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:

Diana Shipping ( DSK) shares were up 1% to $12.60.

Eagle Bulk ( EGLE) shares were up 0.5% to $4.22.

Genco ( GNK) shares were up 3.6% to $13.34.

DryShips ( DRYS) shares fell 0.7% to $4.51.

More from Stocks

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

One-on-One With Carnival Corporation CEO Arnold Donald (Watch)

Replay: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Replay: Jim Cramer on the Markets, Tiffany, Micron Technology and Union Pacific

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Carnival CEO Arnold Donald: China Will Become the Largest Cruise Market

Stocks Finish Higher After Release of Fed Minutes

Stocks Finish Higher After Release of Fed Minutes

Has Wall Street Completely Lost Its Mind on General Electric?

Has Wall Street Completely Lost Its Mind on General Electric?