Updated from 1:54 p.m. EST

Shipping stocks were dashed against the rocks Monday, suffering double-digit losses across the board as the

Dow Jones Industrial Average

fell below 7,000

.

Eagle Bulk Shipping

(EGLE) - Get Report

shares closed down 16.2% to $3.15 -- far adrift from its 52-week high of $36.24 -- ahead of its

fourth-quarter earnings

report.

Elswhere in the sector:

DryShips shares closed down 13.8% to $2.99 (52-week high: $116.43).

Genco Shipping fell 22.6% to $9.50 (52-week high: $84.51).

Excel Maritime dropped 17.9% to $3.17 (52-week high: $60.99.

Diana Shipping fell 13.5% to $10.15 (52-week high: $41.10).