Shares of Excel Maritime Carriers, a drybulk shipper, rose nearly 20% after the carrier reported fourth-quarter results well above Wall Street’s expectations.

According to press reports, Jefferies analyst Douglas J. Mavrinac held his “Buy” rating on the stock. He said the company was able to triple its earnings from the year before because of soaring charter rates and better usage levels.

Mavrinac said the company should continue to perform well as the drybulk market strengthens further this year and Excel completes its acquisition of fellow drybulk shipper Quintana Maritime Ltd. The deal is expected to close in April. Cantor Fitzgerald analyst Natasha Boyden also held her “Buy” rating.

Excel Maritime shares jumped $44.98, or 19.8 percent, to $29.65 in midday trading. Mavrinac expects the stock to hit $67 within a year.