<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>srz9604249v2.txt
<DESCRIPTION>FUEL-TECH N.V.
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ----------------

                                  SCHEDULE 13G
                                 (Rule 13d-102)
                                ----------------

              INFORMATION TO BE INCLUDED IN STATEMENTS PURSUANT TO
                   RULES 13d-1(b), (c) AND (d) AND AMENDMENTS
                    THERETO FILED PURSUANT TO 13d-2 UNDER THE
                         SECURITIES EXCHANGE ACT OF 1934
                               (Amendment No. 2)*

                                 Fuel-Tech N.V.
                                (Name of Issuer)

                          Common Stock, par value $.01
                         (Title of Class of Securities)

                                    359523107
                                 (CUSIP Number)

                                December 31, 2003
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
     [X]  Rule 13d-1(b)
     [ ]  Rule 13d-1(c)
     [ ]  Rule 13d-1(d)

-----------

     * The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).

<PAGE>

Schedule 13G/A                                                    PAGE 2 of 10
CUSIP No. 359523107


     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
           Phaeton International (BVI) Ltd.
           None
------------------------------------------------------------------------
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)  [ ]
                                                                (b)  [X]
------------------------------------------------------------------------
     (3) SEC USE ONLY

------------------------------------------------------------------------
     (4)    CITIZENSHIP OR PLACE OF ORGANIZATION
              British Virgin Islands
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    443,600
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    443,600
------------------------------------------------------------------------
     (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
         BY EACH REPORTING PERSON
            443,600
------------------------------------------------------------------------
    (10) CHECK BOX IF THE AGGREGATE AMOUNT
         IN ROW (9) EXCLUDES CERTAIN SHARES                         [ ]
------------------------------------------------------------------------
    (11) PERCENT OF CLASS REPRESENTED
         BY AMOUNT IN ROW (9)
           2.2%
------------------------------------------------------------------------
    (12) TYPE OF REPORTING PERSON
           CO
------------------------------------------------------------------------

<PAGE>

Schedule 13G/A                                                    PAGE 3 of 10
CUSIP No. 359523107


     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
           Phoenix Partners, L.P.
           13-6272912
------------------------------------------------------------------------
     (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)  [ ]
                                                                (b)  [X]
------------------------------------------------------------------------
     (3) SEC USE ONLY

------------------------------------------------------------------------
     (4) CITIZENSHIP OR PLACE OF ORGANIZATION
           New York
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    656,400
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    656,400
------------------------------------------------------------------------
     (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                                     656,400
------------------------------------------------------------------------
    (10) CHECK BOX IF THE AGGREGATE AMOUNT
         IN ROW (9) EXCLUDES CERTAIN SHARES                         [ ]
------------------------------------------------------------------------
    (11) PERCENT OF CLASS REPRESENTED
         BY AMOUNT IN ROW (9)
           3.3%
------------------------------------------------------------------------
    (12) TYPE OF REPORTING PERSON
           PN
------------------------------------------------------------------------

<PAGE>

Schedule 13G/A                                                    PAGE 4 of 10
CUSIP No. 359523107


     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
           Morgens, Waterfall, Vintiadis & Co., Inc.
           13-2674766
------------------------------------------------------------------------
     (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)  [ ]
                                                                (b)  [X]
------------------------------------------------------------------------
     (3) SEC USE ONLY

------------------------------------------------------------------------
     (4) CITIZENSHIP OR PLACE OF ORGANIZATION
           New York
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,100,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,100,000
------------------------------------------------------------------------
     (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
         BY EACH REPORTING PERSON
           1,100,000
------------------------------------------------------------------------
    (10) CHECK BOX IF THE AGGREGATE AMOUNT
         IN ROW (9) EXCLUDES CERTAIN SHARES                          [ ]
------------------------------------------------------------------------
    (11) PERCENT OF CLASS REPRESENTED
         BY AMOUNT IN ROW (9)
           5.5%
------------------------------------------------------------------------
    (12) TYPE OF REPORTING PERSON
           IA
------------------------------------------------------------------------


<PAGE>

Schedule 13G/A                                                    PAGE 5 of 10
CUSIP No. 359523107


     (1) NAME OF REPORTING PERSON
          S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
            Edwin H. Morgens
            ###-##-####
------------------------------------------------------------------------
     (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)  [ ]
                                                                (b)  [X]
------------------------------------------------------------------------
     (3) SEC USE ONLY

