Shipping Stocks: DryShips Signs Petrobras Pact

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


Eagle Bulk Shipping

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shares rose 19.3% to $5.80.

Excel Maritime Carriers


rose 4.8% to $7.25.

Diana Shipping

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fell 0.6% to $13.97.

Genco Shipping

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rose 2.3% to $15.68.

Navios Maritime

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shares rose 12.4% to $2.91.