TORM PLC (TRMD)

[dealorfx]

this is one of those things with TRMD< when she gaps, she does


what she does inherently by itself. one hell of a stock, interesting,

yet, unexplainable.

much luck in your patience,

Stan
.....%$$$$$

[pickinstocks]

interesting start to the day...

[dealorfx]

they (hedge fund) just keep nickel and dime us to death on the PPS/

some of the other ones are getting a small bounce, just manage your

position closely for now. I am the first to admit I'm totally disappointed on this pick, but, you win some, you lose some.

I feel at home.

http://stockcharts.com/scripts/php/candleglance.php?trmd,osg,gnk,ksp,tk,dht,cplp|B

[pickinstocks]

Passed below the 200 day sma. Hopefully it will pick up some resistance between the 9 and 10 dollar mark like it has for the past year. Keep fingers crossed for a bounce back in the global economy that allows them to beat expectations.

[dealorfx]

Baltic Capesize Index (BCI) 3522. The two-week loss in the Baltic dry-bulk shipping rate index for the larger ships was 401 points and now appears to be in a range between 3500 and 4000. The Capital Link Tanker Index improved 48.54 points, now at 2358.91 as VLCC rates increased substantially on selected routes gaining as much as 73%. It is now well known that the shipping industry is facing serious overcapacity issues that will keep freight rates from rising in the near term. Since shipping is an important component of the Greek economy, the inability to raise freight rates above operating costs is not helpful.

http://www.ivolatility.com/roller/page/trader?entry=volume_10_issue_11_br

[dealorfx]

thanks for the insight, try and be patient a little while longer,


it seems to me that things are just way out of proportion, you still
need ships to move all the things we need throughout the world.

hey, maybe a merger or buyout in this industry will start things
moving, there was a few rumors before on one of the other shippers,
remember.

anyway, it dribs and drabs, shame there are no options on the damm
thing so we can sell for some extra income, thats about the only downfall on this one. I generally choose stocks with options for this simple reason alone. my BTN is making me happy person.

been busy as hell lately, spring has sprung and business is booming.

good trades and have a nice weekend

Stan

[pickinstocks]

duplicate post

[pickinstocks]

After reading the 6-k, it doesn't look quite as bad. It's just that 2010 outlook is shaking me a bit. However, their estimate of a 15-60 million dollar loss is a fairly wide range. If a couple things go right, they could beat these expectations. I think at worst, they meet them. Not to mention their equity position is great and 700 million in cash isn't exactly bad either.

I guess the question is can I be patient while this thing drops, or will I feel the need to get out based on their 2010 guidance. It really seems to be in the global economy's hands right now.

[pickinstocks]

what in gods name happened at noon!?

[dealorfx]

I plan on holding for awhile and accumulate some more, I think

something will come up over the next few months to help improve
their outlook. Just keep an eye on the other shippers for any signs of trending upwards, and it should help support pps. Not much
in volume anymore, again, I think it's a hedge fund just trading in and out to keep this stock active. Nothing else can be said.

[pickinstocks]

I don't know what to think of this stock right now. Bad outlook, not great earnings, no dividend. I could cut my losses, but then again, a run up to around $12 would let me break even. It also looks like some resistence in the 10.35 range, so as long as we don't break under that, it may be worth waiting it out. Any thoughts?

[dealorfx]

$BDI
.
.
.
.

[dealorfx]

shippers drifting sideways
.
.
.
http://stockcharts.com/scripts/php/candleglance.php?trmd,osg,gnk,ksp,tk,dht,cplp|B

[dealorfx]

I'LL TAKE WHAT EVER I CAN GET FROM TORM
.
.
.

[dealorfx]

closed at $10.36 on the Copenghagen Xchange, just drifting endlessly

in tiny increments on low volume, decision is to accumulate, hold,
or sell the laggard?

that is the question.

[dealorfx]

closed $10.36 on the Copenhagen Xchange, hardly any selling in the U.S. market.

kerplunk!

