The shippers were thrashing about in vain Wednesday as the broader market suffered losses.
were the sector's biggest losers at midday, falling 8% to $11.70 and 7% to $3.74, respectively. The Dow was down 2%, and the Nasdaq was slipping 2.1%.
Eagle Bulk Shipping , among the stocks that received an upgrade from Wachovia a day earlier, was recently slipping 3% to $4.27.
Diana Shipping was down 3.8% to $12.14.
Shares of DryShips were falling 5.5% to $3.81.