Britannia Bulk (DWT) is a Buy Under $13 -Cramer

As Friday's on Mad Money are "Speculation Friday", Cramer highlighted a stock that recently went public: Britannia Bulk Holdings (NYSE: DWT). Cramer said he didn't recommend the IPO because at $15, the stock was too expensive. Over last week, however, the stock pulled back to under $13, and Cramer has decided to take a look at it.

Cramer believes Britannia's IPO was negatively impacted by an announcement out of China saying the government ordered a reduction in ore stockpiles, creating a slight downturn in the Baltic Dry Index. However, Cramer called this movement "temporary" and believes the Baltic Dry Index should bounce as the market reacts.

Cramer next pointed to Britannia's 8.8% yield, which he said is the reason why "we like these bulk dry shippers..."

The Mad Money host recommended buying shares of Britannia, but said he would wait for shares to be under $13. Cramer said, "You will get plenty of chances to buy because the Baltic Dry Index is volatile."

Britannia Bulk Plc, together with its subsidiaries, provides drybulk shipping and maritime logistics services in the Baltic region.

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