We downgrade our recommendation on Excel Maritime Carriers (NYSE:EXM) to Underperform ahead of its fourth quarter of 2011 financial results. We believe the drybulk shipping industry has a gloomy outlook, facing serious challenges since spot vessel rates collapsed significantly.
The sole reason for this dismal condition is the sheer increase of newbuild ships under operation, which resulted in intense price competition. The spot rates of drybulk vessels have fallen to such low levels that even … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards