Maritime stocks have been on the rise this year, and the run still has plenty of steam left. Ahead of their earnings tomorrow, keep an eye on Excel Maritime (NY:EXM).

Just last week Hornbeck Offshore (NY:HOS) raised its full year guidance on signs of stronger shipping demand. When Excel Maritime reports earnings tomorrow, the results should be very similar. The Athens, Greece-based company owns a large fleet of vessels that primarily transport dry bulk commodities such as iron ore, coal, grains, as well as bauxite, fertilisers and steel products. The demand for these services has continued to rise over the past two years, and will grow even faster as energy prices become more favorable for this industry.

Although the chart signals a bearish trend, I believe this company is a great buy ahead of earnings. You will see that the company has formed a “bump and run” formation – the start of a bearish trend as the price approaches the run line. Tomorrow’s trading should indicate where this stock is headed after earnings. Keep an eye on this one.

Filed under: Fundamental Research, Stocks, Time To Buy