Shipping stocks were soaring Wednesday afternoon, far outpacing a rally in the broader market that saw the Dow rise 1.66%, the Nasdaq 2% and the S&P 1.57%.

Diana Shipping

(DSX) - Get Report

was up 15% to $12.26 after announcing a time charter contract for one of its Panamax dry bulk carriers, the Coronis, for 11 to 13 months. Diana said it expects to generate $4.6 million for the minimum chartered period.

Elsewhere:

Eagle Bulk Shipping shares were up a whopping 37.8% to $4.08.

DryShips shares were up 33.7% to $3.73.

Genco Shipping was down 18% to $10.67.

Excel Maritime was up 22.5% to $4.03.