Shipping Stocks: Monster Wave

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) 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 (GNK) shares were up a whopping 37.8% to $4.08.
  • DryShips (DRYS) shares were up 33.7% to $3.73.
  • Genco Shipping (GNK) was down 18% to $10.67.
  • Excel Maritime (EXM) was up 22.5% to $4.03.
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