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 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AK STL HLDG CORPCOM0015471086,011750,393SH SOLE 750,39300
ALBEMARLE CORPCOM0126531018,835150,000SH SOLE 150,00000
ALLEGHENY TECHNOLOGIES INCCOM01741R1023,710100,000SH SOLE 100,00000
AXIALL CORPCOM05463D1008,953250,000SH SOLE 250,00000
CABOT OIL & GAS CORPCOM1270971036,538200,000SH SOLE 200,00000
CABOT OIL & GAS CORPCOM12709710312,350377,800SHCallSOLE 377,80000
CARPENTER TECHNOLOGY CORPCOM1442851035,644125,000SH SOLE 125,00000
DIANA SHIPPING INCCOMY2066G1049,3871,050,000SH SOLE 1,050,00000
LOUISIANA PAC CORPCOM5463471055,436400,000SH SOLE 400,00000
PETROLEO BRASILEIRO SA PETROSPONSORED ADR71654V4089,224650,000SHCallSOLE 650,00000
PETROLEO BRASILEIRO SA PETROSPONSORED ADR71654V40814,1901,000,000SH SOLE 1,000,00000
RANGE RES CORPCOM75281A1098,476125,000SH SOLE 125,00000
ROCKWOOD HLDGS INCCOM7744151035,73475,000SH SOLE 75,00000
SAFE BULKERS INCCOMY7388L10333350,000SH SOLE 50,00000
SOUTHWESTERN ENERGY COCOM8454671093,495100,000SH SOLE 100,00000
STAR BULK CARRIERS CORPSHS NEWY8162K1219,483860,500SH SOLE 860,50000
TRONOX LTDSHS CL AQ9235V1017,244278,062SH SOLE 278,06200
VALERO ENERGY CORP NEWCOM91913Y1006,941150,000SH SOLE 150,00000
WESTERN REFNG INCCOM95931910412,597300,000SH SOLE 300,00000