Updated from 11 a.m. EST

Shares of DryShips ( DRYS) were on the rise Tuesday morning on news that the bulk carrier had amended its loan agreement with Piraeus Bank.

DryShips said it has reached an agreement with Piraeus Bank to restructure two loan facilities totaling $220 million with $164.9 million currently outstanding. Shares rose 24.5% to close at $6.09.

Under the terms of the deal, outstanding repayments will be reduced by roughly 47% in 2009 and by 21% in 2010. The deal also includes a covenant waiver through Jan. 1, 2011.

In January, DryShips announced plans to suspend its dividend and reduce its fleet is response to an anticipated fourth-quarter loss of between $380.6 million and $431.4 million, or between $6.89 and $7.81 per share. Analysts had expected earnings of $1.28 per share, on revenue of $225 million.

It was relatively smooth sailing for other dry-shipping stocks Tuesday. Competitor Eagle Bulk Shipping ( EGLE - Get Report) rose 11.8% to $5.48, Excel Maritime Carriers ( EXM) rose 7.2% to $6.27, Genco Shipping ( GNK - Get Report) rose 4.1% to $15.35, and Diana Shipping ( DSX - Get Report) rose 8.5% $13.49.

Other firms in the shipping and carrier space include Safe Bulkers ( SB - Get Report), Frontline ( FRO - Get Report) and Tidewater ( TDW).