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I have screened for stocks that operate in the Shipping industry, have high dividend yields of more than 5% and recent EPS surprises of at least 10%. Additionally, I have picked only the stocks that have had average dividend yields for the last five years of 5% or more.

This list is a quick list only which requires further research into each of the stocks before making an investment decision. I believe it can give some food for thought if you are looking for stocks with high dividend yield.

1) Teekay Offshore Partners L.P. (NYSE:TOO) provides marine transportation, oil production and storage services to the offshore oil industry. It operates shuttle tankers, floating storage and offtake units, and conventional crude oil tankers, as well as floating production, storage and offloading units.

The company has recently surprised analysts with Q1 2012 EPS results of $0.37 vs. $0.35 estimated (5.7% surprise). It has a solid trailing annual dividend yield of 7.2%, a forward annual dividend yield of 7.3%, and an average dividend yield of 9.2% over the last five years.

The median target price projected by analysts is $31.85, which means 13.2% upside potential from the current price. Its biggest competitors, Overseas Shipholding Group Inc. (OSG) and Frontline Ltd. (NYSE:FRO), have trailing annual dividend yield of 6.1% and 2.4%.

On January 19, 2012, Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. announced that it has declared a cash distribution of $0.50 per unit for the quarter ended December 31, 2011. The cash distribution is payable on February 14, 2012 to all unitholders of record on February 1, 2012.

2) Ship Finance International Limited (NYSE:SFL), through its subsidiaries, engages in the ownership and operation of vessels and offshore related assets in Bermuda, Cyprus, Malta, Liberia, Norway, the United States, Singapore, the United Kingdom and the Marshall Islands. It is also involved in the charter, purchase and sale of assets.

The company has recently surprised analysts with Q1 2012 EPS results of $0.61 vs. $0.40 estimated (52.5% surprise). It has a solid trailing annual dividend yield of 9.8%, a forward annual dividend yield of 7.3%, and an average dividend yield of 12.4% over the last five years.

The median target price projected by analysts is $16, which is lower than the last closing price of $16.45.

On April 10, 2012, Ship Finance International Ltd. announced that it has agreed to terminate chartering agreements with Horizon Lines, LLC (Horizon Lines) relating to five of the Company's vessels. The Company will receive as termination compensation of USD 40 million in second lien notes issued by Horizon Lines and warrants exercisable into 10% of the common stock of Horizon Lines, Inc as part of a restructuring of Horizon Lines.

3) Seaspan Corporation (NYSE:SSW) owns and operates the containerships in Hong Kong. The company charters its containerships pursuant to long-term, fixed-rate time charters to various container liner companies. The company has recently surprised analysts with Q1 2012 EPS results of $0.30 vs. $0.25 estimated (20% surprise). It has a trailing annual dividend yield of 4.1%, a forward annual dividend yield of 6%, and an average dividend yield of 8.5% over the last five years.

The median target price projected by analysts is $17.50, which means 5.5% upside potential from its current price.

On January 30, 2012, Seaspan CORP. announced that it has acquired Seaspan Management Services Limited (the "Manager") in a stock-based transaction, and has acquired and cancelled all of Seaspan's issued and outstanding Class C common shares. Financial terms of the transaction were not disclosed.

4) Tsakos Energy Navigation Limited (NYSE:TNP), together with its subsidiaries, provides seaborne crude oil and petroleum product transportation services worldwide. The company offers marine transportation services for national and independent oil companies and refiners under long, medium, and short-term charters.

The company has recently surprised analysts with Q1 2012 EPS results of ($0.19) loss vs. ($0.23) estimated. It has a trailing annual dividend yield of 11.8%, a forward annual dividend yield of 11.4%, and an average dividend yield of 7.4% over the last five years.

The average target price projected by analysts is $9, which means 71% upside potential from the current price.

5) Euroseas Ltd. (NASDAQ:ESEA), together with its subsidiaries, provides ocean-going transportation services worldwide. The company owns and operates dry bulk carriers that transport bulks, such as iron ore, coal, and grains, as well as minor bulks, which include bauxite, phosphate, and fertilizers.

The company has recently surprised analysts with Q1 2012 EPS results of $0.00 vs. ($0.04) loss estimated. It has a trailing annual dividend yield of 14.2%, a forward annual dividend yield of 13%, and an average dividend yield of 10.3% over the last five years.

The average target price projected by analysts is $3.65, which means 196% upside potential from today's price.

Sources: Yahoo Finance, Google Finance, CNBC, Marketwatch, Reuters.

Source: 5 Shipping Stocks With High Dividend Yields And Recent EPS Surprises