Shipping Stocks: Star Bulk Steps Up

Updated from 12:37 p.m. ET

Shipping stocks were mixed Tuesday as oil rose past $48 a barrel and investors considered positive earnings data from Star Bulk Carriers (SBLK Quote).

Star Bulk on Monday reported fourth-quarter earnings that handily beat analysts' estimates. The Athens, Greece-based company, which provides transportation services in the dry bulk sector, reported earnings per share of 41 cents on revenue of $72.8 million, compared with revenue of $3.6 million for the fourth quarter of 2007. Analysts had expected earnings of 36 cents per share on $59.55 million in revenue. Star Bulk shares were recently rocketing 21.4% to $2.21, though they're still far off their 52-week high of $14.57.

A number of other shippers rose Tuesday:

Teekay(TK Quote) rose 6.1% to $15.52.

Frontline(FRO Quote) rose 4.4% to $17.70.

Seacor Holding(CKH Quote) rose 2.8% to $58.09.

DryShips(DRYS Quote) rose 9.2% to $4.15.

Excel Maritime(EXM Quote) rose 7.9% to $4.25.

Tidewater(TDW Quote) rose 5.1% to $36.93.

Kirby (KEX Quote)rose 2.2% to $25.57.

On the losing side:

Genco Shipping(GNK Quote) was down 0.3% to $12.16.

Diana Shipping(DSX Quote) was down but closed up 2.3% to $12.63.

Eagle Bulk(EGLE Quote) was down 1.1% to $4.44.

Horizon Lines (HRZ Quote)fell 1.3% to $3.12.