GLG News by Metallurgical Coal Experts

Thomas ShewskiOwnerHigh Energy Services

Rate Case Demonstrates Coal Transportation’s Attractiveness to Union Pacific and Other Railroads

November 14, 2008

Analysis of:Oklahoma Gas & Electric Files Rate Case Against Union Pacific Railroad for Coal Transportation | www.stb.dot.gov

    The most recent Surface Transportation Board Rate Case filed by Oklahoma Gas & Electric (OG&E) against the Union Pacific Railroad (UP) for coal transportation from the Powder River Basin to the Muskogee coal plant actually shows the attractiveness of this move to the Union Pacific Railroad and other railroads.         The commentary section describes the positive economics around this Rate Case to the UP.

Thomas ShewskiOwnerHigh Energy Services

Surface Transportation Board Rate Case Process and Why it is Biased for the Railroads

November 14, 2008

Analysis of:Oklahoma Gas & Electric Files Rate Case Against Union Pacific Railroad for Coal Transportation | www.stb.dot.gov

    Another coal-transporting utility has filed a Rate Case at the Surface Transportation Board (STB) alleging excessive rates for coal transportation.  This most recent case was filed by Oklahoma Gas & Electric (OG&E) against the Union Pacific Railroad (UP) for coal transportation from the Powder River Basin to the Muskogee coal plant.                    The commentary section describes the STB Rate Case process using the OG&E situation and its bias to the railroads.

Craig MarstonManaging DirectorCEM Marine

Current Capesize Fleet Not Yet Oversupplied

November 13, 2008

Analysis of: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 MarstonManaging DirectorCEM Marine

US Shipping Partners Outlook Poor

November 13, 2008

Analysis of: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 MarstonManaging DirectorCEM Marine

Smart Move Or Not, $50M A Lot For Genco To Eat

November 12, 2008

Analysis of: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.

Thomas ShewskiOwnerHigh Energy Services

Railroad Fuel Surcharge Court Case to Proceed – Potential Costly Outcome to Four Class I Railroads

November 12, 2008

Analysis of:Railroads Face Price-Fixing Suit on Surcharges | money.cnn.com

    The suit alleges four of the Class I Railroads violated Federal antitrust laws with respect to fuel surcharge.  The four Class I Railroads in the suit are CSX, Norfolk Southern, BNSF Railway, and Union Pacific Railroad.  The time period is July 2003 through June 2007

Doug HousemanVice President Technical InnovationEnerNex, LLC

Article refers to Solar Photovoltaic - there are other solar power choices

November 10, 2008

Analysis of:Four Reasons to Expect a Solar Boom | seekingalpha.com

Title is misleading, though the article is well written. It ignores many other ways to consume solar and paints with a broad brush. I agree with the conclusions on photovoltaic.

Bradford MillsChief Executive OfficerMANDALAY RESOURCES CORPORATION

Time duration of commodity down cycle will determine junior's fate.

November 10, 2008

Analysis of:"Darwinian culling" in junior mining sector | network.nationalpost.com

The duration of the cycle will determine the fate of most juniors. Sector differences matter - Base Metals (Cu, Ni, Zn) look particularly week and will get weeker. PGM's and U are at the bottom and should start to trend up. Gold looks reasonable and gold juniors should find financing. I expect a early 1970's style 2 year peak to peak cycle not a 1980's 5 year cycle. If the down cycle lasts longer than 18 months expect junior failures to accelerate.  Private equity is starting to play a role, expect it to prop up better companies (Pallinghurst Resource - GEM.L)

Craig MarstonManaging DirectorCEM Marine

EGL Should Be Fine

November 10, 2008

Analysis of: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.

Thomas ShewskiOwnerHigh Energy Services

What a Potential DM&E Expansion into the Powder River Basin Means to the DM&E, Union Pacific (UP), and BNSF

November 4, 2008

Analysis of:CP Rail Expects DM&E to Earn More than Forecast | www.reuters.com

    The Dakota Minnesota & Eastern (DM&E) Railroad was recently acquired by the Canadian Pacific (CP) Railway.  The DM&E has for years been proposing an extension to the Wyoming Powder River Basin coal reserves.  This project, if commenced, would upgrade an existing 600 miles of track and provide for 260 miles of new track expansion into the coal fields of the PRB.        When the DM&E was a stand-alone Class II Railroad, it applied to the Federal Railroad Administration for Government-backed loan guarantees for this potential project.  The submissions and comments related to this FRA filing tell of the potential affects on the DM&E, Union Pacific (UP), and BNSF.

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