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Dry Bulk Winners: Excel, Eagle, DryShips

Shipping-rate futures (known as forward freight assessments, or FFAs) peg the capesize rate in the first quarter of 2010 at $55,000 per day, which signals, of course, that some people believe that rates will fall. But Korsvold said in his note that if spot-rates hold at present levels over the near term, the futures contracts will need to rise and close the gap. On the other hand, he added, "Equities have been stretched and we expect a broad selloff if the market decides we have peaked."

Leading the advancers this time around was Excel Maritime (EXM), whose stock leapt more than 14% to the trading day at $8.40 on heavy volume, though that's still down from the year high of $11.70, reached in early June.

Early June is significant, however, since that's the last time spot shipping rates broke through $90,000 a day, pushed higher by avid Chinese raw-materials stockpiling.

Among other big movers to the upside Wednesday, shares of Eagle Bulk Shipping (EGLE) added more than 10.8% to close the day at $6.75; Euroseas (ESEA) jumped more than 12.3% to $5.02; and Safe Bulkers (SB) rose by more than 5.5% to finish at $9.40.

Elsewhere, Genco Shipping & Trading's (GNK) stock price rose 3.8% to $28.25; Diana Shipping (DSX) advanced 4.6% to $17.97 and TBS International (TBSI) picked up almost 4.3% to close the trading day at $8.75.

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