We upgrade our recommendation on Excel Maritime Carriers Limited (NYSE:EXM) to Neutral based on its current valuation, which plummeted 63.5%  last year. This was primarily attributable to the gloomy prospects of the drybulk shipping industry. This sector is facing serious challenges since the spot vessel rates collapsed significantly. We believe the sole reason for this dismal condition is the sheer increase of newbuild ships under operation that resulted in intense price competition.
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