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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VLCC Conversion Problems Are Predictable
April 11, 2008
Trouble on VLCC conversion front | www.tradewinds.no
Reports of stress fractures on the Hebei Innovator, one of the first VLOC conversions, is likely to be a common problem for other conversion vessels.
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Petrobras OSV Order Not Good News for Oilfield Support Industry
April 10, 2008
Brazil preps huge order | www.tradewinds.no
Tradewinds reported that Brazilian oil major Petrobras is preparing to announce a $10b order for 100 OSV's to serve their offshore segment. With a world order book already prompting experts to predict a glut by 2010, this is not welcome news.
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Consolidation In The PR Jones Act Market A Good Thing
April 10, 2008
Trailer Bridge buyers crowd thins | www.tradewinds.no
Jones Act liner shipping company Trailer Bridge (Nasdaq:TRBR) appears headed for a takeover by rival Crowley Maritime. TRBR's market, the Puerto Rico trade, has been beset by overcapacity and anemic demand. Consolidation should improve rates.
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Conversions Not A Significant Issue In The Short Term
March 24, 2008
Conversion tally climbs even higher | www.tradewinds.no
A new Clarkson's report indicates that the number of potential tanker conversion candidates are even higher than earlier reported, raising the issue of a potential positive impact on tanker rates and negative impact on dry bulk rates. Neither is likely to happen before mid-2009.
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Tough Year For The Transpacific Trade
March 24, 2008
Experts predict bleak picture for 2008 West Coast shipping year | www.americanshipper.com
Speakers at the 2008 Annual Peak Season Forecast Conference in Long Beach cast a gloomy view of the transpacific container shipping market.
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NOLA In A Great Position To Attract Cargo
March 18, 2008
Cargo competition | www.neworleanscitybusiness.com
The expansion of the Panama Canal will change the economics of all-water routing of eastbound containers to midwest and east coast destinations. There will be an added benefit of avoiding the increasing congestion and costs of west coast ports, rail lines, and highways. NOLA is ideally positioned to take advantage of this.
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March 18, 2008
TUI capitulates | www.tradewinds.no
Investor pressure from Frontline's (NYSE:FRO) John Fredriksen and others has finally forced TUI directors to offer Hapag-Lloyd, the world's sixth largest container shipping company, as an acquisition target. The interest is likely to be considerable.
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West Coast Union Negotiations Likely To Be Better Than 2002
March 18, 2008
ILWU contract talks to start Monday | www.americanshipper.com
The ILWU negotiations with the PMA are scheduled to begin today, keeping the promise both sides made to get an early start before the 01 July contract expiration date. For numerous reasons, the talks are expected to go much better than 2002, when a 10-day lockout/strike required federal intervention.
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Progress On Iron Ore Negotiations Good News For Dry Bulk Shipping
February 25, 2008
Ore monster sinks its teeth into yards | www.tradewinds.no
Brazilian iron ore supplier Vale announced benchmark contract agreements with Nippon Steel, JFE and Posco that include a 65% price increase. This should help move the important negotiations with Chinese steel mills along, which will move dry bulk shipping rates upwards.
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VLCC Fleet Will Expand In 2008
February 14, 2008
VLCC fleet count may fall in 2008 | www.tradewinds.no
Speculation that VLCC retirements and conversions will exceed new deliveries in 2008 is unwarranted. Most conversion prospects will not happen.
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Dry Bulk Recovering Despite Chinese New Year
February 13, 2008
China gets ships to work at home | www.tradewinds.no
Capesize rates have already recovered above the $130k/day level despite the Chinese New Year and continuing uncertainty around the iron ore negotiations.
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Matson Doing Well In A Weak Market
February 8, 2008
A&B still sees growth | www.tradewinds.no
Matson Navigation Company, part of Alexander & Baldwin (Nasdaq:ALEX) reported operating profit in 4Q07 up 5% on 9% higher revenues despite a weak transpacific market and under-recovery of fuel costs.
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Horizon Should Have A Decent Year
February 8, 2008
Horizon projects growth | www.tradewinds.no
Horizon Lines (NYSE:HRZ) is projecting EPS growth of at least 76% in 2008. This has more to do with greater available voyage days due to a less-intensive shipyard schedule than it does from underlying growth, rate increases, or the effects of their cost-cutting measures.
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The BDI Is No Longer A Good Indicator Of World Economic Conditions
January 29, 2008
The fall of a shipping index portends trouble | www.economist.com
Several studies has noted the strong correlation between the Baltic Dry Index and world economic health. Since much of the cargo carried on dry bulk ships is the precursors to manufacturing, the strong relationship makes sense. For many reasons, the current BDI no longer follows this historical trend.
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Currency Concerns Impacting Chinese Shipbuilders
January 23, 2008
Chinese quoting higher prices | www.tradewinds.no
The reaction of Chinese shipbuilders to the weakened dollar may delay the emergence of the country as the world's largest shipbuilder.
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The Window For Tanker Conversions Is Essentially Closed
January 23, 2008
Interest wanes for conversions | www.tradewinds.no
Tradewinds reports that Sale-and-Purchase brokers are indicating that the 2007 bubble in conversions sales has waned and that some deals are falling apart as buyers are bailing out.
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Good News For Tanker Companies
January 23, 2008
GS bars single skins | www.tradewinds.no
A report in Tradewinds indicates that South Korean refineries, bowing to internal pressure, plan to reduce the percentage of single-hulled tankers chartered in this year from 52% to 42%. GS Caltex, South Korea's second largest oil refiner, reportedly plans to bar single-hulled vessels beginning in 2009. Regardless of how this plays out in reality, there is bound to be an immediate positive impact on rates.
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Tanker Charterers Sharing The Risk
January 18, 2008
Total recall | www.tradewinds.no
The long-awaited verdict by a French judge in the 1999 sinking of the tanker Erika is in. As expected, the charterer of the vessel, Total, was found to share criminal responsibility for the spill. This is sobering news for charterers worldwide.
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Single Hulled Tankers Will Sail Through 2010
January 18, 2008
Korea adopts ban | www.tradewinds.no
The title of the article notwithstanding, the token action by the South Korean government means very little. They will continue to be the world's largest charterer of single-hulled tonnage and if the supply of double-hulled tankers proves insufficient, Korea will ignore the 2010 ban.
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What Is Happening In Dry Bulk Shipping
January 17, 2008
Baosteel says talks on | www.tradewinds.no
The dry bulk shipping market has plummeted in the first weeks of 2008. These low spot rates will not last.
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