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Stock Market & Financial Investment News

News Breaks
March 22, 2013
13:22 EDTDSX, GNK, ESEA, EXM, DRYS, EGLEShipping companies' rally continues but Wells Fargo analyst skeptical
Dry bulk shipping companies are advancing, continuing a rally which began several weeks ago. A likely drop in the supply of dry bulk ships and optimism about an upturn in global trade may be boosting the stocks. Shipping executives said on March 6 that new dry bulk ship deliveries would be below expectations this year, while vessel scrapping would continue to proceed at high rates, reducing competition, Reuters reported. Meanwhile, investors have become more optimistic that the recovery in the Chinese economy will spur increases in global trade, Wells Fargo analyst Michael Webber wrote in a note to investors earlier today. Webber believes that the rally has come too early and warns that multiple companies in the sector may not survive. Specifically, he believes that the balance sheets of Eagle Bulk Shipping (EGLE), Exel Maritime (EXM) and Genco Shipping (GNK) pose significant risks, while DryShips (DRYS) may have to sell more shares in order to shore up its balance sheet. Webber maintained Underperform ratings on Diana Shipping (DSX), Eagle Bulk Shipping, Excel Maritime and Genco. He maintained Market Perform ratings on DryShips and EuroSeas (ESEA). In mid-afternoon trading, Eagle Bulk soared 14.67% to $3.90, Excel Maritime jumped 13.3% to $1, Genco was flat at $3, Diana Shipping rose 6% to $11.20 and Euroseas climbed 5% to $1.05.
News For EGLE;EXM;GNK;DRYS;ESEA;DSX From The Last 14 Days
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February 5, 2016
09:21 EDTDSXDiana Shipping announces direct continuation of time charter agreement
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February 4, 2016
09:19 EDTDSXDiana Shipping agrees to acquire three Panamax vessels
Diana Shipping announced that it has signed, through three separate wholly-owned subsidiaries, three Memoranda of Agreement to acquire from a related party three Panamax vessels for an aggregate purchase price of $39.8M. These vessels are the m/v Sunshine, a 2010 built Panamax dry bulk vessel of 75,700 dwt, the m/v Manzoni, a 2013 built Panamax dry bulk vessel of 75,403 dwt and the m/v Infinity 9, a 2013 built Panamax dry bulk vessel of 77,901 dwt, all built by Jiangnan Shipyard Co., Ltd. The delivery of the vessels to the buyers is expected by the end of March.
January 29, 2016
08:56 EDTDSXDiana Shipping announces time charter contract for m/v Houston With SwissMarine
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