During the bull market in commodities that peaked midway through 2008, shipping companies that transfer base commodities across the oceans enjoyed phenomenal runs to all-time highs before fizzling out like a Roman candle.

Companies that carry wheat, corn, soybeans, fertilizer, cement, iron ore pellets and sugar were printing money as the day rates for shipping dry commodities soared.

The rate charged by dry bulk shipping companies to buyers of commodities abroad, as measured by the Baltic Dry Index (BDI), began 2008 at roughly $5,800 per day. The rate topped out at $11,700 midyear, and bottomed out in early December at $675 -- a 94% correction. Absolutely unbelievable!

Shares of the most widely traded stock within the dry bulk shipping sector, DryShips (NASDAQ: DRYS), traded as high as $116 in May, reflecting the fullness of the commodity rally that seemed to be irreversible based on the glowing projections of China, India, central Europe and what are now known as "Frontier Economies," like Vietnam and Indonesia.

Following that meteoric rise in shares of DRYS to $116, the stock proceeded to careen all the way down to $3 in November.

Very interesting piece from the Financial Times today regarding dry shipping rates in the Far East -- the article's premise is based on an interview with Nobu Su, chief executive of family-owned Taiwan Maritime Transport (TMT), one of the largest dry bulk shippers globally. Salient quote from the interview: when asked about day rates, or the rates shippers charge clients to charter out their ships, rising 300% this year, CEO Su called the rates "insane."

Su's main concern was that with inflated day rates, customers using dry shippers, mainly mining companies, would be forced to pass on the costs to their customers -- ultimately, you and me.

"We believe it's unsustainable and shipping people forget about their own business, which is providing shipping services," Su said of the market conditions, where owners of the largest ships, can command about $180,000 a day in charter rates. "TMT has been in the shipping business for 50 years. We continue to do the basic business."

Investors have certainly profited from this trend. If you had owned DryShips (NASDAQ: DRYS) this year, you would have 400% more than what you started with at the beginning of 2007. According to Reuters, the company's fleet consists of five Capesize drybulk carriers, 29 Panamax drybulk carriers, and one Handymax drybulk carrier.

While many have heard the saying, "Another day, another dollar," few have heard, "Another day, another 52-week high for DryShips (NASDAQ: DRYS)." That's probably because I just made it up ... but that's not to say it's not very true! It seems like every day this momentum name hits another 52- week high. Today, for example, the stock bounced 7% when an analyst from Cantor Fitzgerald boosted her estimates and bumped up her price target for the company.

Why is the stock so hot? Primarily, because of very strong pricing power for the entire dry-bulk industry. In fact, recently a three-year high in rates was reached.

But this is old news -- investors want to know what to do now. I don't think it's too late to jump aboard the party for several reasons: