Updated from 1:43 p.m. EDT

Shipping stocks were solidly in the green Monday after Maersk Line became the latest carrier to say it will raise freight rates, starting in the weeks ahead.

A precipitous decline in freight rates plus a glut of vessels that outstrips demand have done a number on the sector, which is well off its highs from a year ago.

According to Reuters, Maersk Line, a unit of A.P. Moller-Maersk, will raise rates between Asia and Europe. The changes will take effect in two stages, first in April and then again in July.

Last month, APL, a unit of Singapore-based Neptune Orient Lines, announced freight rate increases. According to a press release dated Feb. 19, APL will raise its rates between $100 and $175 for eastbound routes from Europe to Asia, beginning next week. For shipments from Asia to Europe, the increase will be $250, effective April 1.

Furthermore, as RealMoney.com's Rev Shark contends, the dry bulk group tends to mirror changes in oil prices, which headed back toward $50 a barrel Monday.

With this in mind:

  • Diana Shipping (DSX) ended the day up 4.4% to $12.38.
  • Eagle Bulk (EGLE) finished up 11.2% to $5.05 after an intraday high of $5.44.
  • Genco Shipping (GNK) closed up 4.4% to $12.83.
  • Excel Maritime (EXM) was up 3.3% to $4.04.
  • DryShips (DRYS) rose 10.6% to close at $4.06.
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