------------------------------------------------------------------------
     (4) CITIZENSHIP OR PLACE OF ORGANIZATION
           United States
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,125,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,125,000
------------------------------------------------------------------------
     (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
         BY EACH REPORTING PERSON
           1,125,000
------------------------------------------------------------------------
    (10) CHECK BOX IF THE AGGREGATE AMOUNT
         IN ROW (9) EXCLUDES CERTAIN SHARES                          [ ]
------------------------------------------------------------------------
    (11) PERCENT OF CLASS REPRESENTED
         BY AMOUNT IN ROW (9)
           5.7%
------------------------------------------------------------------------
    (12) TYPE OF REPORTING PERSON
           IN
------------------------------------------------------------------------


<PAGE>

Schedule 13G/A                                                    PAGE 6 of 10
CUSIP No. 359523107


     (1) NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
           John C. Waterfall
            ###-##-####
------------------------------------------------------------------------
     (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                                (a)  [ ]
                                                                (b)  [X]
------------------------------------------------------------------------
     (3) SEC USE ONLY

------------------------------------------------------------------------
     (4) CITIZENSHIP OR PLACE OF ORGANIZATION
           United States
------------------------------------------------------------------------

NUMBER OF      (5)  SOLE VOTING POWER
                    0
SHARES         ---------------------------------------------------------

BENEFICIALLY   (6)  SHARED VOTING POWER
                    1,100,000
OWNED BY       ---------------------------------------------------------

EACH           (7)  SOLE DISPOSITIVE POWER
                    0
REPORTING      ---------------------------------------------------------

PERSON WITH    (8)  SHARED DISPOSITIVE POWER
                    1,100,000
------------------------------------------------------------------------
     (9) AGGREGATE AMOUNT BENEFICIALLY OWNED
         BY EACH REPORTING PERSON
           1,100,000
------------------------------------------------------------------------
    (10) CHECK BOX IF THE AGGREGATE AMOUNT
         IN ROW (9) EXCLUDES CERTAIN SHARES                          [ ]
------------------------------------------------------------------------
    (11)  PERCENT OF CLASS REPRESENTED
          BY AMOUNT IN ROW (9)
            5.5%
------------------------------------------------------------------------
    (12)  TYPE OF REPORTING PERSON
            IN
------------------------------------------------------------------------

<PAGE>

Schedule 13G/A                                                    PAGE 7 of 10
CUSIP No. 359523107


ITEM 1(a).  NAME OF ISSUER:
              Fuel-Tech N.V.

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
              Castorweg 22-24, Curacao, Netherlands Antilles

ITEM 2(a).  NAME OF PERSON FILING:

               This Schedule 13G is filed jointly by (a) Phaeton International
               (BVI) Ltd. ("Phaeton"), (b) Phoenix Partners, L.P. ("Phoenix"),
               (c) Morgens, Waterfall, Vintiadis & Company, Inc. ("Morgens
               Waterfall"), (d) Edwin H. Morgens ("Morgens") and (e) John C.
               Waterfall ("Waterfall" and together with the persons listed in
               paragraphs (a) through (d), the "Reporting Persons").

               Phaeton and Phoenix are hereinafter sometimes collectively
               referred to as the "Advisory Clients".

ITEM 2(b).  ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:

               The business address of each of the Reporting Persons is 600
               Fifth Avenue, 27th Floor, New York NY 10020.

ITEM 2(c).  CITIZENSHIP:

               Phoenixis a limited partnership organized under the laws of the
               State of New York. Phaeton is an exempted company organized in
               British Virgin Islands. Morgens Waterfall is a corporation
               organized under the laws of the State of New York. Each of
               Morgens and Waterfall are United States citizens.

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:
              common stock, par value $.01

ITEM 2(e).  CUSIP NUMBER:
              Not Applicable.

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 13d-1(b) OR 13d-2(b) OR (c),
CHECK WHETHER THE PERSON FILING IS A:

           (a) [ ] Broker or dealer registered under Section 15 of the Act

           (b) [ ] Bank as defined in Section 3(a)(6) of the Act

           (c) [ ] Insurance Company as defined in Section 3(a)(19) of the
                   Act

           (d) [ ] Investment Company registered under Section 8 of the
                   Investment Company Act of 1940

           (e) [ ] Investment Adviser registered under Section 203 of the
                   Investment Advisers Act of 1940: see Rule 13d-
                   1(b)(1)(ii)(E)

<PAGE>

Schedule 13G/A                                                    PAGE 8 of 10
CUSIP No. 359523107


