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Shipping Stocks: Star Bulk Steps Up

Stock quotes in this article: SBLK , TK , DRYS , TDW , FRO , EXM , EGLE  

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.
    • ...

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