Shipping stocks were falling Thursday afternoon amid fourth-quarter earnings from Genco Shipping (GNK) - Get Report and an announcement that DryShips (DRYS) - Get Report had reached a final agreement with Nordea Bank for a covenant waiver.

Genco on Thursday announced a fourth-quarter net loss of $111.3 million and net income of $48.4 million, or $1.55 per share, in line with analysts' estimates. Shares were rising 5.6% to $12.31 in recent trading.

Meanwhile, DryShips announced it had reached final agreement and received formal approval from

Nordea Bank Finland

,

DnB NOR Bank ASA

and

HSH Nordbank AG

regarding a covenant waiver in connection with its

$800 million Primelead loan

as laid out Feb. 9. Shares were falling 4.7% to $3.65.

Elsewhere in the shipping sector:

Excel Maritime fell 1.6% to $3.81.

Eagle Bulk Shipping was down 4% to $4.06.

Diana Shipping was down 1.7% to $12.11.