IN: This is an email
Martin, Subsequent to my last e-mail I discovered an additional detail which may po= ssibly clarify why ENCE prefers to purchase the Chilean E. globulus species= to the Brazilian species for pulp production. It would appear that the E.= globulus species holds up better than the various Brazilian species during= the refining process. While most papermakers generally don't refine hardw= oods and softwoods with the same equipment, many smaller European mills are= unable to afford the capital investment of a second refiner and accordingl= y do use a single refiner for all grades. This is particularly true of the= Italian mills. Since hardwoods cannot withstand the rigorous refining req= uired for softwoods without losing their papermaking characteristics (opaci= ty, etc. ), these papermakers need to utilize the hardwood species best suit= ed for this type of processing. Accordingly, the globulus species (which i= s also the predominant species in the Iberian peninsula) holds up much bett= er under this type of heavy refining than any other species of eucalyptus. In any case, I hope this helps shed additional light on this issue, and, as= always, please feel free to revert with any questions you might have. Tha= nks. Karen

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OUT: Eucalyptus Pulp - Final Note

IN: This is an email
Jill, I was wondering if I could get some information on the Costilla deal, specifically the repurchase option. I need to know the term, locations, volume and strike price of the call. Thanks,

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OUT: Costilla

IN: This is an email
POSREP HOEGH GALLEON, DATE: 16-May 12:00 8:00 (UTC) A) Position at noon: N 16 08 E 53 59 B) Dist. From last noon: 424 nm C) Dist. To go to next port: 1864 nm D) ETA next port: SUEZ 20 20:00 LT E) 1: Average sea/wind Sea: SW 5 Wind: SW 4 2: Average speed 17.67 kn RPM: 94.93 3: BOG consumed 108.525 m3 4: BOG Total 108.525 m3 5: F.O Consumed 98 m3 6: G.O. Consumed 0 m3 7: Average vapor press Average liq. Temp: Tk1: 0.107 bar -159.28 ?C

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OUT:
POSREP 16 MAY