This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

DryShips Sinks on Oil Tanker Acquisition

Genco Shipping & Trading Limited (GNK - Get Report) lost 1.8% to $14.20 on Monday.

The New York-based drybulk shipper filed a registration with the Securities and Exchange Commission to sell up to $500 million of debt securities, common stock, preferred stock, rights, warrants, units, depositary shares, purchase contracts, or any combination thereof on a timely basis.

Analysts from Dahlman Rose reiterated a buy rating on the stock in November, reducing their price target by $7 to $23.

Genko transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes.

Eagle Bulk Shipping (EGLE - Get Report) was among the select few in the drybulk shipping sector to enjoy share price gains in Monday's trading session. The stock added 0.6% to close at $4.92.

Eagle Bulk Shipping recently posted a 75% jump in third quarter revenue, thanks to higher demand for grain and other bulk shipping cargo. The company said rising demand for coal, particularly in China, should extend the upward trend.

"Strong demand for minor bulks and grain contributed to relative outperformance. This trend should continue as we close the year, as the demand picture for coal, grains and minor bulk cargoes should remain strong in the medium and long term," the firm said.

Finally, Excel Maritime Carriers (EXM - Get Report) shares lost 1.2% to close at $5.58 on Monday.

The shipper said last week it entered into a new time charter agreement for seven of its Kamsarmax vessels to first class charterers.

"We are pleased to have announced these seven vessel fixtures which significantly increase the visibility of our cash flow generation through a time charter coverage of 45% for 2011," said CFO Pavlos Kanellopoulos. "These charters also allow us to monetize 100% of the upside in market rates through the index-linked element, while at the same time always provide profitable rates securing our cash flow breakeven levels."

-- Written by Miriam Marcus Reimer in New York.



>To contact the writer of this article, click here: Miriam Reimer.

>To follow the writer on Twitter, go to http://twitter.com/miriamsmarket.

>To submit a news tip, send an email to: tips@thestreet.com.

READERS ALSO LIKE:



>>See our new stock quote page.

Get more stock ideas and investing advice on our sister site, Stockpickr.com.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
5 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
EXM $0.00 0.00%
GNK $0.00 0.00%
EGLE $8.50 0.00%
DSX $6.36 2.42%
DRYS $0.71 -2.81%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs