Mr. Craig Marston

GLG News by Mr. Craig Marston, Managing Director

GLG News is now G+ Insights

G+ is a community for professionals, academics and entrepreneurs to connect through online discussions and in-person meetings. You will continue to see G+ Insights (formerly GLG News) here as well as on the G+ website, where you can share and discuss the G+ Insights you read.

Yet another reason to be wary of the FFA market

June 8, 2007

Analysis of:European bulk players cry foul in FFA dispute | www.tradewinds.no

Hong Kong capesize operator Spot On Group is apparently using a novel approach to avoiding FFA losses by spinning off its FFA trading subsidiary (along with the FFA commitments) to an alleged third party.  Counterparties are suing to gain access to Spot On's assets to ensure payment.  Meanwhile, Spot On continues to trade in the physical market, and indicates the dispute will be settled under Hong Kong law, rather than the traditional London venue.

Future still bright for offshore operators

June 6, 2007

Analysis of:Firm first for Farstad | www.tradewinds.no

Despite a rapidly-growing orderbook, the strong rates seen in the offshore support industry should continue as offshore drilling activities expand and the aging fleet sees 1980's vintage vessels retire.

Impact on rates will be mixed

June 5, 2007

Analysis of:Newcastle bans slowcoaches | www.tradewinds.no

New rules at the Australian port of Newcastle have barred approximately 50 ships from loading coal due to the vessel's limitations on loading rates.  The move is designed to alleviate congestion by prohibiting slow-loading vessels from clogging up the dock.  The impact to dry bulk shipping rates will be interesting.

How much market share is Maersk willing to concede?

June 5, 2007

Analysis of:MSC may buy more tonnage from Maersk | www.tradewinds.no

AP Moller-Maersk (DC:MaerskA) is selling off five more containerships, these only 3 to 4 years old, that were acquired in the purchase of P&O Nedlloyd.  Main rival MSC is bidding approximately $45m each to obtain the ships and consequently continue to gain ground in market share on leader Maersk.

Mostly for show

June 5, 2007

Analysis of:Royal Caribbean Delays Liberty Sailing | cruisedailynews.com

Nearly all cruise lines operating out of US Ports are foreign-flag vessels.  Technically, the jurisdiction of US Regulatory agencies is limited to Port State inspections allowed under International Maritime Organization (IMO) regulations.  Many of the requirements imposed on the cruise lines, especially post-construction sanitary inspections, are truly voluntary compliance issues that the lines submit to.  In the case of the norovirus issue, the delay for "sanitizing" is more of a marketing ploy than a substantive risk mitigation effort.

Excellent move by FRO

June 1, 2007

Analysis of:Frontline ties up $330m OBO deal | www.tradewinds.no

Frontline (NYSE:FRO) secured new long-term charters for five of their 8 Oil-Bulk-Ore (OBO) ships, ensuring that all will be profitably employed till the end of the decade.  Given the ages and limitations of the vessels, the numbers achieved are very, very good. 

The stakes are very high for Jones Act stakeholders

June 1, 2007

Analysis of:A house divided by the Jones Act | www.tradewinds.no

The trigger point for the current battle over the Jones Act is rapidly approaching with the return of the Matson Navigation (NasdaqGS:ALEX) ship Mokihana from its conversion work in China.  The federal judge presiding over Pasha Hawaii Transport Lines suit against the US Coast Guard ruled that the case cannot go forward until the USCG  provides a final ruling over the Jones Act status of the ship.  That determination should be made within the next two months.

What is a healthy orderbook?

June 1, 2007

Analysis of:Uncertainty over orderbook surge | www.tradewinds.no

Whether an orderbook is healthy or an indication of an impending market collapse is a valid question for all of the shipping market segments.  An unprecedented number of new ships are on order.  The last time in the shipping cycle that such a large percentage of the existing fleet was on order was in the 1970's.  At that time, overcapacity resulted in most markets and was followed by a prolonged period of depressed rates.

Now, lets shoot the other foot

June 1, 2007

Analysis of:Rush of boxship orders turns May into record-breaking month | www.tradewinds.no

Nearly 50 orders for 8000+ TEU container ships were ordered in May of 2007.  Over 60 vessels representing over 500,000 TEU's of capacity were ordered in total, setting a new standard in stupidity as well as a new record for boxship orders.

How about running the company instead?

