3 Shipping Stocks in Focus; DRYS, OCNF, EGLE

DryShips Inc. ( NASDAQ: DRYS ) is an Athens, Greece-based holding company, engaged in the ocean transportation services of drybulk cargoes worldwide through the ownership and operation of the drybulk carrier vessels and deepwater drilling rig services through the ownership of ultra-deep water drilling rigs. DryShips recently announced that its subsidiary Ocean Rig UDW entered into a drilling contract for its 3rd drillship newbuilding Ocean Rig Poseidon. As part of this agreement, the Leiv Eiriksson will be released early from the existing contract and will be made available in Q2 2011. The company's subsidiary, Ocean Rig, also entered into firm contracts with Cairn Energy for the “Leiv Eiriksson” and the “Ocean Rig Corcovado” for a period of approximately 6 months each. DryShips shares have a 52-week range of $3.28-$6.95. In the last one year, the stock fell 22.-01%. OceanFreight Inc. ( NASDAQ: OCNF ) is an Athens, Greece-based company, engaged in transporting drybulk cargoes, including commodities such as iron ore, coal, grain and other materials and crude oil cargoes through the ownership and operation of nine drybulk carriers and four tanker vessels. OceanFreight recently announced its third quarter financial results 2010, with voyage revenues amounted to $24.8 million and operating loss amounted to $59.4 million. The net loss reported was $63.0 million or basic and diluted loss per share of $0.82. This includes a non-cash loss of $0.8 million related with the change in the fair value of interest rate swaps, an expense of $0.4 million associated with the drydocking of two vessels and a loss of $64.0 million associated with the classification of four vessels as held for sale. This quarter an average of 12.0 vessels were owned and operated, earning an average Time Charter Equivalent, or TCE rate, of $22,097 per day. OceanFreight shares have a 52-week range of $0.73-$3.30. In the last one year, the stock dropped 70.51%. Eagle Bulk Shipping Inc. ( NASDAQ: EGLE ) is a New York City-based company, engaged in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. Eagle Bulk Shipping recently announced its third quarter earnings 2010, with net revenues at $72.8 million, an increase of 75% compared to $41.6 million for comparable period in previous year. The gross time charter and freight revenues also increased 75%, to $76.4 million as compared to only time charter revenues of $43.7 million for the same period a year ago. The net income reported was $8.2 million or $0.13 per share as compared to $0.5 million, or $0.01 per share, for the comparable period previous year. The fleet utilization rate was maintained at 99.9%. Eagle Bulk Shipping shares have a 52-week range of $3.91-$6.08. In the last one year, the stock fell 15.31%. This corporate profile is provided for information purposes only and should not be used as the basis for any investment decision. We are neither licensed nor qualified to provide investment advice. We were not paid, nor do we hold a position in these stocks. We reserve the right to buy or sell any stock mentioned in this report at any time after this post.
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