Welcome to Wood Matters last issue for the year. In this issue we devote quite a bit of attention to the Emissions Trading Scheme as the political and legislative process provides more certainty. Whilst some post-1989 forest owners have already decided they wish to participate in the ETS and claim their 2008/2009 New Zealand Units early next year, many will see 2010 as a chance to more fully evaluate the opportunity and monitor developments in the carbon market, assess their own situation and forest portfolio and look out for financial and contractual instruments that are likely to emerge to manage carbon price risk.

We also cover PF Olsen's first "delivered log sale" (CFR) to China, and provide the usual log and ocean freight market commentary.

Due to the Christmas and New Year break, Wood Matters will resume its monthly coverage in February 2010.