[dealorfx]

with all the positive news coming about, you would think we would at least kick it up a few notches in pps, but NOOOOOOOO, they look to drag down TORM a little each day, oh swell. I feel like I'm sinking.

[dealorfx]

a look at some of the related stocks, TORM just seems to be lagging
.
.
.
.
http://stockcharts.com/scripts/php/candleglance.php?trmd,osg,gnk,ksp,tk,dht,cplp|B

[pickinstocks]

Thanks, I'll stick around a bit longer just to see. There is still some hope. Im not thinking that this is a bad stock to be in, just now is not the best time. I would rather wait til the outlook is a little bit better. Then buy back in. Either way I will monitor even when I'm out of it.

[dealorfx]

I don't know either, but I do know, if I SELL, the damm thing will run up like all the other ones I sell. I bought some yesterday at $10.75, I just may average in one more time and manage my position closely for a little while longer. feel free to make your own choice, I don't blame you one way or the other, good luck.

[pickinstocks]

I'm debating if its time to cut losses and find a better stock. Now may not be the best time to be in here.

[dealorfx]

TORM closed on the Copenhagen at $10.54

I'm frustrated for real.

[pickinstocks]

Do you mean 10.36?

[dealorfx]

looks like $10.45 is the bottom, it hit $10.46 real fast and up and away she went. jmo

[pickinstocks]

I agree, they are a company that's knocked down. Way down. But they aren't going away. I may get shanked for quoting Jim Cramer, but "look for damaged stocks, not damaged companies" I think this is a prime example. They have been nailed by a bad economy, have the same future outlook as most other shippers (unsure and somewhat bearish), they just didn't bounce back in 2009 quite like the others. I love their balance sheet, the income statement just needs to recover.

Your thoughts?

[dealorfx]

I'd like to speculate that something is working in the background,

perhaps a merger or something, I always tend to see stocks that
have something in the works to trend down, (not that it always happens) but the unexpected always comes when things are at their
gloom & doom. Somebody is trying to steal cheap shares IMO. this isn't retail trading if you watch level 2 a lot, the darn thing
bounces all over the place and the spread widens and closes too many times for this to be retail. Some hedge fund is really manipulating this and I guess I'll never find out who.

keep managing your position closely.

[pickinstocks]

Yeah, I was thinking about it and I don't know if these "bad" earnings (actually in line with expectations) will knock it down any lower. It seems that this will just keep rolling until some incredibly good news. But, then again, I should be careful about that, because as anyone knows, until it's at $0.00, it can always go lower :-/. The poor and unsure outlook into the future make sme a bit nervous, but at the same time, this could be the bottom and we could be in at the right time. China is expected to up their imports, as it will be cheaper to get goods from elsewhere as their economy is recovering. Now will just China be enough to turn TRMD earnings around? We'll see.

[dealorfx]

I just don't get it, my correlation with GNK is way up in pre-market,

already up $1.04 to $23 as I speak, and TRMD is bid at $10.46.

scratching my head here, maybe I should scratch something else.

[dealorfx]

I can't believe what I'm seeing, the ETF SEA is telling us something else, and TORM is basically dormant. interesting and frustrating at the same time.

back to the drawing board.

[dealorfx]

A Pair of Pro Favorites In Dry Bulk Shipping (KEX, DRYS, NM, DSX, GNK, OCNF, PRGN, SBLK)

by Owen Vater | March 11th

At the end of the fourth quarter, a number of Pros had big bets in the dry bulk sector, and despite mixed opinions in the lower ranks a pair of clear favorites emerged.

The largely commodity-tied dry bulk shipping sector got beat up when the global economy slowed in 2008, and unlike some other industries, it hasn’t been a quick rebound. The Baltic Dry Index, which serves as an industry pricing benchmark, surged higher towards the end of 2009, only to pare most of its gains in December and into early 2010. Since then, the BDI appears to have reached a near-term bottom, and a look at the longer-term trend shows a healthy, albeit slight upward trend.

