Top Shipping Stocks are DRYS, EXM, ONCF

DryShips Inc. (NASDAQ:DRYS) climbed up 2.78% over its previous day’s price and now trades at $5.55 on a volume of 9.62 million shares. The stock has a 52-week range of $2.72-$11.48. DryShips Inc. owns, through its subsidiaries, a fleet of 40 drybulk carriers comprised of seven Capesize, 29 Panamax, two Supramax, and two newbuilding drybulk vessels, as well as two ultra-deep-water semi-submersible drilling rigs and two ultra-deep-water newbuilding drillships.

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Excel Maritime Carriers Ltd (NYSE:EXM) is amongst the top gainer in the early morning trade and soared 7.91% to $5.73 on a volume of 2.98 million shares. The company posted a fourth-quarter profit that was well ahead of market estimates, helped by a fall in voyage expenses. "We believe that our market will continue being volatile, we remain optimistic about the dry bulk market prospects and expect 2010 to be another financially strong year," Chief Financial Officer Lefteris Papatrifon said in a statement. The company posted net income of $81.8 million, or $1.00 a share, compared with net loss of $332.1 million, or $7.56 cents a share, in the year-ago quarter. It incurred a loss of $8.3 million from vessel purchase cancellation in the year-ago quarter. Revenue fell 2 percent to $186.2 million. Excluding items, the company posted earnings of 95 cents a share. Analysts on an average were expecting earnings of 3 cents a share, on revenue of $98.0 million, according to Thomson Reuters I/B/E/S.

OceanFreight Inc. (NASDAQ:OCNF) soared 3.32% to $0.747. The stock has a 52-week range of $0.70-$2.10. OceanFreight Inc. is a global provider of shipping transportation services. The Company specializes in transporting drybulk cargoes, including such commodities 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.

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