Q313 loss narrowed, better Q4 outlook 3Q13 results beat expectations and could drive short-shortcovering Daily Dry Freight Report Daily Tanker Report Slower growth given uncertain macro backdrop BRS FUTURES FFA REPORT 3Q in line, but 4Q likely to be weak Downgrade as earnings growth ends Stalled earnings growth; stillhigh debt burden likely to remain over FY13-15F Raising PT to HK$9.9 – Get ready for a long hike Downstream resilience may help despite a weaker 4Qoutlook