Given the state of the industry, it is particularly interesting to see which stocks were favored by hedge funds, mutual funds, and advisors. As of the most recent regulatory filings, a pair of obvious favorites emerged among components of the Dry Bulk Shipping Stocks Index.

Kirby (KEX), the sector’s largest U.S.-listed player, was in the top-15 U.S.-listed equity holdings of six Pros at the end of 2009. Interestingly, however, five of them were trimming stakes in the company during the fourth quarter.

Runner-up by the same criteria was next-largest U.S.-listed player DryShips (DRYS). Unlike Kirby, four of the five Pros to count DryShips among their top-15 U.S.-listed positions were adding to existing stakes or opening a new position in the stock during Q4.

Elsewhere in the sector, Navios Maritime Holdings (NM), Diana Shipping (DSX), and Genco Shipping & Trading (GNK) were all among the top holdings of two Pros respectively at the end of 2009. Meanwhile, OceanFreight (OCNF), Paragon Shipping (PRGN), and Star Bulk Carriers (SBLK) were in the top-15 holdings of one Pro each.

It will be interesting to see which of the Pro picks outperform in 2010. No single 13F filing fund or advisor counted more than one component of the Dry Bulk Shipping Stocks Index among its top-15 U.S.-listed equity holdings at the end of Q4.

Investors can track the Dry Bulk Shipping Stocks Index for performance trends and a suite of other metrics at tickerspy.com.

[dealorfx]

Torm sees tough product tanker mkt in short term

Friday March 12, 2010 02:23:11 AM GMT

TORM/
COPENHAGEN, March 11 (Reuters) - Danish shipper Torm said it expected the product tanker market to remain tough in the near future, and predicted a possibly deepening group loss this year compared with 2009.

The global shipping industry has suffered from a worldwide slump in freight rates and volumes, due to slow trade in the downturn.

"Despite the fact that the short-term outlook for the product tanker market remains difficult, Torm maintains its long-term strategic focus on and belief in this segment," it said on Thursday in its full-year 2009 report.

"In the second half of the year, the bulk market showed signs of recovery," Torm said.

For Torm, the bulk, or dry cargo, market has however become less important over the past year after the firm sold four of its six bulk carriers.

Torm Chairman Nils Erik Nielsen said in the report that markets remained tough. "The economic crisis is not yet over, and it is difficult to predict when market trends will turn around conclusively."

Torm predicted a 2010 group pretax loss of $15 million-$60 million, adding that the outlook was subject to considerable uncertainty.

In 2009 it swung to a $19 million pretax loss from a year-earlier $360 million profit, with a $20 million impairment writedown related to a stake in peer FR8 weighing on the result.

The mean forecast in a Reuters poll of analysts had been for a $3 million pretax profit.

Jyske Bank said in a note to clients the results roughly matched expectations apart from the writedown, but the 2010 outlook disappointed.

Shares in Torm were flat at 57.50 crowns by 1043 GMT while the wider market in Copenhagen was roughly unchanged.

Domestic rival Norden said this week that both dry cargo and tankers were subject to greater uncertainty than normal, forecasting rising core earnings in 2010, driven mainly by economic growth in China.

The world's biggest container shipper, Denmark's A.P. Moller-Maersk, said this month that its shipping business would remain in the red this year as freight rates had improved but were still not at a level where they could give acceptable profitability.

Torm said vessel values in the product tanker market had continued to be under pressure in the beginning of 2010. (Reporting by Anna Ringstrom; Editing by Rupert Winchester)

[Hedge Starz]

keep me posted on your theories

[dealorfx]

I'm starting to wonder if their isn't some kind of deal pending the

way the stock has been supported lately. I have said this before, this is the most frustrating stock I have ever dealt with.

continue to manage position closely for further developments.

dfx
,,,,,$$$$$

[dealorfx]

let me reiterate, this stock is so manipulated I can't even begin to tell you how so. the spread right now is one cent, 10.68-1069/

there is nobody selling except the hedge fund through cross trades.

we are at their mercy, they will move the stock one way or the other.

