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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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April 15, 2014
05:59 EDTDSXScorpio, Diana Shipping trade well below NAV, says Deutsche Bank
Deutsche Bank says shares of Scorpio Bulkers (SALT) and Diana Shipping (DSX) are trading well below their net asset values following the recent pullback in the names. Deutsche points out that new and secondhand dry bulk asset prices have increased materially since the end of 2013. It reiterates Buy ratings on both stocks.
April 14, 2014
16:40 EDTGNKOZ Management reports 7.32% stake in Genco Shipping
OZ Management intends to monitor the company’s restructuring process, as first described in the Current Report on Form 8-K filed by the company with the SEC on April 3, with the intent of taking any and all actions that OZ Management deems necessary or appropriate to protect and/or maximize the value of their respective investments in the company's securities. Such actions may include, but are not limited to, entering into discussions with the Issuer, management and/or the board. OZ Management may consult with other holders of the company's securities regarding the Restructuring Process.
April 11, 2014
09:00 EDTEGLEEagle Bulk Shipping falls 6.7%
Eagle Bulk Shipping is down 6.7%, or 28c, to $3.90
April 7, 2014
11:05 EDTGNK High option volume stocks: EXC QCOR SQQQ GNK PPG
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April 4, 2014
12:00 EDTEGLEEagle Bulk Shipping rises 12.8%
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12:00 EDTGNKGenco Shipping rises 37.9%
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11:24 EDTGNKGenco Shipping downgraded to Sell from Hold at Maxim
Maxim downgraded Genco following the reorganization plan that provides warrants in the new company to existing shareholders.
10:42 EDTGNKHigh option volume stocks: FENG GNK JRJC DLLR SPN
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10:03 EDTGNKGenco Shipping in restructuring support agreement with certain lenders
Genco Shipping & Trading disclosed in a regulatory filing last night that the company and certain subsidiaries entered into a restructuring support agreement with certain lenders. The support agreement provides, subject to its terms and conditions, among other things, that the supporting creditors agree to timely vote to accept the proposed plan of reorganization contemplated by the agreement, support approval of the disclosure statement in respect of the plan and the cash collateral order contemplated, neither join in nor support any objection to the disclosure, the cash collateral order, the solicitation procedures, or the plan, or otherwise commence any proceeding to oppose or alter any of the terms of the plan or any other document filed by Genco in connection with its confirmation, and use commercially reasonable efforts to support, consent, and take other actions in connection with the company’s restructuring and the Chapter 11 case. The plan would entail, among other things, a $100.0M rights offering for 8.7% of the pro forma equity in reorganized Genco, subject to dilution by the New Genco Warrants and the MIP Warrants. Eligible 2007 Facility lenders will have the right to participate in up to 80% of the rights offering, which portion will be backstopped by supporting 2007 Facility lenders, and eligible holders of Convertible Notes will have the right to participate in up to 20% of the rights offering, which portion will be backstopped by the supporting noteholders.
10:00 EDTGNKGenco Shipping rises 77.8%
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09:36 EDTGNKActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA MU GNK AMZN FB GILD MA NFLX

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