UPDATE: Global Hunter Securities Upgrades Excel Maritime Carriers to Neutral Ahead of Q2 Report

Global Hunter Securities raised its rating on Excel Maritime Carriers

from Reduce to Neutral ahead of the earnings release for the second quarter. Global Hunter Securities said, "We initiated coverage of EXM back on May 22 with a Reduce rating. The stock has fallen 78% since the beginning of 2Q:12. Although we expect the stock could have further downside pressure from here as management looks to issue the $30 million in required equity by the end of 2012, we suggest investors wait on the sidelines." Excel Maritime Carriers closed at $0.42 on Friday.