PHLX begins trading shipping index options

The Philadelphia Stock Exchange said it began trading options on the PHLX Marine Shipping Index today.

The index tracks the stock performance of 17 publicly listed companies primarily involved in seaborne transportation of crude oil, petroleum products, chemicals, iron ore and agricultural commodities.

The index, which started trading March 1 at 250, has climbed to nearly 400 on strong global demand for oil and agricultural commodities.

The Philadelphia Stock Exchange agreed last month to be bought for more than $650 million by Nasdaq Stock Market Inc.