UPDATE 1-Shipping bourse Imarex Q3 trade volume, value up

* Value of freight trading rose 48 pct

* Imarex says well positioned to maintain market leadership

* Says financial crisis reduces market visibility (Adds details, quotes, share price)

OSLO, Nov 28 (Reuters) - Norwegian shipping exchange Imarex (IMAREX.OL) reported a 48 percent year-on-year rise in the value of freight trading over the bourse in the third quarter on Friday and said the global financial turmoil reduced market visibility.

The value of freight contracts traded grew to $5.69 billion in the third quarter from $3.83 billion in the same quarter last year, but was down from $5.96 billion in the second quarter, Imarex said.

"A total of 5,944 trades were transacted in the reporting quarter, an increase of 57 percent from the corresponding quarter in 2007," Imarex said in a statement.

"Imarex has maintained the market leadership in facilitating trades in the tanker futures market and is well positioned to maintain this position going forward," Imarex said.

The number of tanker trades rose 56 percent and the value of that segment grew 140 percent, Imarex said.

The number of dry bulk trades grew 99 percent and the value of dry bulk trade increased 69 percent, it said.

Earnings before interest, tax, depreciation and amortisation rose to 18.4 million Norwegian crowns ($2.66 million) in the three months to the end of September from 4.4 million in the same quarter last year.

"The financial turmoil reduces demand visibility and the overall growth outlook but also opens new opportunities in clearing," Imarex said in a statement.

It said it saw a positive long-term market outlook and remained well positioned to win further market share, but it acknowledged "that the overall growth is likely to be lower than previously expected in the near- and medium-term."

"Although the Imarex Group will continue to evaluate growth opportunities through M&A, the company's main focus is currently on organic business development and further improvements in operational efficiency and cost control," Chief Executive Herman Michelet said in a statement.

At the end of the third quarter, Imarex had 210 direct trading members, up 18 percent over the past year, it said.

"New additions in the quarter ranged from oil companies to pure trading companies," it said.

"In addition, a significant number of clients are trading through general clearing members (GCM), and it is expected that the bulk of future growth in exchange memberships will come through the GCMs," it said.