Updated from 1:53 p.m. EST

DryShips ( DRYS) announced Monday it had reached a preliminary agreement with Nordea Bank Finland Plc to obtain a covenant waiver in connection with its $800 million Primelead loan, which was used to partially finance the acquisition of Ocean Rig.

As of Monday, according to DryShips, the outstanding loan amountunder the Primelead facility is $650 million.

The agreement is subject to formal approval by the company and by syndicate banks Nordea Bank Finland, DnB NOR Bank and HSH Nordbank.

Last week, DryShips shares rallied after the company said it had reached an agreement with Piraeus Bank to restructure two loan facilities totaling $220 million with $164.9 million currently outstanding.

Shares of DryShips were rising 9.6% to $6.77 in recent trading.

Elsewhere in the shipping space, Eagle Bulk Shipping ( EGLE - Get Report) were rising 9.2% to $8.59, Excel Maritime Carriers ( EXM) was up 9.4% to $8.85, Genco Shipping ( GNK - Get Report) was up 6.7% to $21.70, and Diana Shipping ( DSX - Get Report) was up 2.7% $17.08.