Shipping-stock investors suffered another episode of whiplash Thursday as shares reversed impressive gains from a day before.

Eagle Bulk Shipping

(EGLE) - Get Report

shares, which Wednesday "rocketed" to close at $4.49, were lately off 12.7% to $3.92.

Diana Shipping

(DSX) - Get Report

, which rose to a $12.23 close Wednesday on news of a time charter contract for one of its Panamax ships, was losing 4.2% to $11.72.

Elsewhere:

DryShips shares were down 9% $3.55.

Genco Shipping was down 4% to $10.59.

Excel Maritime was down 13.6% to $3.76.