Mr. Craig Marston

GLG News by Mr. Craig Marston, Managing Director

GLG News is now G+ Insights

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Two bad moves for NM

August 15, 2007

Analysis of:Four for $460m | www.tradewinds.no

Navios Maritime (NYSE:NM), who has been characterized by having made spectacular moves to take advantage of the strong dry bulk shipping market, just announced two moves of a questionable nature.  NM is purchasing up to four Capesize vessels for $120m each, and has locked up eight ships on long-term charters at very poor rates.

Plenty of concern regarding EXM's earnings report

August 15, 2007

Analysis of:Excel soars | www.tradewinds.no

Excel Maritime Carriers (NYSE:EXM) reported 2Q07 earnings at $20.3m versus $4.5m in 2006 for essentially the same size fleet.  Earnings growth was driven by 40% higher revenues and a $6.2m gain on sale.  Despite this strong earnings growth, EXM's results are troubling.

What is TOPT doing?

August 13, 2007

Analysis of:Top bulks up | www.tradewinds.no

Top Tankers (NasdaqGS:TOPT), which expanded into bulk shipping this year, announced the acquisition of an additional three panamax bulk carriers for $222m, doubling the size of their bulk fleet.  The market rewarded the announcement with a 25%+ rise in the share price, though still well off the 52 week high.

VLCCF earnings report: get used to it

August 13, 2007

Analysis of:Rates drag Knightsbridge down | www.tradewinds.no

Knightsbridge Tankers (NasdaqGS:VLCCF) saw 2Q07 net income drop from $7.89m to $7.21M based on a nearly 17% drop in revenue.  Weaker rates is the driver, and this will likely get worse.

NOL doing well in a difficult market

August 8, 2007

Analysis of:Up, down at NOL | www.tradewinds.no

Neptune Orient Lines (OTC:NPTOY.PK) saw a 38% rise in 2Q07 profits on very good results from principal subsidiary APL.  Volume increases were the primary drivers, though rate improvements in most trade lanes was a welcome assist.

Just a gimmick

August 8, 2007

Analysis of:Eagle insures everything | www.tradewinds.no

Eagle Bulk Shipping (NasdaqGS:EGLE) raised the bar on conservative strategy by announcing a comprehensive fleet charter-hire insurance policy.  Based on current loss histories for maritime insurance firms and the cost of less-comprehensive loss-of-hire insurance, this policy is likely a meaningless shell.

QMAR missing most of this strong market

August 8, 2007

Analysis of:Bigger fleet, bigger profits | www.tradewinds.no

Quintana Maritime (Nasdaq:QMAR) reported 2Q07 net income up seven-fold on 2006.  During the last year, the company expanded their fleet from 10 to 29 ships.  Despite these strong relative results, QMAR's average fleet TCE is well below the current market.

Pacific Basin continues to deliver

August 7, 2007

Analysis of:Pac Basin packs a punch | www.tradewinds.no

Exceptionally strong market fundamentals allowed Pacific Basin Shipping (OTC.PCFBF.PK) to record 1H07 profit up over 400%.  For many reasons, Pac Basin will continue to deliver strong results.

Opportunities in container leasing

July 24, 2007

Analysis of:Number of boxes in circulation falling behind vessel capacity | www.tradewinds.no

A report by DVB Bank indicates that the intermodal container fleet has lagged behind historical ratios of boxes/ship. The marine fleet of container ships has expanding exceptionally rapidly, and the ratio of containers/slot has fallen from 2.3 in 2000 to 2.1 in 2006. The author speculates that this reflects the industry becoming more efficient. The more likely answer is that the shortage of boxes is being hidden by the lower utilization of the current fleet of ships.

Conversions of VLCC's will be few and far between

July 24, 2007

Analysis of:Owners cash in on conversions | www.tradewinds.no

Up to 20 conversion projects have been announced or are underway transforming single-hulled VLCC's into Capesize VLOC's.  Technical limitations will keep the number of ships going down this road to an insignificant amount.

