" SB, DSX, and GNK are all in the top half of all three rankings: operating return on assets, existing fleet quality, and potential fleet quality under proportional risk. DSX has the least proportional risk, though, and should weather a rough period better as a result of that. GNK looks like a potential value play given its market value relative to the 'upper bound' estimate for operating income and it is exposed to less proportional risk than that of SB. SB is performing exceptionally well, but it also has the least flexibility of the top three firms examined here and will most likely experience the greatest decline in operating income as a percent of its assets, should charter rates continue to stay at very low levels or fall further. Regardless, though, all three look to be cheap right now, with SB and DSX on opposite ends of the charter rate risk spectrum. "