04/16/08 Dryships trades at a P/E of 4.1 when considering 2008 earnings on freight futures. Estimated to earn $18.5 per share in 2008. About DRYS: They have a 60% spot exposure remaining for 2008, and may profit huge from this if rates keep high. Alternatively their 35 ships can be fixed at one year time charters currently above spot rates. With about ten newbuilds delivered the comming years their visible growth is limited, though they have stated that they are in for buying active ships or newbuilds soon delivered.

04/16/08 Excel is attrative with 2008 P/E of 4.9 when considering contracts and freight future exposure. Estimated to earn $7.1 per share in 2008. QMAR not considered yet. About EXM: Excel controls 10 panamaxes and 8 handy/supramaxes with an average age of 13 years. With many charters up for renewal in 2008 they are well positioned to profit from a firm market.

04/16/08 Navios is another drybulk stock with forward P/E of 8, cheap when looking at the long-term contracts. Estimated to earn $1.3 per share in 2008. About NM: Navios is focusing on a wide range of vessel types, ranging from the 55k dwt supramaxes to the 200k dwt capesizes. They have a substantial newbuild programme along with a huge charter-in programme to take place the next years. The company is mainly fixed for 2008, and with a small percentage of the fleet unfixed for 2009.

04/16/08 Genco is a strong drybulk pick, P/E of 9.6 is fair when looking at management. Estimated to earn $6.8 per share in 2008. About GNK: The CEO better known from General Maritime (GMR). They are as ambitous in drybulk and will help consolidate this fragmentet market. Current fleet consists of about 20 handysized and panamax vessels. The company have got 15 newbuilds to be delivered from Q4 2007-2009, half of those being capesizes. About 35% of the fleet being unfixed, half of the capesizes.

04/16/08 Golden Ocean trades over the counter, its main owner John Fredriksen is well known from Frontline. His drybulk company have P/E at 3.6 for 2008 with estimated earnings per share at $1.6. Quarterly dividend at $0.3-0.5 making this stock a great yield play! About GDOCF: The company have a fleet of about 15 long-term chartered panamaxes with purchase options, and a fleet of 20 newbuilds with deliveries ranging from 2008 to early 2011. Their fleet is mainly unfixed with 35% spot exposure for 2008, and rising into 2009 and 2010 with the newbuilds.

04/16/08 Eagle is currently trading with P/E 12.5 on its 2008 earnings. Its dividend yield currently at 7.2%, or $0.5 per quarter. Estimated to earn $2.2 per share in 2008. About EGLE: Their fleet consists of 18 on-the-water supramaxes, and 31 vessel scheduled at 2008-2012. Eagle is mainly fixed for 2008 with some renewals for 2009. Their newbuilds are fixed with 50% profit split wich may prove lucrative.

04/16/08 TBS International is estimated to earn $5 per share in 2008, and is currently trading with P/E 7.1. About TBSI: The company controls about 20 multipurpose tweendeckers trading drybulk and 14 bulkcarriers currently. TBS' key trade routes is Latin America and China, as well as Japan and South Korea. TBS will add six vessels the next quarters, and have another six newbuildings to be delivered between 2009 and 2010. The company does also own ports and maintain logistic chains.

04/16/08 Diana is trading at P/E 9.6 with the estimated earnings at $2.9 next year. Good dividend yield with 75% payout. About DSX: Diana's fleet consist of six active capesizes fixed until 2011 and two unfixed newbuilds, together with 13 panamxes up for renewal in 2008 and 2009. The panamaxes are expected to get healthy day rates in the current enviroment of drybulk shipping.