GLG News by VLCC Experts

Navios' prediction that up to half of the dry bulk orderbook through 2010 will be canceled won't happen.

Iron ore and steel production cut backs, whether short-term or longer, do not support the current abysmal dry bulk shipping rates.

Tradewinds reported on USS' SEC filing on a likely write-down of their fleet values, continuing the problems facing the Jones Act tanker company.

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.

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.

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.

The credit crisis and impact of global banking rescue measures may not be fully factored into shipping demand through 2Q 2009.With the result, health of "period charter rate" environment is threatened. Shipping share prices may settle down at subdued levels if both dividends and charter rates take a...

The bankruptcy filing by Industrial Carriers Corp (ICI) is likely to be replicated many times over the next two years, but will not affect a significant percentage of drybulk operators.

Spot rates for dry bulk shipping have dropped below variable operating costs.  Fundamentally, this should not be the case.  Rates will recover.

The Albert Ballin consortium, led by Klaus-Michael Kuhne, admitted to Tradewinds that they paid an "extremely high" price for Hapag-Lloyd in an effort to keep the company away from NOL.  The move was based upon Nationalistic emotions, not business metrics.