Transportation

Dry Bulk 2010: Five Stocks to Watch

Stock quotes in this article:DRYS, DSX, EXM, GNK, NM 

Navios Maritime

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Navios Maritime(NM) will have the exact same debt-to-cap ratio has Genco next year, says JPMorgan's Chappell. But not all such ratios are created equal. Here's one key difference: Navios's ratio assumes the delivery of 10 new ships in 2010 and the financing that goes along with them.

Thus, Navios next year will grow. Chappell sees 2010 per-share earnings for the company of 70 cents, up 40% from his projected 2009 bottom line. Investors appear to have priced at least some (if not all) of this growth into Navios stock, which has done even better than Genco shares in 2009, surging 96% year-to-date as of Dec. 29.

Still, Navios has a relatively conservative chartering strategy, with 83% of its fleet covered in long-term contracts next year. That means the company won't see as much upside should rates strengthen next year as other bulkers.

-- Reported by Scott Eden in New York

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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.

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