Shipping executives last year consistently downplayed fears of a glut, arguing that enough new ship orders would be canceled to thwart a crushing oversupply of ships. Those assurances may have been premature.

As the industry enters fourth-quarter earnings season, investors will be paying close attention to the words of those same executives, to see whether their tune has changed.

In late-morning trading Monday, Genco Shipping & Trading was falling 2% to $13.05, Diana Shipping was losing 1.4% to $11.78, Eagle Bulk Shipping was declining 3.3% to $4.47, and Excel Maritime was down 2.6% to $4.90. Volumes were heavy across the board.

Fan favorite DryShips, whose oil-rig operations now dominate the company, at least in terms of perception, also saw its shares decline Monday. The stock was trading recently at $4.89, down about 2%.

-- Written by Scott Eden in New York

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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