Shipping stocks were down Wednesday as oil slid below $43 per barrel and another company sought debt restructuring.

According to Reuters, TBS International ( TBSI) said it is currently negotiating for loan covenant waivers with its lenders. The company also will delay its fourth-quarter and full-year earnings report pending the waivers. Its shares got slammed Wednesday, falling 31.5% to close at $5.10.

TBS joins DryShips ( DRYS) and Eagle Bulk Shipping ( EGLE) in seeking covenant waivers necessitated by anemic freight rates and other harsh economic realities. DryShips closed the day down 8.1% to $4.20, and Eagle Bulk fell 10.5% to $4.68.

Elsewhere:
  • Diana Shipping (DSX) fell 4.6% to $12.91.
  • Genco Shipping (GNK) plunged 13.6% to $12.17.
  • Excel Maritime (EXM) fell 6.6% to $4.14.
  • Euroseas (ESEA) rose 5.8% to $4.41.
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