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March 22, 2013
13:22 EDTDRYS, EGLE, DSX, GNK, ESEA, EXMShipping 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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July 31, 2015
17:15 EDTGNKGenco Shipping files to sell 30.86M shares of common stock for holders
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08:13 EDTDSXDiana Shipping reports Q2 EPS (19c), consensus (19c)
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July 27, 2015
10:00 EDTDSXOn The Fly: Analyst Downgrade Summary
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05:55 EDTDSXDiana Shipping downgraded to Sell from Hold at Evercore ISI
July 23, 2015
08:19 EDTDSXDiana Shipping announces time charter contract for m/v Clio
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July 22, 2015
09:14 EDTDRYSDryShips to write-off $16.5M in overdue receivables
DryShips announced the agreement with one of its charterers to write-off about $16.5M in overdue receivables related to charter hire payments due on 11 vessels on time charter. As part of the transaction, the charterer has agreed to forgo the exercise of certain "in-the-money" purchase options related to 7 vessels on time charter and provide new charters for 11 vessels at $12,500/day gross with 50-50 profit sharing starting as of June 1 and for an average period of about 4.5 years.

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