Updated from 1:53 p.m. EST

DryShips

(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

and

HSH Nordbank

.

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

TheStreet Recommends

agreement

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

(EXM)

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.