GLG News by Metallurgical Coal Experts

Craig MarstonManaging DirectorCEM Marine

NM Has Reason To Be Optimistic

January 29, 2009

Analysis of:'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.

Craig MarstonManaging DirectorCEM Marine

Kirby Solid

January 29, 2009

Analysis of: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.

Craig MarstonManaging DirectorCEM Marine

NAT Not Immune To Downturn

January 28, 2009

Analysis of: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.

Sam TimpanoPresidentSam Timpano & Associates

More shoes yet to drop

January 26, 2009

Analysis of:President Obama Seeks Tougher Financial Rules | www.nytimes.com

President Obama and his economic team need to focus on the next couple of shoes to drop on the financial system and not on regulation for now. While the world is still wrestling with the first shoe of the financial crisis that has engulfed most of the world economies, at least two more are becoming untied.

Craig MarstonManaging DirectorCEM Marine

EGLE Risk Less Than Most Dry Bulk Operators

January 20, 2009

Analysis of: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.

Craig MarstonManaging DirectorCEM Marine

2009-10 Container Shipping Market Conditions Very Poor

January 20, 2009

Analysis of: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.

Sam TimpanoPresidentSam Timpano & Associates

Saviors, Stimulus and Stocks

January 20, 2009

Analysis of:The Nation Awaits Its New President | www.nytimes.com

President Obama must help the Nation shed an image of him as savior and bring himself and the rest of the Nation to realistic expectations of what he can do to address the crisis facing America. There is a need for a serious rethink on the proposed stimulus package and those that will follow. The role of government in economic stimulus and market intervention has become clouded and is dangerously close to a major shift in the American capitalist system.

Thomas ShewskiOwnerHigh Energy Services

Dynegy Ending Joint Venture with LS Power on Coal Plants – MWs and Tons of Coal at Risk

January 15, 2009

Analysis of:Dynegy Ends Coal-Plant Venture with LS Power | www.planetark.org

    Dynegy recently announced it was ending its joint venture with LS Power on coal-fired power plants.  The commentary below discusses the plants, the MWs, and tons of coal now at risk of not proceeding without Dynegy’s participation.

Thomas ShewskiOwnerHigh Energy Services

Potential Coal Transportation Tonnage for the DM&E if It Builds into the Powder River Basin

January 15, 2009

Analysis of:Commission Takes Testimony on DM&E Project | www.ktiv.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 (PRB) coal reserves.  If the DM&E would commence this project, it 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 portend the potential affects on the DM&E, Union Pacific (UP), and BNSF for coal tonnage from the PRB.

Thomas ShewskiOwnerHigh Energy Services

White Energy and Upgraded Coal – Items to Consider

January 15, 2009

Analysis of:White Energy to Build Coal Plant in Wyoming | www.forbes.com

    White Energy intends to build a processing plant to take raw sub-bituminous coal from the Buckskin Mine in the Wyoming Powder River Basin and improve its heat content (by roughly 35%) and preserve, and possibly improve, its emissions profile.      There are a few things to consider on White Energy’s venture.

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