           (f) [ ] Employee Benefit Plan, Pension Fund which is subject to
                   the provisions of the Employee Retirement Income Security
                   Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)

           (g) [ ] Parent Holding Company, in accordance with Rule 13d-
                   1(b)(ii)(G);

           (h) [ ] Savings Associations as defined in Section 3(b) of the
                    Federal Deposit Insurance Act;

           (i) [ ] Church Plan that is excluded from the definition of an
                    investment company under Section 3(c)(14) of the Investment
                    Company Act of 1940;

           (j) [x] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

         IF THIS STATEMENT IS FILED PURSUANT TO Rule 13d-1(c),
         CHECK THIS BOX.                                          [ ]

ITEM 4.  OWNERSHIP.
         A.  Phaeton International (BVI) Ltd
                  (a) Amount beneficially owned:  443,600
                  (b) Percent of class: 2.2%
                  (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 443,600
                   (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         443,600

         B.  Phoenix Partners, L.P.
                  (a) Amount beneficially owned: 656,400
                  (b) Percent of class: 3.3%
                  (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 656,400
                   (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         656,400

         C.  Morgens, Waterfall, Vintiadis & Co., Inc.
                  (a) Amount beneficially owned: 1,100,000
                  (b) Percent of class: 5.5%
                  (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 1,100,000
                   (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         1,100,000

         I.  Edwin H. Morgens
              ((a) Amount beneficially owned: 1,125,000
               (b) Percent of class: 5.7%
               (c)(i) Sole power to vote or direct the vote: -0-
                 (ii) Shared power to vote or direct the vote: 1,125,000
                (iii) Sole power to dispose or direct the disposition: -0-
                 (iv) Shared power to dispose or direct the disposition:
                      1,125,000

<PAGE>

Schedule 13G/A                                                    PAGE 9 of 10
CUSIP No. 359523107


         J.  John C. Waterfall
                  ((a) Amount beneficially owned: 1,100,000
                  (b) Percent of class:
                  (c)(i) Sole power to vote or direct the vote: -0-
                    (ii) Shared power to vote or direct the vote: 1,100,000
                   (iii) Sole power to dispose or direct the disposition: -0-
                    (iv) Shared power to dispose or direct the disposition:
                         1,100,000

ITEM 5.  OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
            Not applicable.

ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

          Morgens Waterfall is an investment adviser registered under Section
          203 of the Investment Advisers Act of 1940, as amended. The business
          of Morgens Waterfall is the rendering of financial services and as
          such it provides discretionary investment advisory services to each of
          the Advisory Clients. In such capacity, Morgens Waterfall holds for
          the accounts of the Advisory Clients, the foregoing shares of Class A
          Membership Units. Under the rules promulgated by the Securities and
          Exchange Commission, Morgens Waterfall and its principals may be
          considered "beneficial owners" of securities acquired by the Advisory
          Clients. There is no agreement or understanding among such Advisory
          Clients to act together for the purpose of acquiring, holding, voting
          or disposing of any such securities. Each such Advisory Client has the
          right to receive or the power to direct the receipt of dividends from,
          or the proceeds from the sale of, the securities held in such person's
          account. No such Advisory Client has any foregoing rights with respect
          to more than five percent of the class of securities identified in
          Item 2(d).

          Morgens is the Chairman of the Board of Directors and the Secretary of
          Morgens Waterfall. Waterfall is the President and Assistant Secretary
          of Morgens Waterfall and is also a Director. Morgens Waterfall has no
          other officers and directors. The primary occupations of Morgens and
          Waterfall are to act as the principals in the business of Morgens
          Waterfall.

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
          ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
          COMPANY.
            Not applicable.

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
            Not applicable.

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP.
            Not applicable.


<PAGE>

Schedule 13G/A                                                    PAGE 10 of 10
CUSIP No. 359523107


ITEM 10.  CERTIFICATION.  (if filing pursuant to Rule 13d-1(c))
           By signing below each Reporting Person certifies that, to the best of
           its knowledge and belief, the securities referred to above were not
           acquired and are not held for the purpose of or with the effect of
           changing or influencing the control of the issuer of the securities
           and were not acquired and not held in connection with or as a
           participant in any transaction having that purpose or effect.


                                   SIGNATURES

      After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.

DATED:  March 8, 2004


                                    /S/  JOHN C. WATERFALL
                                    --------------------------
                                    John C. Waterfall,
                                    as attorney-in-fact for
                                    the Reporting Persons


<PAGE>


</TEXT>
</DOCUMENT>
