Shipping Stocks: TBS Leads Losses

Shipping stocks were down Wednesday as oil slid below $43 per barrel and another company sought debt restructuring.

According to Reuters, TBS International(TBSI Quote) said it is currently negotiating for loan covenant waivers with its lenders. The company also will delay its fourth-quarter and full-year earnings report pending the waivers. Its shares got slammed Wednesday, falling 31.5% to close at $5.10.

TBS joins DryShips(DRYS Quote) and Eagle Bulk Shipping(EGLE Quote) in seeking covenant waivers necessitated by anemic freight rates and other harsh economic realities. DryShips closed the day down 8.1% to $4.20, and Eagle Bulk fell 10.5% to $4.68.

Elsewhere:

Diana Shipping(DSX Quote) fell 4.6% to $12.91.

Genco Shipping(GNK Quote) plunged 13.6% to $12.17.

Excel Maritime(EXM Quote) fell 6.6% to $4.14.

Euroseas (ESEA Quote) rose 5.8% to $4.41.