The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
BALTIC TRADING LIMITED COM Y0553W103 30,143 7,281,018 SH   SOLE   7,281,018 0 0
EAGLE BULK SHIPPING INC SHS NEW Y2187A119 89 97,260 SH   SOLE   97,260 0 0
EL PASO PIPELINE PARTNERS L COM UNIT LPI 283702108 2,174 54,131 SH   SOLE   54,131 0 0
GLOBALSTAR INC COM 378973408 38,430 10,500,000 SH   SOLE   10,500,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 45,716 1,100,000 SH Call SOLE   1,100,000 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 25,062 6,885,197 SH Call SOLE   6,885,197 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 43,385 1,558,914 SH   SOLE   1,558,914 0 0
NEXTERA ENERGY INC UNIT 99/99/9999 65339F861 61,414 1,125,000 SH   SOLE   1,125,000 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 36,248 400,000 SH Put SOLE   400,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 285,679 1,450,000 SH Put SOLE   1,450,000 0 0