I think the dry bulkers are in a bottoming process.
At least for those that survive.
It occurred to me that I remembered Jim Cramer talking up Diana Shipping some time back. A google search revealed that it was in Nov. of 2009. He never seems to pick a bottom for his devoted followers. Mostly he picks tops. On a couple of occasions I have looked at a chart of something he is recommending and the chart looked fairly strong, but the stock then sells off strong. I think his recommendations are used to distribute.
I, on the other hand, despite my professed desire to buy late and sell early, also cannot resist the temptation to pick bottoms. Although there are many bottoms, the trick is to be there at THE bottom, and that is only evident in hindsight. So the first rule is do not lose too much on the bets. The way I do this is watch the volume for evidence of accumulation or short covering and buy on the way up, trying to have a maximum or near maximum position on when the stock finally confirms a bottom by a price pattern over a period of time. Rounding bottoms are my favorites for this exercise. (look at a chart of GLD)
Here is Jim Cramer's Call in 2009
Here is my call: