Asian Bulk Shipping: Investment Summary 3
BDI Seasonally Strong in 4Q 7
Excess Supply; but Focus on Improvement 8
Regional Bulk Shippers 3Q Earnings Surprise 10
Bullish on 2010 Iron Ore Demand and Price 11
2010 Supply the Wild Card 12
U-Ming Marine Transport (2606.TW) 13
China Shipping Development (1138.HK) 21
China COSCO Holdings (1919.HK) 29
Sinotrans Shipping (0368.HK) 32
STX Pan Ocean (028670.KS) 35
Appendix A-1 37