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Shipping Stocks: Excel, Others on the Rise

Drybulk shipping stocks are in the green as oil stayed above $50 per barrel and the broader market rallied.

Drybulk shipping stocks were trading in the green Wednesday as oil stayed above $50 per barrel and the broader market rallied.

Piracy

continues to be a problem off the coast of Africa, with the latest attack -- on

Maersk Line

-owned cargo vessel -- making news in the mainstream media. According to the Associated Press, the Pentagon said the ship's American crew had wrested control back from the Somali pirates who'd seized the ship off the Horn of Africa. However, Maersk Line CEO John Reinhart said he would not confirm that the crew had regained control, saying that speculation is dangerous in a "fluid environment." Maersk Line is a U.S. subsidiary of Danish firm

A.P. Moller-Maersk Group

.

Excel Maritime

(EXM)

shares were recently up 2.8% to $5.88 ahead of the company's fourth-quarter earnings report, which is scheduled for after the market close Wednesday. Analysts expect earnings per share of $1.04 on $123.53 million in revenue.

Elsewhere:

TheStreet Recommends

Diana Shipping

(DSK)

shares were up 1% to $12.60.

Eagle Bulk

(EGLE) - Get Eagle Bulk Shipping Inc Report

shares were up 0.5% to $4.22.

Genco

(GNK) - Get Genco Shipping & Trading Ltd Report

shares were up 3.6% to $13.34.

DryShips

(DRYS) - Get DryShips Inc. Report

shares fell 0.7% to $4.51.