Your "sector" argument is weak. In every sector, there're always a few dark horses to emerge in time. It's a competitive market place, especially where everyone competes internationally. Some shippers will get bigger slice of contracts, with longer and better terms than others.
Remember the heading of this discussion is "track record". EXM is one stock that really showed its dangerous color before. I hate stocks with a track record of losing over 85% from its height in relatively short period of time. There're something in their fundamentals that just don't measure up. Unfortunately in EXM's case, it's a foreign company, with little transparency. I still remember it in 2004, when it moved up so fast on no news, and jumped to $65 briefly. I traded a few shippers in 2004, but stayed away from EXM. Never understood why the stock moved in such strange ways.
My only conclusion on EXM in 2005 was "manipulation" by fund managers with inside links. That's an extremely dangerous game for investors in the public.