I managed to play with them a little this morning, or so it seems,
programed and algorithmic trading take in a lot of data to trade off of that.

in the meantime, I will continue to monitor and decide to add.

good luck to everyone

dfx
,,,,,$$$$$

[pickinstocks]

At 1:32 pm et we are up? I am so confused. Honestly.

[pickinstocks]

Yeah, that was a whole ton of bad news all at once.

[Hedge Starz]

can't believe we aren't lower at the moment

[dealorfx]

if it opens lower on me, the most I will be down is 10%, not quite

enough to trigger a stop loss for me but getting close, I've held

down into the 9s before, its a wait and see for me on trading today,

still hard to believe with all the trading and accumulation, then

again, something may be in the works in the background. who knows.

[dealorfx]

Torm Slips To Loss In FY09 - Quick Fact

3/11/2010 4:28 AM ET

(RTTNews) - Torm A/S (TRMD: News ) reported that its fiscal 2009 net loss was US$17.36 million, compared to profit of US$361.35 million in the prior year. On a per share basis, net loss was US$0.30, compared to profit of US$5.20 in the prior year.

Pre-tax loss was US$19.05 million, compared to a pre-tax profit of US$360.07 million last year.

Revenue were US$862.25 million, down from US$1.18 billion in the prior year.

[dealorfx]

A/S Dampskibsselskabet Torm (TORM) Announces Not To Recommend Dividend
3:14am EST
A/S Dampskibsselskabet Torm (TORM) announced that the Board of Directors recommends, subject to approval at the Annual General Meeting, that no dividend will be distributed for the year 2009.

[dealorfx]

STOCKS NEWS EUROPE-Shipper Torm falls on weak outlook
Thu Mar 11, 2010 8:49am GMT
Shares in Torm (TORM.CO) fall 2.6 percent to a three-week low of 56.0 Danish crowns, underperforming the broader market, after the shipping company in its 2009 results report gives a weak 2010 outlook.

"The forecast is somewhat on the weak side," Jyske Bank says, comparing Torm's guidance of a 2010 pretax loss in a 15 million to 60 million range with market consensus of an 11.5 million loss. Jyske rates Torm "reduce".

"Weak results; dire outlook," S&P Equity Research says in a note,

"We would expect downwards adjustments to consensus earnings," S&P says, reiterating its "sell" rating on the Torm stock. For more double click on [ID:nCSE3jXN]

[dealorfx]

well, annual report in line with expectations.

OPENHAGEN, Denmark, March 11, 2010 (GLOBE NEWSWIRE) -- "TORM posted a 2009 result in line with break-even expectations. High fleet utilisation yielding above market earnings during the year combined with substantial cost reductions contributed positively to earnings. In combination with a fully funded order book the Company has improved its competitive position further under difficult market conditions," TORM's CFO Roland M. Andersen says.




* Profit before tax and extraordinary impairment loss totalled USD 1
million which is in line with expectations. After an extraordinary
impairment write-down of USD 20 million relating to the Company's
50% stake in FR8, loss before tax amounted to USD 19 million.

* In 2009, the Tanker Division's earnings were negatively impacted by
the global recession and the resulting decline in global oil
consumption as well as the influx of a high number of new vessels.
Effective utilisation of TORM's fleet in the second half secured
earnings above the general market average.

* The sale and delivery of four bulk carriers affected profit before
tax positively by USD 33 million. The sale of two bulk carriers in
November 2009 at a total profit of USD 18 million will be taken to
income in the first quarter of 2010 upon delivery of the vessels.

* TORM's efficiency programme "Greater Efficiency Power" will in
2010, in line with projections, reduce vessel operating costs by
some 15% per vessel and administrative expenses by some 20%
compared to 2008. Annual cost savings will materialise in the range
of USD 50 million.

