What happened Ask and ye shall receive, shipping investors. Dry bulk shipper Safe Bulkers (NYSE: SB) is up 12.5% as of 11:30 a.m. EDT Monday. Last week, I commented that a remarkable rise in the share price of dry bulk shipping company Diana Shipping (NYSE: DSX) looked ill-advised in light of the recent steep drop in shipping prices for dry bulk cargo including coal, grain, iron ore, and similar ocean-going freight. It would be ill-advised, that is, unless "dry bulk shipping prices ... resume rising soon." And wouldn't you know it? They just did. Shares of Diana Shipping are moving 7% higher today. Image source: Getty Images. So what According to the latest data from Bloomberg, the Baltic Exchange Dry Index shot up 6.8% late last week and, while it hasn't quite reached its recent high water mark of 4,235 hit late last month, it is moving back in the right direction once again. Now what And the well-timed turnaround in dry bulk rates isn't the only thing helping out Safe Bulkers stock today. In addition to the index deciding to suddenly cooperate with investors, this morning, analysts at investment bank H.C. Wainwright dropped a note in support of Safe Bulkers stock. Initiating coverage of the shares with a buy rating and a $6.50 per share price target, Wainwright threw its support behind Safe Bulkers stock today, reports TheFly.com. "Despite dry bulk equities being up more than 100% in the past year and spot rates being at their highest level in over a decade," TheFly says Wainwright is "constructive on the outlook for the dry bulk market" because "limited fleet growth" means that even "moderating demand" for dry bulk cargo won't be enough to torpedo profit margins. Wainwright therefore foresees "further tightening of the supply/demand balance and ... strong vessel earnings over the next year." That's good news for Safe Bulkers stock -- and probably for Diana Shipping as well. 10 stocks we like better than Safe Bulkers, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Safe Bulkers, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 9, 2021 Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source