"For 2011, we look for PRGN to generate EPS of 40 cents and EBITDA of $70 million. We note that our 2011 estimates assume the company's open vessels achieve an average daily rate of $18,000 for the Handymaxes."

Like FreaSeas, Euroseas ( ESEA) swung to a quarterly loss. The shipper posted lower revenue and hedging benefits, and said rates continued to soften.

Euroseas posted a smaller-than-expected loss but revenue came in shy of expectations.

The dry-bulk carrier saw its shares fall 2% in afternoon trading Tuesday.

-- Written by Miriam Marcus Reimer in New York.

>To contact the writer of this article, click here: Miriam Reimer.

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