Excel Maritime (NYSE:EXM) Downgraded on Open Days

Citing too many open days, especially in their Panamax vessel class segment, Excel Maritime (NYSE:EXM) was downgraded by Cantor Fitzgerald.

Cantor says, "While we believe EXM's management team has done an admirable job of putting its leverage problems behind it, we suggest the company maintains a large amount of open days, particularly in the Panamax vessel class segment. Given our rate outlook for 2011, we suggest this could weigh on earnings.

"We lower our 4Q:10 EPS forecast to $0.02 (from $0.09). We also lower our 2011 EPS estimate to ($0.27) (from $0.18) and EBITDA forecast to $192 million (from $223 million)."

Cantor Fitzgerald downgraded Excel Maritime (EXM) from "Buy" to "Hold." Excel closed at $5.03 Friday, falling $0.19, or 3.64 percent. Cantor slashed their price target on Excel Maritime from $7 to $5.

Crude Carriers (NYSE:CRU) Spot Exposure Could Weight on 2011 Earnings

Citing their spot exposure, Canter Fitzgerald said Crude Carriers' (NYSE:CRU) earnings could come under pressure in 2011.

Cantor says, "While we note the company's modern fleet, full dividend payout, and low leverage are attractive, we suggest CRU's full spot exposure could weigh on earnings in 2011, as we expect the market to remain difficult. Based on our new 2011 rate forecasts, we look for CRU to pay a dividend of $1.86 in 2011, implying a yield of 11.6% based on yesterday's closing price.

"We lower our 4Q:10 EPS forecast to ($0.03) (from $0.06) and lower our 2011 EPS and EBITDA forecasts to $0.65 (from $1.02) and $32 million (from $37 million), respectively."

Cantor Fitzgerald downgraded Crude Carriers (CRU) from "Buy" to "Hold." Crude Carries closed Friday at $15.80, dropping $0.22, or 1.37 percent. Cantor lowered their price target on Crude Carriers from $19 to $16.

Paragon Shipping Inc. (NYSE:PRGN) Earnings for 2011 Lowered by Cantor Fitzgerald

Cantor Fitzgerald lowered their earnings per share estimates for Paragon Shipping Inc. (NYSE:PRGN) for 2010 and 2011, along with EBITDA.

"We now look for Paragon to report 2010 EPS of $0.39 (from $0.33) and EBITDA of $65 million (from $67 million). For 2011, we look for PRGN to generate EPS of $0.40 and EBITDA of $70 million. We note that our 2011 estimates assume the company's open vessels achieve an average daily rate of $18,000 for the Handymaxes," said Cantor.

Cantor maintained a "Buy" rating on Paragon, while lowering their price target.

Paragon closed Wednesday at $3.69, losing $0.03, or 0.81 percent. Cantor dropped the price target on them from $6 to $5 a share.