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Shipping Stocks: DryShips Signs Petrobras Pact

DryShips makes its contract with Petrobras official, apparently giving investors something to cheer about.

Updated from 10:21 a.m. EDTDryShips (DRYS) made its contract with Petrobras (PBR) official Tuesday, apparently giving investors something to cheer about.

On Tuesday, DryShips said that its wholly owned subsidiary Ocean Rig ASA had signed a three-year contract with Petrobras

announced in March

. The roughly $630 million contract, signed April 8, involves the use of the Leiv Eiriksson for exploratory drilling in the Black Sea.

DryShips shares rose 10.3% to $5.59.

Elsewhere:

Eagle Bulk Shipping

(EGLE)

shares rose 19.3% to $5.80.

Excel Maritime Carriers

(EXM)

rose 4.8% to $7.25.

Diana Shipping

(DSX)

fell 0.6% to $13.97.

Genco Shipping

(GNK)

rose 2.3% to $15.68.

Navios Maritime

(NM)

shares rose 12.4% to $2.91.