SOURCE: The Bedford Report

The Bedford Report

July 14, 2011 08:16 ET

Shipping Recovery Remains on Choppy Waters

The Bedford Report Provides Equity Research on DryShips & Horizon Lines

NEW YORK, NY--(Marketwire - Jul 14, 2011) - Drybulk shippers have continued to underperform as freight rates remain under pressure based on too many available ships and not enough demand to match supply. In addition, Chinese demand for raw materials has dropped dramatically as the nation tries to prevent its economy from growing too quickly. The Bedford Report examines the outlook for companies in the Shipping Industry and provides investment research on DryShips, Inc. (NASDAQ: DRYS) and Horizon Lines, Inc. (NYSE: HRZ). Access to the full company reports can be found at:

Unlike dry bulk, container ship fleet sizes are not growing. New orders for container ships fell 21 percent over the past year, while growth of the dry-bulk fleet is estimated to be 13 percent in 2011. According to industry consultant Alphaliner, there is currently the lowest number of container vessels not in use in three years.

Maria Bertzeletou, an analyst at shipbroker Golden Destiny, explains that "the container sector has shown a remarkable rebound after a difficult 2009 due to the discipline of carriers on the supply side and the revival of trade growth in 2010."

The Bedford Report releases stock research on the Shipping Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

Horizon Lines provides container shipping and integrated logistics services. Last month Horizon Lines announced a plan to refinance its bank loans and $330 million in convertible senior notes. The company says the planned recapitalization will eliminate refinancing risk when the convertible notes and bank debt mature next year. The company is set to post earnings next Monday. Presently the average estimate of analysts is for a loss of 18 cents per share, a swing from net income of 15 cents in the year earlier quarter.

To offset bulk shipping losses, DryShips has been trying to build a deepwater oil-drilling business to help alleviate some of its dry bulk struggles.

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