GLG News by Boat Industry Experts

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

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.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

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.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

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.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

Shipping Prospects Are Mixed

December 15, 2008

UPDATE 1-China Merchants sees slowing growth, expansion | www.reuters.com

Near term prospects for container shipping are grim.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

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.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

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.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

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.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

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.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

EGL Should Be Fine

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.

Craig Marston, Managing Director

Craig MarstonManaging DirectorCEM Marine What is a GLG Leader?|The Gerson Lehrman Group&reg; (GLG) Leader Program<sup>SM</sup> is our premium Member Program<sup>SM</sup>. Those identified as GLG Leaders are in the top 5% of GLG CouncilRank and have an exclusivity agreement with GLG.

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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