Who says NOL is overly exposed to the transpacific market?

July 23, 2007

Analysis of:Rates, volumes up at NOL | www.tradewinds.no

Neptune Orient Lines (OTC:NPTOY.PK) reported an increase in average revenues per FEU in June, the second month of increases resulting from contract renewals in May.  While YTD revenue/FEU still lags 2006 by 2%, the outlook for YE is for higher average yearly rates and higher volumes.

Asia-Europe trade may temporarily ease the pain

July 23, 2007

Analysis of:Carrier dependency | www.tradewinds.no

The Asia-Europe trade lane is seeing 20% growth, which is helping to ease the pain of excess fleet capacity and weak growth on other trade lanes.  While this may keep earnings reductions from getting too out of hand for some operators, the upshot is that the overall market will continue to weaken throughout this decade due to supply growth.

Citigroup closer to being right than OSG

July 23, 2007

Analysis of:Analyst pours cold water on OSG | www.tradewinds.no

OSG (NYSE:OSG) believes their stock is worth $100.  A new Citigroup report puts the target at $52.  Currently, the market is agreeing more with OSG, but fundamentally, Citigroup is more on target.

The DSX picture: missed opportunities

July 19, 2007

Analysis of:Diana's Yound Fleet Sought By The Largest Shippers | www.investors.com

Positive forecasts for dry bulk shipping have pushed up stocks in this sector, with Diana Shipping (NYSE:DSX) reaching a 52 week high.  There is no doubt that dry bulk shipping will remain strong through at least 2009, but some question about DSX fully capitalizing on this market.

NM rewarded for a mediocre charter

July 17, 2007

Analysis of:Navios ties up Astra | www.tradewinds.no

Navios Maritime (NYSE:NM) fixed a 2006 build supermax for two years at $34,200/day - a rather low rate in the current market.  Still, the announcement seemed to spur the market to recognize the many achievements NM has accomplished in the last year, driving the stock well above $13/share.

GNK moving into Capesize

July 17, 2007

Analysis of:Angelopoulos strikes again | www.tradewinds.no

Industry reports suggest Genco Shipping & Trading (NYSE:GNK) is concluding a purchase for a total of nine capesize bulk carriers for north of $1b.  Two of the vessels are operational, with the balance being under construction or under contract.  This will be Genco's first move into the capesize market and will position them in all drybulk shipping segments.

Prospects for NOL excellent

July 11, 2007

Analysis of:Dependence on transpacific trade gets NOL downgraded | www.tradewinds.no

Citing their dependence on the weak and very competitive transpacific market, as well as the run-up of valuation based on reports of an early market recovery and the possibility of selling terminal assets, UBS placed Neptune Orient Lines (OTC:NPTOY.PK) on its "sell" list.  This recommendation discounts the very real strengths that NOL has.

EXM will benefit from timing

July 11, 2007

Analysis of:Excel wins higher rates | www.tradewinds.no

Excel Maritime Carriers (NYSE:EXM) soared to a 52-week high upon announcing the renewals of charters for two years on two of their Panamax vessels.

Finally, something good to say about USS

July 11, 2007

Analysis of:US Navy charters pair | www.tradewinds.no

US Shipping Partners (NYSE:USS) beat out their US Flag competitors in securing up to 5 year charters for their as yet to be delivered new product tankers.  As expected of a Navy contract with limited bidders, the rate achieved was at respectable levels.  More importantly, it removes two of the many new-build Jones Act tankers from the domestic trades.

LNG ship market increasingly speculative

July 11, 2007

Analysis of:BP takes delivery of "world's largest" LNG carrier | www.ogj.com

BP Shipping took delivery of the (currently) largest LNG ship with a capacity of 155,000 cbm.  Three more sister ships are due for delivery in 2008.  As a vertically-integrated gas supplier, this move makes sense, though the excess ordering of speculative vessels should ensure cheap transportation rates in the near term.

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