SOURCE: The Bedford Report

The Bedford Report

May 24, 2011 08:16 ET

Shipping Stocks Struggle for Direction

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

NEW YORK, NY--(Marketwire - May 24, 2011) - A rebounding global economy has prevented catastrophe for many dry bulk shippers as maritime ships remain the most economical way to transport goods overseas. The shipping sector's recovery remains fragile, however, as surging fuel prices, a fluctuating freight market and a glut of ships continues to hurt growth for 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 bulk and tanker sectors of the shipping industry have been extremely volatile this year as freight rates remain under pressure based on too many available ships and not enough demand to match supply. Analysts say they expect more than 100 carriers with a deadweight tonne (dwt) of at least 230,000 to enter the market by 2014, reflecting around 10 percent of all new vessel orders. Reuters reports that Analysts on average believe "Capesize" bulk carriers, which so far were the biggest class of dry freight carriers with a typical dwt of 150,000, were expected to struggle most with the influx of new ships, while the smaller "Panamaxes" and "Supramaxes" were expected to be under less pressure because they are more versatile in their routes.

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DryShips has been trying to build a deepwater oil-drilling business to help alleviate some of its dry bulk struggles. In the first quarter, the company's drilling-contract segment posted a 36 percent increase in revenue, continuing a trend from the last two quarters of 2010. In the company's earnings report DryShips said, "During the next few months we plan to take active steps to monetize DryShips' most prized asset, its shares of Ocean Rig common stock, through a public listing in the US."

Earlier this month Eagle Bulk Shipping reported a net loss of $5.8 million, or 9 cents a share for the first quarter of 2011. The quarterly loss reflects an allowance for a bad debt expense of $6.6 million due to the bankruptcy filing of one the company's charterers, Korea Line.

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