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The Baltic Dry Index & STX Reverse Recent Declines
18 Aug 08

The Baltic Dry Index, the benchmark for shipping costs, fell for 23 consecutive sessions through 12 August 2008, the worst decline since the third quarter of 2005 and to its 6 months low of 6,992. Shipping companies such as STX Pan Ocean, had simultaneously retreated as much as 45% in three months (relative to its closing price of $3.82 on 6 May 2008).

The benchmark index has however, made a steady recovery since, and its overnight increase of 1.2% takes its gains since 12 August to 8.1%. On Friday, STX PO also moved up 3.5% day-on-day to close at $2.64.

Warrant Action
Investors seeking a leveraged exposure to STX Pan Ocean may consider the following Trading Call Warrant which has an exercise price close to the last traded underlying share price on the SGX:

STX PO MBLeCW090112 (F7HW), exercise $2.75, 4 warrants per share.*

4 warrants per share imply that investors need to purchase 4 warrants to entitle them to one underlying share.

STX Pan Ocean
Trading Call Warrants (Short term bullish view)
STX PO MBLeCW090112 (F7HW), exercise $2.75, 4 warrants per share.*
STX PO MBLeCW081002 (FU5W), exercise $4.00, 4 warrants per share.*

While Macquarie Capital Securities (Singapore) Pte Limited ("MCSSPL") provides the information in good faith and derived from sources believed to be reliable, MCSSPL does not represent or warrant the completeness, reliability, accuracy, timeliness or fitness for any purpose of any of the material and it accepts no responsibility for the accuracy, completeness or timeliness of the information.

This internet site is produced by 'Macquarie Warrants Singapore - Macquarie Capital Securities (Singapore) Pte Limited (Registration No 198702912C)', holder of a capital markets services licence under the Securities and Futures Act, Chapter 289 of Singapore. The information on this internet site is directed and available to residents of Singapore only and is not provided to any person who is a resident of the United States or any other country. Any material provided on this internet site, including any indicative terms are provided for information purposes only and do not constitute an offer, a solicitation of an offer, or any advice or recommendation to conclude any transaction (whether on the indicative terms or otherwise). We recommend you obtain financial, legal and taxation advice before making any financial investment decision. The price of warrants may go down as well as up and there is a risk that an investor may lose some or all their investments. Past performance is not indicative of future performance.

Please visit the following webpage: Company Disclosures for disclosure of corporate finance relationship with the Macquarie Group.

MCSSPL is not an authorised deposit taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia), and MCSSPL's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL).  MBL does not otherwise guarantee or provide assurance in respect of the obligations of MCSSPL.

MBL does not carry on banking business in Singapore, does not hold a license under the Banking Act, Chapter 19 of Singapore and therefore is not subject to the supervision of the Monetary Authority of Singapore in respect thereof.

 
 
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