SOURCE: The Bedford Report

The Bedford Report

December 13, 2010 11:25 ET

Shipping Stocks Look Unstoppable Heading Into the New Year

The Bedford Report Provides Analyst Research on DryShips & Eagle Bulk Shipping

NEW YORK, NY--(Marketwire - December 13, 2010) - Shipping Stocks have begun somewhat of a rally in the second half of 2010. With the economy still strong in China, the country is increasing its demand for coal as the winter season approaches, and is also importing iron ore and grains. Meanwhile, the sluggish performance of the Dry Bulk Index over the past month has been shrugged off as earnings beats by several key shipping players, as well as positive guidance, has resurrected investor confidence in the industry. The Bedford Report examines the outlook for companies in the Shipping Industry and provides research reports on DryShips, Inc. (NASDAQ: DRYS) and Eagle Bulk Shipping, Inc. (NASDAQ: EGLE). Access to the full company reports can be found at:

The Baltic Dry Index -- traditionally a key indicator of the industry's health -- has been on the slide for the last two weeks. According to data from the Baltic Exchange in London, the BDI is down 3.4% for the week. Rents for capesize ships, mostly carrying iron ore and coal, slumped 12 percent last week, its largest drop in a month. This stat could perk up, however, due to increased demand from China. Xu Xu, the chairman of the China Chamber of Commerce of Metals, announced that China's iron ore imports are expected to rise as steel mills embark on a period of restocking -- in September, for example, there was an 18 percent sequential rise in China's iron ore imports. 

The Bedford Report releases regular market updates 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.

DryShips has mounted a significant comeback since November, seeing its share price surging nearly 50%. Last month DRYS reported that its third-quarter net income was $49.3 million, or 18 cents a share, up from $31.4 million, or 11 cents, during the same period last year. The company's CEO George Economou said the profits were driven in part by DryShips increasing investment in deep-water, offshore oil drilling.

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