Interesting article.

I'm wondering about going long on options or LEAPs, though. Good idea, but one thing to keep in mind is that you miss out on dividends. Many dry shippers, and some of the tanker lines, have huge yields due to their depressed share prices. And in many cases the companies are claiming the dividends are safe. So I would tend to go with the stock, instead of options or LEAPs, especially when you consider the high premiums on options and LEAPS these days.

Some yield examples: Paragon (PRGN) 40%, Genco (GNK) 30%, Eagle (EGLE) 33%.