May 30, 2007

Analysis of:HMM builds defences | www.tradewinds.no

Hyundai Merchant Marine (KSE:011200) management team began a share repurchase program designed to fend off hostile acquisitions.  The repurchase is for 300,000 shares and has already driven the stock price up by 15%.  The impact is magnified as the top six shareholders control 75% of the company's stock. 

Not a smart long-term move

May 30, 2007

Analysis of:Port rumours lift NOL | www.tradewinds.no

Neptune Orient Lines (OTC:NPTOY.PK) has seen its share price rise on reports by UBS indicating a possible sale of the company's US terminal interests.  While a sale would certainly draw considerable interest and net a substantial price, it would be a strategic mistake.

I don't see it

May 23, 2007

Analysis of:End to the blues? | www.tradewinds.no

A Morgan Stanley report on the liner shipping market, and subsequent upgrade of AP Moller Maersk (DC:MaerskA) predicts a much quicker recovery, with forecasts of 2% growth in freight rates in both 2007 and 2008.  I don't agree.

Be cautious with year on year comparisons

May 23, 2007

Analysis of:Excel up on higher rates | www.tradewinds.no

Excel Maritime's (NYSE:EXM) 1Q07 earnings shot up 65%, with revenues growing 22% and expenses up 13.5%.  This certainly sounds great, but 1Q06 was an unusually weak period for recent dry bulk rates.

Told you so

May 18, 2007

Analysis of:Navios bounces back | www.tradewinds.no

Dry bulk shipper Navios Maritime (NYSE:NM) reported 1Q07 earnings nearly tripling at $14.7m on revenues that doubled to $101m.  Operating days were up 60% and average daily TC rates went from $17,835 to $20,869.  They even made $2.9m on their FFA activity.  Things are going to get even better at Navios.

Shipbuilding still going strong

May 18, 2007

Analysis of:Piling on the profits | www.tradewinds.no

SGX-listed Yangzijiang Shipbuilding's first post-IPO earnings report showed net income up 132%, revenues up 106% and an order book of $2.8bn.  With 2010+ berths being eyed for dry bulk tonnage, petroleum support vessels, and container ships worldwide, the Chinese shipyards should continue to see strong demand growth and improving margins.

EGLE leaving money on the table

May 15, 2007

Analysis of:Eagle dips | www.tradewinds.no

Supramax operator Eagle Bulk Shipping (NasdaqGS:EGLE) reported weaker earnings in 1Q07, though absent a onetime noncash charge, earnings would have been flat.  Eagle's conservative, all time-charter coverage practice is leaving money on the table in this strong market.

Market is golden for smaller dry bulks

May 15, 2007

Analysis of:Stronger rates boost TBS | www.tradewinds.no

TBS International (NasdaqGM:TBSI) reported 1Q07 net income up 80% to $14.4m on an 11% revenue increase, despite operating 3 fewer ships in the quarter.  Smaller bulk ships should enjoy this strong market longer than their larger counterparts.

Next few years will be a rollercoaster ride for NAT

May 15, 2007

Analysis of:NAT on course | www.tradewinds.no

Nordic American Tanker (NYSE:NAT) reported 1Q07 net income up nearly 20% on a 28% increase in revenues.  These were excellent results in a market generally described as being weak, and can undeniably be attributed to NAT's 100% spot exposure strategy.  However, the market fundamentals over the next three years will make replicating these results very difficult.

HMM looking more and more like an acquisition target

May 15, 2007

Analysis of:HMM loses on box rates | www.tradewinds.no

South Korean liner company, Hyundai Merchant Marine (SEO:011200), reported 1Q07 losses of $9.7m on reduced freight rates.  The company, which derives roughly 60% of their revenue from container shipping and the balance from bulk has performed poorly relative to its peers.  Management announced planned steps to fend off hostile takeover attempts, a sure sign that their focus is not on dealing with the current weak market.

Bourbon in the right markets, and doing quite well

May 11, 2007

Analysis of:Bourbon bigger again | www.tradewinds.no

French shipping company Bourbon (Paris:GBB.PA), formerly known as Groupe Bourbon, operates in three primary shipping sectors: salvage/harbor services; offshore petroleum support; and dry bulk shipping.  Most of their income relates to the latter two segments, both of which are enjoying very strong markets with excellent prospects for the next 3 to 5 years.

Previous Page : 567891011121314Next181 to 200 of 367