GLG News by Mr. Craig Marston, Managing Director
GLG News is now G+ Insights
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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.
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Container Ship Cancellations Too Late
February 6, 2009
Barge Rates Float Upward | www.americanshipper.com
As reported in Tradewinds, Zim Integrated Shipping Services is the latest liner shipping firm to approach asian shipyards to negotiate newbuild cancellations or deferments. The industry response is too late to salvage the 2009-10 market.
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NM Has Reason To Be Optimistic
January 29, 2009
'Measured optimism" | www.tradewinds.no
Tradewinds reports that Navios Maritime (NYQ:NM), while reporting a nearly 50% increase in profit, is bucking the herd in projecting optimism for 2009. They have reason to do so.
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January 29, 2009
Kirby cautious | www.tradewinds.no
In the course of announcing a 27% increase in annual income, Joe Pyne of Kirby struck a cautious tone in regards to the market conditions for 2009. Today, in early trading, the stock is down over 10%. This is an overreaction.
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January 28, 2009
Hansson does it his way | www.tradewinds.no
Nordic American Tanker Shipping's biggest strong point is the lack of debt and resulting exposure to the credit crisis. However, their exposure to the spot market and price/NAV are significant weaknesses.
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EGLE Risk Less Than Most Dry Bulk Operators
January 20, 2009
Eagle most at risk among US-listed rivals | www.glgroup.com
Eagle Bulk is among six listed companies with counterparty risk associated with troubled Korea Line Corporation. EGLE should be fine.
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2009-10 Container Shipping Market Conditions Very Poor
January 20, 2009
Barge Rates Float Upward | www.americanshipper.com
As reported in American Shipper, AXS Alphaliner asserts that 6% of the fleet, equivalent to 750,000 TEU's, is currently idle. The situation will get worse over the next two years.
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Expect Dry Bulk Shipping Rate Recovery During 1Q09, Then Decline By 3Q09
January 5, 2009
Shipping rates expected to stay 'very low' | www.gulfnews.com
Fearnley Fonds, as reported by Bloomberg expects dry bulk shipping rates to be "very low" in 1Q09. I agree that rates will be very low compared with the record highs seen in the last two years, but I expect significant recovery from the lows seen in 3Q08.
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Outlook For Shipbuilding Not Too Good
January 5, 2009
JAPAN SHIP ORDERS COLLAPSE | www.shippingdigest.com
The Shipping Digest reported that new orders for export ships in Japan Shipyards was down 80% yoy in November. These numbers are a very good proxy for other major shipbuilding nations, such as Korea and China.
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Capesize Market Not A Recovery, But A Correction
December 20, 2008
Baltic Capesize Index Surges: A Step Towards Industrial Recovery? | seekingalpha.com
The recent upwards movement in the BCI is more a reflection of the market conditions that have persisted for the last two months and an upwards correction to reflect actual fundamentals.
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Maritime Lawyers Looking At An Excellent Market
December 19, 2008
Angelicoussis sues Fortescue for $129m | www.lloydslist.com
The $129M single lawsuit against Fortescue is the tip of the iceberg. Many of the new entrants drawn into shipping during the bull market are going to get an unpleasant education in the vagaries of maritime law.
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Mixed Reviews For OceanFreight
December 18, 2008
OceanFreight cut | www.tradewinds.no
OceanFreight certainly won't be the last company to suspend dividend payments, and it was a prudent move, but renegotiating charters was a poor decision.
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December 15, 2008
UPDATE 1-China Merchants sees slowing growth, expansion | www.reuters.com
Near term prospects for container shipping are grim.
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Order Cancelations Will Not Approach Half of The Order Book
November 24, 2008
Half of dry bulk orders will ‘not be delivered’ | www.lloydslist.com
Navios' prediction that up to half of the dry bulk orderbook through 2010 will be canceled won't happen.
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Current Capesize Fleet Not Yet Oversupplied
November 13, 2008
Australian miners cut iron ouput as China slows | www.theaustralian.news.com.au
Iron ore and steel production cut backs, whether short-term or longer, do not support the current abysmal dry bulk shipping rates.
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US Shipping Partners Outlook Poor
November 13, 2008
ITB writedown? | www.tradewinds.no
Tradewinds reported on USS' SEC filing on a likely write-down of their fleet values, continuing the problems facing the Jones Act tanker company.
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Smart Move Or Not, $50M A Lot For Genco To Eat
November 12, 2008
Genco Shipping shares fall as it cancels 6 orders | biz.yahoo.com
Hailed as a "no brainer" by analysts, Genco's forfeiture of over $50M in deposits to cancel the purchase of 6 new ships is nevertheless a bad indicator of how the company will fare going forward.
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November 10, 2008
Eagle on edge? | www.tradewinds.no
Tradewinds quoted Fearnley Fonds as suggesting that EGL is already in breach of its debt covenants due to falling asset values and that dividend cuts will be necessary. While dividend cuts are inevitable, true asset values are higher than suggested.
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DWT A Victim Of Market Speculation
October 28, 2008
Britannia Bulk Holdings Inc. Provides Operational and Financial Update | biz.yahoo.com
Britannia Bulk Holdings (NYSE:DWT) published a press release indicating a dire financial crisis at the company. DWT is an example of issues facing many speculative dry bulk owners.
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October 23, 2008
ICI hits rocks | www.tradewinds.no
The bankruptcy filing by Industrial Carriers Corp (ICI) is likely to be replicated many times over the next two years, but will not affect a significant percentage of drybulk operators.
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Current Low Rates For Dry Bulk Shipping Will Not Persist
October 23, 2008
Sector Snap: Drybulk shares sink on demand worries | biz.yahoo.com
Spot rates for dry bulk shipping have dropped below variable operating costs. Fundamentally, this should not be the case. Rates will recover.
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