NEW YORK (TheStreet) -- Shipping companies navigated rocky waters on Monday in an industry-wide sell-off, with DryShips (DRYS) experiencing the deepest losses in relation to market cap value. The Greece-based freight company sank 10.2% to $3.08 as of 3:10 p.m. EDT.
Rival ocean freight companies also saw heavy losses. Diana Shipping (DSX) fell 1.5%, Navios Maritime Holdings (NM) lost 5.9%, while micro-caps Paragon Shipping (PRGN), Euroseas (ESEA), Eagle Bulk Shipping (EGLE) and Genco Shipping & Trading (GNK) dropped 4.7%, 5.9%, 9.1% and 11.3% respectively. Comparatively, the S&P 500 shed only 0.09%.
DryShips has experienced a volatile October, since it announced a $200 million share offering earlier in the month.
"Drybulk shipping rates and ship values have increased recently and we believe this trend will continue particularly in the larger asset classes," said CEO George Economou in a statement. "We believe this is an opportune time to flexibly access the equity capital markets to reduce some or all of our funding needs through 2014 that we currently estimate at $150 million."
Since the announcement on Oct. 4, shares has plunged 17.3%. Despite the recent plunge, shares have jumped 91.9% year-to-date, far outpacing the S&P 500's 22.17% gain.
TheStreet Ratings team rates DryShips INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DryShips INC (DRYS) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."