bulk operations by making sweeping personnel changes.
 
With effect from 3 September, Ali Jourabchi will assume responsibility for the day to day running of the dry bulk broking team in Oslo, whilst remaining in overall charge of the global tanker broking operation.
 
Jourabchi spent the last 2 years restructuring and building up the tanker FFA broking team at IMAREX. The tanker team is widely believed to be one of the largest and most successful tanker FFA operations around today.
 
Whilst staying in overall charge the Tanker team globally, Jourabchi takes over the dry bulk reigns from Mr. Herman Michelet, founder of IMAREX, at an exciting time for IMAREX. Michelet will resume his full time responsibilities as Managing Director of the IMAREX market place.
 
In the meantime, Henrik Sommerfelt, will handle day to day operations of the IMAREX tanker team in Oslo.
 
'Sommerfelt is one of our most senior and experienced tanker futures broker, and I am confident that while we build up the dry bulk operation, the strong team we now have in place will continue to progress the excellent work we now do for our clients on tankers,' says Jourabchi.
 
Combining a solid operation in Asia, and NOS Clearing substantially expanding its dry bulk infrastructure to support dry bulk FFA clearing, the IMAREX electronic screen market and voice broking operation is set for record growth in 2007 and 2008.
 
With new leadership of dry bulk FFAs in Europe, IMAREX aims to boost its market share of trades concluded.
 
"The dry bulk FFA market has never been as busy as it is now, and this is a unique chance for us to make a major impact - and that's exactly what we are going to do," says Jourabchi.
 
To build a stronger dry team, Jourabchi brings with him several senior commodity brokers from across the organization.
 
Lauritz Haarr joins the Oslo dry desk and will combine his responsibilities as manager of Freight Options, to work exclusively in the dry bulk market. Before joining IMAREX, Mr. Haarr spent four years as the desk manager of foreign exchange and interest rate derivatives markets at NORDEA Bank.
 
With IMAREX, Haarr has been in charge of the freight option desk for both tankers and dry bulk in which IMAREX has grown to hold a large share of the FFA option market on the tanker side
 
"A strong global desk divided between Singapore and Oslo, and me focusing on dry cargo derivatives should give us an extra edge in executing more trades for our clients," says Haarr.
 
Adding further professional experience to the desk is Bjørn Strømsnes, who joins the dry bulk desk from IMAREX fuel oil operation. Mr. Strømsnes has 17 years experience from the international oil products markets as a senior broker for several of the largest oil broking companies in the world.
 
"Bjørn's talent for closing deals and his ability to kick-start the trading day, is an excellent fit for the dry bulk desk and will help us to apply a commodity trading approach to dry bulk FFAs," says Jourabchi.
 
Jourabchi and Haarr will join the existing dry bulk team in Oslo effective immediately. Strømsnes joins the desk on the 17 September.

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