* In December 2009, TORM signed an agreement to finance six of the
Company's MR newbuildings in the amount of USD 167 million. The
vessels are planned for delivery between 2010 and 2012. After the
balance sheet date, TORM signed an additional agreement on 1
February 2010 to finance six other MR newbuildings in the amount of
USD 170 million. TORM's cash and unutilised loan facilities
hereafter amounted to USD 700 million.

* Remaining installments relating to TORM's order book as of 31
December 2009 amounted to USD 455 million, which is fully funded.

* As of 31 December 2009, equity amounted to USD 1,247 million
(DKK 6,472 million), corresponding to USD 18 per share (DKK 93)
excluding treasury shares, giving TORM an equity ratio of 38.6%.

* TORM calculates the long-term earnings potential of its fleet based
on discounted expected future cash flows in accordance with IFRS.
The calculated value of the fleet as of 31 December 2009 supports
book values.

* In 2009, TORM strengthened the Company's CSR strategy and defined
ambitious goals for reduction of CO2 emissions going forward. The
Company signed the UN Global Compact during 2009 and a global CSR
organisation has been established.

* As of 31 December 2009, 31% of the earning days in the Tanker
Division for 2010 had been covered at a rate of USD/day 18,989 and
71% of the earning days in the Bulk Division at a rate of USD/day
18,100.

* As of 1 April 2010, Jacob Meldgaard will take over the position as
CEO as previously announced.

* For the full year 2010, TORM forecasts a loss before tax of USD
15-60 million. The outlook is subject to considerable uncertainty.

* The Board of Directors recommends, subject to approval at the
Annual General Meeting, that no dividend will be distributed for
the year 2009.

[dealorfx]

another thought........

I'll also be watching Genco Shipping for any clues to come.

[dealorfx]

looking at the CMF, this baby is under heavy accumulation.

Accumulation Indications

The Chaikin Money Flow oscillator generates bullish signals by indicating that a security is under accumulation. There are three factors that determine if a security is under accumulation. They also determine the strength of the accumulation.

The first and most obvious factor is whether the Chaikin Money Flow value is greater than zero? It is an indication of buying pressure and accumulation when the indicator is positive.

The second factor is the duration of the reading, how long the oscillator has been positive. The longer the oscillator remains above zero, the more evidence there is that the security is under sustained accumulation. Extended periods of accumulation or buying pressure are bullish, and they indicate that sentiment towards the security remains positive.

The third factor is the intensity of the oscillator. Not only should the oscillator remain above zero, but it should also be able to increase and attain a certain level. The more positive the reading is, the more evidence of buying pressure and accumulation. This is usually a judgment call, based on prior levels for the oscillator, but a move above .10 would be significant enough to warrant a bullish signal. A reading above .25 would be an indication of strong buying pressure. You should consider prior levels of the indicator to be sure.

[dealorfx]

look at today's volume spike, predictive spike's always alert you to something pending.

[pickinstocks]

Not enough outside demand to push it up. The big boys can just keep it rolling like this.

[pickinstocks]

Incredibly funny. I was thinking the exact same thing today! How many times is it going to dip above and below the 50 day sma in a 2 month period for god sakes!

[dealorfx]

this is one of the most frustrating stocks I have ever encountered/

for real.........

[dealorfx]

DryShips Soars on Buyout Rumors{related topic)

Open interest for DryShips (DRYS) call options soared on what Briefing.com called takeover chatter on Monday.

The rumor mill has been churning feverishly today, sending select stocks soaring on the potential for M&A action. According to Briefing.com, Greek dry bulk shipping giant DryShips could be a potential buyout candidate for Danish conglomerate Maersk. The chatter is sending DryShips shares higher by 9% today while open interest for the stock’s calls outnumbers that of the puts more than ten to one.

As a whole, the Dry Bulk Shipping Stocks Index is ahead by 1% for the session. The sector has now outperformed the S&P 500 by more than 3% over the last month – a period in which DryShips remains far from the top performer.

