Sweetys,
Market rates for shipping companies have been very much lower this year as compared to last year. Profits as shown by companies will be very much lower for fy06 as compared to fy05 as fuel costs have been higher and freight rates lower.
In any case, the time frame from april to October are always weak periods for the shipping industry due to lower demand in the major freight markets around the world. Thus my explanation to keep away from shipping stocks.
However, if u compare shipping industry 3rd quarter and 4th quarter profits, then 4th quarter profits will be marginally higher as fuel costs have been lower in the fourth quarter.
Hope this explanation is of some use to you.