GLG News by Mining Equipment Experts

Thomas ShewskiOwnerHigh Energy Services

New Coal Plants and Required Coal Railcars

May 6, 2008

Analysis of:Q1 2008 FreightCar America Earnings Conference Call | www.freightcaramerica.com

    The biggest driver for orders of coal railcars will be the new coal plants coming on line the next few years.  The commentary section below discusses the number of new coal plants presented by FreightCar America on its Q1 2008 conference call versus an updated analysis by this author.

George DorkhomExecutive ChairmanGREENKOTE PLC

Emerging markets will continue to fuel the growth of global economy

May 1, 2008

Analysis of:Global steel prices - brace for a correction? | www.reuters.com

The article rightfully points out to the increase in demand for steel products and metals in general and that countries as India, China and the Middle are one big construction site with high demand for raw metals thus increasing  prices of the benchmark products such as hot-rolled carbon steel to a record high. However, the article failed to mention the huge out-put of steel and metals that some of those countries produce, such as China which currently is the number one producing country in th world with 500M MT annually, in additions to the new comers such as Brazil with high quality products but less expensive production cost . What the article  also misses is the huge cash reserves that these countries have accumulated and the tremendous economic growth that they are experiencing in certain sectors of some 30% annually with a combined GDP projection of 7-8 %.

Thomas ShewskiOwnerHigh Energy Services

BNSF Fuel Surcharge on Coal Transportation – By the Numbers

April 14, 2008

Analysis of:Railroad Fuel Surcharges Make Shippers Cry Foul | www.desmoinesregister.com

    The BNSF and other railroads charge in new coal transportation tariffs and contracts a fuel surcharge to recover the cost of fuel.  Other freight moves also come under fuel surcharges.  The commentary that follows discusses by the numbers the BNSF’s fuel surcharge on coal transportation.

Thomas ShewskiOwnerHigh Energy Services

Court Case Against EPA’s Clean Air Interstate Rule Offers Sulfur Allowance Opportunity

April 14, 2008

Analysis of:EPA Announces Results of the Sixteenth Annual Sulfur Dioxide Auction | yosemite.epa.gov

    The EPA is currently being challenged in the courts by both the states and industry over various aspects of the Clean Air Interstate Rule (CAIR).  The outcome of the case could provide an opportunity for those trading SO2 allowances.

Thomas ShewskiOwnerHigh Energy Services

Current Price of SO2 Allowances Lower Generating Costs and Lower Coal Suppliers’ Realized Prices

April 14, 2008

Analysis of:EPA Auctions SO2 Allowances for $65.8 Million | uk.reuters.com

    SO2 allowances are traded daily in the broker and private party markets.  The value of these credits are down, affecting both the cost to generate electricity on coal and the realized sales price received by coal suppliers.

Thomas ShewskiOwnerHigh Energy Services

Dispatch Costs on Coal to Rise in 2009 Due to CAIR NOx Rules

April 14, 2008

Analysis of:The Green Exchange Reports Robust First Week Trading Volume in Carbon, US Emissions Contracts | sev.prnewswire.com

    The Clean Air Interstate Rule (CAIR) requires a further reduction in NOx from coal-fired power plants starting in 2009.  This reduction in NOx will add to the dispatch cost from coal-fired generation.

George DorkhomExecutive ChairmanGREENKOTE PLC

A Disgrace ..is an understatement

April 7, 2008

Analysis of:Heathrow’s older terminals still a disgrace, travellers say | travel.timesonline.co.uk

London Heathrow is a problematic airport,  outed over congested and overely expanded facility. But beyond all this it is mismanaged and customer care  does not exist in the employees mind. Most business travelers are avoiding Heathrow and traveling out of London City airport , a smaller more effecient airport. I had a personal experience just three weeks ago where I had a two hours meeting in London flying out of Berlin, I was delayed two hours in the inbound and three hours on the outbound..With no information available and the treatment of passengers is beyond any description. I predict that Heathrow will soon see a down turn and the situation will effect the British economy in General.

Thomas ShewskiOwnerHigh Energy Services

Coal Lease Acquisition Costs Increasing in Powder River Basin

March 24, 2008

Analysis of:Bid on Coal Tract Nearly Doubles | www.gillettenewsrecord.com

    Coal lease rates in the PRB are climbing and will cut in coal companies’ margins as exhibited by Foundations recent successful lease bid and Rio Tinto’s higher, but unsuccessful bid.  Also, the upfront payments are due often before the coal is even mined.

Thomas ShewskiOwnerHigh Energy Services

Fuel Surcharge Recovery Lag and Inclusion in Only a Portion of Agreements Affects Railroads’ Quarterly Earnings

March 20, 2008

Analysis of:Burlington Northern's Freight Demand Slows on Dollar | www.bloomberg.com

    Railroads impose fuel surcharges in transportation agreements such as for coal transport, but the recovery mechanism timing follows the railroads’ purchase of the fuel causing an earnings lag.     Also, legacy coal transportation agreements do not have fuel surcharge mechanisms squeezing margins on these hauls.

Thomas ShewskiOwnerHigh Energy Services

More States Will Act to Reduce Mercury or Federal Government Will Require Maximum Achievable Control Technology as a Result of Circuit Court Ruling Vacating Federal Clean Air Mercury Rule

March 19, 2008

Analysis of:Doyle Endorses Reduction in Mercury Emissions | www.madison.com

    New Jersey vs. EPA was filed by several states and environmentalists against the EPA’s removal of power plants from the list of mercury sources subject to a Maximum Achievable Control Technology (MACT) standard and that mercury cannot be regulated by a cap and trade system under the Clean Air Mercury Rule (CAMR).  The D.C. Circuit Court of Appeals ruled on February 8, 2008 in favor of the plaintiffs that coal plants could not be removed from the list of mercury sources subject to a MACT standard and did not rule on whether emissions can be regulated by a cap and trade system.                   This ruling opens up opportunities on new and existing coal plants to control mercury.

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