Mad Money Spotlight: Cramer's Shippers

Jim Cramer made his opinion known on a slate of shipping stocks -- dry bulk carriers as well as tankers -- during his "Mad Money" broadcast Wednesday evening.

During the show's Lighting Round session, Cramer proclaimed his bullishness on Diana Shipping(DSX Quote), Frontline(FRO Quote) and Nordic American Tanker(NAT Quote). On the flip side, he said he was bearish on Eagle Bulk Shipping(EGLE Quote).

Diana Shipping -- along with the dry-bulk sector in general -- received a push earlier this week after Dahlman Rose, a boutique investment bank and research house, upgraded the company's stock to buy from hold. The dry bulk bellwether, based in Athens, has less debt than its peers, noted Dahlman analyst Omar Nokta in a report, and could be poised "to take advantage of market opportunities which should allow it a premium valuation." Diana's first-quarter earnings fell 35% from the year-ago period, but still bested Wall Street targets.

Frontline, meanwhile, based in Bermuda, was hit hard by declining rates in its latest quarter, as earnings tumbled 74%. But the company, which is mostly an operator of oil tankers, has been moving more of its business into the long-term charter model and away from the spot market.

Frontline rival Nordic American reported a sharp decline in profits, as well, for its most-recent quarter, but said its capital position -- the company recently raised $130 million in a stock offering -- could lead to acquisitions. Cramer said last week on "Mad Money" that Nordic management has done a good job adding shareholder value over the long term.