Drys stocks

Sector Snap: Overseas Shippers
Monday October 8, 12:37 pm ET Smooth Sailing for Drybulk on Record Rates, As Oil Tankers Hit Choppy Seas NEW YORK (AP) -- Shares of drybulk shippers rose Monday, as day rates for those vessels surged to all-time highs.

The Baltic Dry Index, which tracks rates on 40 routes for vessels carrying cargoes such as coal, iron ore and grain, closed at 9565, up 130 points. The spot day rate for a medium-sized vessel now tops $78,000.

At the same time, Dahlman Rose & Co. analyst Omar Notka said rates in the oil tanker market continue to slip as oil production slows. Drybulk rates are supported by strong demand in Asia, as well as congested ports and a finite number of available vessels.

Also on Monday, Cantor Fitzgerald analyst Natasha Boyden lowered her full-year estimate on General Maritime Corp., which owns and operates crude oil tankers, because of lower-than-expected spot market rates in the third quarter.

Boyden now expects the company to earn $1.63 per share for 2007, compared with a previous estimate of $1.78. She maintained her $2.13 per share expectation for 2008.

The analyst raised her estimates on Greek petroleum shipper Top Tankers Inc. for 2007 and 2008, citing the company's recent acquisition of three Panamax dry bulk carriers.

Monday it took delivery of a new container ship, jumped $1.09, or 6.9 percent, to $16.82.