FreeSeas Offers Sanguine Outlook, Stock Up

Shares of FreeSeas(FREE Quote) shot higher Thursday after the small Greek dry-bulk shipper topped Wall Street targets and boasted that demand for the services of its handysize-class boats will strengthen this year.

In an earnings statement issued before the bell, FreeSeas, based in Piraeus, Greece, said that the global fleet of handysize ships, the most common kind of ocean-going cargo hauler, "has been shrinking since the third quarter of 2008" and will likely continue to do so as order cancellations have outpaced new ship christenings.

The company's chief executive, Ion Varouxakis, added in the statement that his company has seen indications of increasing rates and "improving strength in the charter market." ...