Excel Maritime Carriers (EXM), Eagle Bulk Shipping (EGLE), Genco Shipping & Trading (GNK), and OceanFreight (OCNF) are all ahead by more than 20% for the period.

As of this writing, Kirby (KEX) remains the largest component of the Dry Bulk Shipping Stocks Index, weighing in at $1.8 billion. DryShips is the runner-up in this category, followed by Diana Shipping (DSX).

It will be interesting to see how traders react to any subsequent developments related to the confirmation or denial of the buyout rumors. Given that no official reports have surfaced, investors can attribute today’s spike to pure speculation.

The Dry Bulk Shipping Stocks Index is consistently among the 30 cheapest tickerspy Indexes by P/E ratio, with an average multiple of 13.6x.

Investors can track the Dry Bulk Shipping Stocks Index for performance trends and a suite of other metrics at tickerspy.com.

[pickinstocks]

20 Listed Shipping Company Executives, Analysts and Financiers toParticipate in Capital Link's 4th Invest in International ShippingForum Thursday, March 25, 2010 in New York City

Mar 8, 2010 09:18:17 (ET)


NEW YORK, NY, Mar 08, 2010 (MARKETWIRE via COMTEX) -- 20 listed Company CEOs, CFOs and COOs, as well as several analysts, bankers, financiers and other leading market participants, will participate in panels or presentations at the 4th Annual Capital Link Invest in International Shipping Forum.

The Forum will be held in New York City on Thursday, March 25, 2010 from 7:30 am until 5:45 pm EDT.

The objective of the Forum is to provide investors with a comprehensive review and outlook of the various shipping markets and provide an update on issues of critical significance for the shipping industry today. The Forum aims to enhance the information flow between investors and shipping companies and to increase the awareness about shipping as an industry to a wide audience of investors.

The Forum covers dry bulk, tankers (products & crude oil), containers, commodities, the ability of shipping companies to meet their financing needs through bank loans or access to the capital markets, consolidation, fleet expansion opportunities and M&A in shipping. Panel discussions include executives from listed shipping companies, charterers, shipbrokers, bankers and financiers, securities research analysts, and market experts.

SECTOR PANELS There will be panel discussions (each one lasting 40 minutes) on several sectors and industry topics, as follows:

Container Panel moderated by Mr. Matthew Troy, Citigroup Investment Research, Freight Transportation, with executives from:


-- Euroseas (ESEA, Trade ), Mr. Aristidis Pittas, CEO
-- Goldenport Holdings , Mr. John Dragnis, Commercial Director
-- Synergy Management Services, Kevin Kennedy, Director



Dry Bulk Panel moderated by Mr. Gregory Lewis, Credit Suisse, Equity Research, with executives from:


-- DryShips (DRYS, Trade ), Mr. Pankaj Khanna, COO
-- Excel Maritime Carriers (EXM, Trade )
-- Safe Bulkers (SB, Trade ), Mr. Polys Hadjioannou, CEO
-- Star Bulk Carriers (SBLK, Trade ), Mr. Akis Tsirigakis, CEO
-- TBS International (TBSI, Trade ), Mr. Joseph Royce, CEO



Tanker Panel moderated by Mr. Robert Bugbee, President, Scorpio Group, with:


-- General Maritime Corporation (GMR, Trade ), Mr. Jeffrey Pribor, CFO
-- Overseas Shipholding Group (OSG, Trade ), Mr. Mats Berglund, Senior Vice
President and Head of Crude Transportation Strategic Business Unit
-- Teekay Corporation (TK, Trade ), Mr. Peter Evensen, Executive Vice
President
-- Tsakos Energy Navigation (TNP, Trade ), Mr. Nikolas Tsakos, CEO



Product Tanker Panel with executives from:


-- Omega Navigation (ONAV, Trade ), Mr. Gregory McGrath, CFO
-- Torm (TRMD, Trade ), Mr. Jesper Bo Hansen, President, Torm USA
-- Poten Partners, Ms. Megan McCurdy, Head of Marine Research and
Consulting



