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).

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) rose 6.1% to $15.52.
  • Frontline (FRO) rose 4.4% to $17.70.
  • Seacor Holding (CKH) rose 2.8% to $58.09.
  • DryShips (DRYS) rose 9.2% to $4.15.
  • Excel Maritime (EXM) rose 7.9% to $4.25.
  • Tidewater (TDW) rose 5.1% to $36.93.
  • Kirby (KEX)rose 2.2% to $25.57.
  • On the losing side:
  • Genco Shipping (GNK) was down 0.3% to $12.16.
  • Diana Shipping (DSX) was down but closed up 2.3% to $12.63.
  • Eagle Bulk ( EGLE) was down 1.1% to $4.44.
  • Horizon Lines (HRZ)fell 1.3% to $3.12.
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