Shipping Stocks: Diana Secures Long-Term Contract

Shipping stocks are rising on good news from the dry bulk sector.
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Updated from 10:45 a.m. EDT

Shipping stocks were rising Thursday amid a bit of good news from the dry bulk sector.

Diana Shipping

(DXS)

announced a long-term time charter contract for the m/v Danae, one of its Panamax dry bulk carriers. The contract calls for a daily rate of $12,000 per day for about 22 to 24 months. Diana shares were up 9.7% to $12.87 in recent trading.

A day after

Excel Maritime

(EXM)

announced it had restructured its loans and would receive a $45 million equity infusion, Jeffries lowered its full-year estimate to $3.73 per share from $5.86 per share and also lowered the target to $8 from $18. Although the equity infusion enhances Excel's liquidity, Jeffries said, the dilution is much greater than expected. Excel Maritime shares were recently up 12.9% to $5.35.

Meanwhile,

Navios Maritime Partners

announced it would not spend $135 million to exercise an option to buy TBN II, a new building capsize vessel, from

Navios Maritime Holdings

(NM) - Get Report

. Navios Maritime Holdings shares were up 0.9% to $2.32.

Elsewhere in the sector:

Eagle Bulk

(EGLE) - Get Report

was up 5.1% to $4.55.

Genco

(GNK) - Get Report

was up 7.8% to $13.47.

DryShips

(DRYS) - Get Report

was up 5% to $5.30.

Atwood

(ATW)

was up 7.6% to $18.65.