Growth Opportunities & Access to Capital with executives from:


-- Aegean Marine Petroleum Network (ANW, Trade ), Mr. Nicholas Tavlarios,
President
-- Euroseas (ESEA, Trade ), Mr. Aristidis Pittas, CEO
-- Navios Maritime Holdings (NM, Trade ), Mr. Ted Petrone, President, Navios
Corporation
-- Paragon Shipping (PRGN, Trade ), Mr. Michael Bodouroglou, CEO



Operating a Mixed Fleet: Advantages and Synergies, with:


-- Euroseas (ESEA, Trade ), Mr. Aristidis Pittas, CEO
-- Goldenport Holdings , Mr. John Dragnis, Commercial Director
-- OceanFreight (OCNF, Trade ), Mr. Demetris Nenes, COO
-- Top Ships (TOPS, Trade ), Mr. Alexander Tsirikos, CFO



Shipping and Bank Financing, moderated by Mr. George Cambanis, Senior Partner, Global Shipping Leader, Deloitte, Hadjipavlou, Sofianos & Cambanis, with:


-- Mr. Brett M. Esber, Partner, Blank Rome LLP
-- Mr. Harris Antoniou, Global Head Energy, Commodities & Transportation,
Fortis Bank Nederland
-- Mr. Robin Das, Deputy Global Head of Shipping, HSH Nordbank



Shipping and the Capital Markets moderated by Mr. Gary Wolfe, Partner, Seward & Kissel LLP, with:


-- Mr. Loli Wu, Managing Director, Investment Banking Head of Americas
Transportation & Infrastructure, Bank of America Merrill Lynch
Securities
-- Mr. David Herman, Vice President, Credit Suisse
-- Mr. Hal Malone, Senior Vice President, Maritime Group, Jefferies
-- Mr. William Kelly, Managing Director, Head of Equity Capital Markets,
Knight Capital Markets
-- Mr. Clifford Teller, Executive Managing Director - Investment Banking,
Maxim Group



PRESENTATION TOPICS There will be presentations on the following topics:


-- The Global Economy and the Commodities Markets by Mr. Guy Verberne, Head
of Economics and Investment Strategy, Fortis Bank Nederland
-- Investment Opportunities and Challenges in Shipping Today by Mr. Emil
Yiannopoulos, Partner, Assurance Leader, PricewaterhouseCoopers
-- Order Book and Freight Challenges by Mr. Michael Hojsgaard, Managing
Director, Nordia Bulk
-- Vessel Recycling - Scrapping by Dr. Anil Sharma -- Founder, President
and CEO, Global Marketing Systems, Inc.
-- The Added Value of Classification to Financial Institutions and Owners
in Today's Capital Markets by Dr. H. Klein, CEO, Germanischer Lloyd



LUNCHEON KEYNOTE ADDRESS


-- Forecasting the Future: Shipping and Financial Markets, by Mr. Clay
Maitland -- Managing Partner, International Registries (The Marshall
Islands Registry -- the world's third largest ship registry), Founding
Chairman of NAMEPA (North American Marine Environment Protection
Association)



COMPANY PRESENTATIONS There will be company presentations by the management of:


-- DryShips Inc. (DRYS, Trade )
-- Euroseas Ltd (ESEA, Trade )
-- Excel Maritime Carriers Ltd. (EXM, Trade )
-- Goldenport Holdings Inc.
-- Navios Maritime Holdings Inc. (NM, Trade )
-- Navios Maritime Partners L.P.
-- OceanFreight, Inc. (OCNF, Trade )
-- Paragon Shipping (PRGN, Trade )
-- Seanergy Maritime Holdings (SHIP, Trade )
-- Safe Bulkers (SB, Trade )
-- Star Bulk Carriers Corp. (SBLK, Trade )
-- TBS International (TBSI, Trade )
-- Top Ships (TOPS, Trade )
-- Tsakos Energy Navigation LTD (TNP, Trade )