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DryShips Sinks on Oil Tanker Acquisition


Genco Shipping & Trading Limited (GNK) 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) 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) 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.

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