Greek Stocks: Worth Bottom Fishing or Another Greek Tragedy? NBG, ANW, DRYS, NM, OCNF, ONAV, SB

Greece seems like this decade’s Mexico or Argentina, which seem to have largely recovered from their previous debt crisis. Off course, Mexico and Argentina are large countries with immense natural and human capital resources that Greece arguably lacks. Worst, the Greeks seem to want to take everyone’s money with no strings attached - and keep on spending.

However and if you are the ultimate contrarian investor (or you believe this debt crisis will blow over like the ones that hit Mexico or Argentina), you may want to consider the National Bank of Greece (NYSE: NBG) as its an integrated financial services company based in Greece (NBG is also involved in real estate, hotel and property management and information technology (IT) consulting. NBG recently closed at $1.27 - its 52 week trading low, while its 52 week trading high is $3.23. Moreover, even options traders are smelling blood from the financial crisis and have recently swooped in on the National Bank of Greece. In fact and at the end of last week, puts on NBG outnumbered calls by 67 to 1.

Otherwise and for investors who want to consider Greek stocks that have less direct exposure to the Greek tragedy currently unfolding, the following Greek shipping stocks (ANW, DRYS, NM, OCNF, ONAV and SB) could be worth looking at:

• Aegean Marine Petroleum Network Inc. (NYSE: ANW) is currently trading at $8.64 and has a 52 week trading range of $7.29 to $28.23 a share.
• DryShips Inc. (NASDAQ: DRYS) is currently trading at $3.73 and has a 52 week trading range of $3.28 to $6.44 a share.
• Navios Maritime Holdings Inc. (NYSE: NM) is currently trading at $4.88 and has a 52 week trading range of $4.38 to $6.33 a share.
• OceanFreight Inc. (NASDAQ: OCNF) currently trading at $0.385 and has a 52 week trading range of $0.30 to $1.71 a share.
• Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) is currently trading at $0.78 and has a 52 week trading range of $0.68 to $2.57 a share.
• Safe Bulkers, Inc. (NYSE: SB) is currently trading at $7.76 a share and has a 52 week trading range of $6.50 to $9.78 a share.

However and from a glancing at ANW, DRYS, NM, OCNF, ONAV and to a lesser extent SB, it appears the Greek shipping industry is going down with the ship right now (or perhaps its also due to concerns over global trade levels and the global economy, which tend to start with the Greek debt crisis).

The bottom line: Greek shipping stocks like ANW, DRYS, NM, OCNF, ONAV and SB may be worth bottom fishing while NBG will likely to continue to feel the impact of the Greek debt crisis long after its over.