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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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April 28, 2015
07:38 EDTDSXDiana Shipping acquires Kamsarmax dry bulk vessel
Diana Shipping announced that on April 27, it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party the m/v Torm Island, a 2010 built Kamsarmax dry bulk vessel of 82,194 dwt, for a purchase price of $18.05M. The vessel is expected to be delivered to the buyer during the second quarter of 2015. The company also announced that it signed, through a separate wholly-owned subsidiary, an agreement to acquire from an different unaffiliated third party a new-building Capesize dry bulk vessel of approximately 180,000 dwt, being built by Shanghai Waigaoqiao Shipbuilding Co., Ltd., for a purchase price of $43M The vessel, "Hull No. H136, is expected to be delivered to the buyer during August 2015. The second transaction is subject to final negotiation and execution of a novation agreement among the builders, the buyer and the seller.

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