Shipping Stocks: Diana Secures Long-Term Contract

Updated from 10:45 a.m. EDT

Shipping stocks were rising Thursday amid a bit of good news from the dry bulk sector. Diana Shipping(DXS Quote) announced a long-term time charter contract for the m/v Danae, one of its Panamax dry bulk carriers. The contract calls for a daily rate of $12,000 per day for about 22 to 24 months. Diana shares were up 9.7% to $12.87 in recent trading.

A day after Excel Maritime(EXM Quote) announced it had restructured its loans and would receive a $45 million equity infusion, Jeffries lowered its full-year estimate to $3.73 per share from $5.86 per share and also lowered the target to $8 from $18. Although the equity infusion enhances Excel's liquidity, Jeffries said, the dilution is much greater than expected. Excel Maritime shares were recently up 12.9% to $5.35.

Meanwhile, Navios Maritime Partners announced it would not spend $135 million to exercise an option to buy TBN II, a new building capsize vessel, from Navios Maritime Holdings(NM Quote). Navios Maritime Holdings shares were up 0.9% to $2.32.

Elsewhere in the sector:

Eagle Bulk(EGLE Quote) was up 5.1% to $4.55.

Genco(GNK Quote) was up 7.8% to $13.47.

DryShips(DRYS Quote) was up 5% to $5.30.

Atwood(ATW Quote) was up 7.6% to $18.65.