SOURCE: The Bedford Report

The Bedford Report

June 21, 2011 08:16 ET

Shipping Stocks on the Rebound as Fundamentals Improve

The Bedford Report Provides Equity Research on DryShips & General Maritime

NEW YORK, NY--(Marketwire - Jun 21, 2011) - The shipping sector has been posting a modest rebound this year due to a recovering global economy and strong overseas demand. The industry's recovery has been far from smooth, however, as surging fuel prices, a fluctuating freight market and a glut of ships continues to hurt growth. The Bedford Report examines the outlook for companies in the Shipping Industry and provides equity research on DryShips, Inc. (NASDAQ: DRYS) and General Maritime Corporation (NYSE: GMR). Access to the full company reports can be found at:

The dry bulk fleet is set to increase 13% in 2011 and 11% again in 2012. This will possibly lead to some consolidation throughout the sector as companies sell off their ships at attractive valuations in order to make debt payments. Analysts say they expect more than 100 carriers with a deadweight tonnage (dwt) of at least 230,000 to enter the market by 2014, reflecting around 10 percent of all new vessel orders.

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The bulk and tanker sectors of the shipping industry have been underperforming as freight rates remain under pressure based on too many available ships and not enough demand to match supply.

DryShips owns a fleet of 39 drybulk carriers consisted of seven Capesize, 28 Panamax, two Supramax vessels and two Panamax newbuilding vessels, which have a combined deadweight tonnage of approximately 3.3 million dead weight tons. 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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