Just don't be expecting any short term fireworks. GND has very little exposure to shipping spot rates. About 80% of their fleet is contracted out already, at rates marginally better than last year, but at much lower exchange rate. For me, i think hte GND catalysts will be a) rand weakening, which we can immediately gauge, b) a rerating of their forward PE - this seems likely given the increased spot rates, meaning they will be able to negotiate better contracts for next year c) gains in their trading & banking portfolios, which have been performing amazingly in the downturn. These still make up a small portion of their turnover, but the impact is growing. Soon, we might be able to rerate GND on the strength of these divisions, which would be great. By the way, does anyone know what happened to their chrome mine that they talked about in their 2008 results, but that seems to have dissappeared?