Excel Maritime Carriers Ltd.(fka EXMCQ)

[Ecomike]

NMM has made real nice move today, along with NM. I think PRGN is undervalued right now.

I see an overhead gap in the recent EXM chart at $8.50, and I see nice strong support at $7 now which says it is a buy at around $7.00.

I am long EXM, PRGN, ESEA, NM, NMM, and the last 4 still pay dividends! PEs and dividend yields are real nice on PRGN, NM and NMM. ESEA has nearly no debt but has a small loss last quarter (spot rates were down), but kept it's dividend. EXM has sold a lot of stock recently, so I expect poor earnings per share based on that dilution, but it has raised badly needed cash this year, so it is kind of a wash. It did have $4/share in earnings last 2 quarters (don't ask about the last quarter of 2008 when they wrote down thier ship values big time), but with the stock issue nearly doubled recently to raise cash that would only be $2, or $4/year annual earnings per diluted share based on the 2 most recent quarters, so if we get $1/share or higher earnings with no surprises for the 3rd quarter, that would easily support a move higher if the markets also co-operate, and BDI continues to trend higher. We could run up to $9 or even higher in the next 3-4 weeks, IMHO.