page 1
page 2
page 3
page 4
page 5
page 6
page 7
page 8
page 9
page 10
page 11
page 12
page 13
page 14
page 15
page 16
page 17
page 18
page 19
page 20
page 21
page 22
page 23
page 24
page 25
page 26
page 27
page 28
page 29
page 30
page 31
page 32
page 33
page 34
page 35
page 36
page 37
page 38
page 39
page 40
page 41
page 42
page 43
page 44
page 45
page 46
page 47
page 48
page 49
page 50
page 51
page 52
page 53
page 54
page 55
page 56
page 57
page 58
page 59
page 60
page 61
page 62
page 63
page 64
page 65
page 66
page 67
page 68
page 69
page 70
page 71
page 72
page 73
page 74
page 75
page 76
page 77
page 78
page 79
page 80
page 81
page 82
page 83
page 84
page 85
page 86
page 87
page 88
page 89
page 90
page 91
page 92
page 93
page 94
page 95
page 96
page 97
page 98
page 99
page 100
page 101
page 102
page 103
page 104
page 105
page 106
page 107
page 108
page 109
page 110
page 111
page 112

© GFI Group Inc. 2009. This advertisement has been approved by GFI Brokers Ltd, which is regulated by the FSA in the UK. GFI Securities LLC, a FINRA and NFA regulated firm. LEADING VOICE & ELECTRONIC BROKERAGE SERVICES IN GLOBAL FREIGHT GFI FREIGHT GFI has a reputation for excellence in global freight markets, offering competitive brokerage services in dry freight FFAs, dry freight physicals and wet freight FFAs. Through its joint venture with ACM Shipping, GFI provides a valuable service for oil majors and other large industrial entities to manage freight risk more efficiently and for financial institutions to gain exposure to this asset class. CLEARED FFA SCREEN GFI EnergyMatch ® Europe is an online energy trading platform for electronic broking in tanker FFAs with clearing links to LCH. Clearnet and NOS. Current supported routes are TD3, TD5, TD7, TC2, TC4, TC5 and route C4 for dry freight. GFI FENICS ® FREIGHT An online information resource showing market prices and related analytical tools for FFAs and freight options. GFI FENICS ® Freightoffers commodity producers, time charterers, ship owners and financial institutions information on market trends and trading opportunities. No. 1 COMMODITY BROKER 2008 ENERGY RISK COMMODITY RANKINGS TOP FFA BROKER 2007 SINGAPORE EXCHANGE ( SGX) ASIACLEAR No. 1 WET FREIGHT ( FFA) BROKER 2009 ENERGY RISK COMMODITY RANKINGS WET FREIGHT FFA LONDON+ 44 20 7422 1180 NEW YORK+ 1 212 968 2050 SINGAPORE+ 65 6820 2980 futures@ acmshipping. co. uk DRY FREIGHT FFA LONDON+ 44 20 7877 8090 SINGAPORE+ 65 6435 0469 CAPE TOWN+ 27 21 410 8876 dryfreight@ GFIgroup. co. uk DRY FREIGHT LONDON+ 44 20 7877 8151 NEW YORK+ 212 968 2211 SINGAPORE+ 65 6435 0471 SHANGHAI+ 86 21 6859 6721 drycargo@ GFIgroup. co. uk www. GFIgroup. com/ freight

theBaltic June 2009 www. thebaltic. com1 The Baltic is the official magazine of the Baltic Exchange Tel: + 44 ( 0) 20 7623 5501 E- mail: enquiries@ balticexchange. com Website: www. balticexchange. com The Baltic is published for the Baltic Exchange by Maritime Media ( a division of Roxby Media Ltd) The Diary House, Rickett Street London SW6 1RU Tel: + 44 ( 0) 20 7386 6100 Fax: + 44 ( 0) 20 7381 8890 E- mail: inbox@ mar- media. com The Baltic anual subscription rates £ 110 for UK, Europe or the world, sent airmail including P& P ISN 0967- 0394 theBALTIC Publisher W H Robinson editor Lucy Budd Tel: + 44 ( 0) 20 7386 6120 E- mail: lucy. budd@ mar- media. com SALES manager David Scott DESIGNER Anthony Oduro cover DESIGN Justin Ives The Baltic is published on behalf of the Baltic Exchange and is supplied to members as part of their annual membership package. However, the views expressed in The Baltic are not those of the Baltic Exchange, its directors, its officers or the publishers unless expressly stated to be such. The Baltic Exchange is the world's premier and oldest international shipping market. Most of the world's open market bulk cargo chartering is negotiated at some stage by Baltic members who represent leading international companies. Other activities include the world's most important market for buying and selling ships, specialist freight by air and commodity dealing. The Baltic Exchange operates a strict code of business ethics encapsulated in its motto ' Our Word Our Bond'. The Baltic Exchange disclaims any responsibility for the advertisements contained in this magazine and has no legal responsibility to deal with them. The responsibility rests solely with the publisher.