Updated from 1:53 p.m. EST


(DRYS) - Get DryShips Inc. Report

announced Monday it had reached a preliminary agreement with Nordea Bank Finland Plc to obtain a covenant waiver in connection with its $800 million Primelead loan, which was used to partially finance the acquisition of

Ocean Rig


As of Monday, according to DryShips, the outstanding loan amountunder the Primelead facility is $650 million.

The agreement is subject to formal approval by the company and by syndicate banks

Nordea Bank Finland


DnB NOR Bank


HSH Nordbank


Last week, DryShips shares rallied after the company said it had reached an

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with Piraeus Bank to restructure two loan facilities totaling $220 million with $164.9 million currently outstanding.

Shares of DryShips were rising 9.6% to $6.77 in recent trading.

Elsewhere in the shipping space,

Eagle Bulk Shipping

(EGLE) - Get Eagle Bulk Shipping Inc Report

were rising 9.2% to $8.59,

Excel Maritime Carriers


was up 9.4% to $8.85,

Genco Shipping

(GNK) - Get Genco Shipping & Trading Ltd Report

was up 6.7% to $21.70, and

Diana Shipping

(DSX) - Get Diana Shipping Inc. Report

was up 2.7% $17.08.