In this issue of EMA we look at the developments of the first quarter of 2008, where energy commodities continued to break records, with oil, gas, coal and power all closing the period at levels significantly above those recorded over the same quarter in 2007. After a muted start to the year, EUA prices finally took the same direction as the energy complex and began rising at the start of February. This issue also looks in detail at the freight markets for oil and coal, where we show that, in this very cyclical market, prices could come down over the next couple of years. However, the extent to which that occurs will be largely determined by the incremental demand for dry bulk commodities arising from Asia during that period.