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Market Overview

National Bank Of Greece, Shippers Selling Off… Except For Euroseas


As expected, shares of Greece-based companies were trading lower for the most part on Monday.

Shippers Mostly Lower

Shares of Capital Product Partners L.P. (NASDAQ: CPLP), one of the largest Greek-based shipping companies by market cap were trading lower by 0.90 percent late Monday morning. The company owns and operates 30 modern high specification vessels which include four Suezmax crude oil tankers.

Danaos Corporation (NYSE: DAC), a Greek-based owner of container ships saw its shares lower by 5 percent. Small-cap shipping companies, including DryShips Inc. (NASDAQ: DRYS) were also lower. Shares of DryShips were lower by more than 2 percent and were trading within a penny of its 52-week lows of $0.56.

One notable outlier within the shipping sector is Euroseas Ltd. (NASDAQ: ESEA). The provider of ocean-going transportation services (with a market cap of just above $40 million) saw its shares spike higher by more than 4 percent after the company postponed its 1-for-10 reverse stock split to July 22.

National Bank Of Greece Plunging

Shares of National Bank of Greece (ADR) (NYSE: NBG) were trading lower by nearly 13 percent Monday.

The bank is among the largest providers of a range of financial services and investors are seeing its shares drift towards its 52-week lows of $0.88 which were established at the end of June.

Greek banks have been closed since last week and were expected to re-open on Tuesday. However, various media reports are now suggesting that the government will extend the forced closures of banks beyond Tuesday.


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