Oppenheimer's Shipping Update

Oppenheimer published its Shipping Update today, and notes reported earnings from Dryships DRYS, Euroseas ESEA, and Diana Shipping DSX. DRYS reported adjusted 3Q EPS of $0.38, above consensus of $0.25 and Oppenheimer's estimate of $0.24, primarily due to lower vessel opex and G&A. DRYS closed Friday at $5.49. ESEA reported adjusted EPS of ($0.07), below Oppenheimer's expectation of ($0.02) and consensus of ($0.05). ESEA closed Friday at $4.12. DSX reported 3Q10 EPS of $0.42, slightly above consensus of $0.40 and Oppenheimer's estimate of $0.41. DSX closed Friday at $13.16.