Market Overview

What's Going On With Shippers This Morning?

What's Going On With Shippers This Morning?

The rollercoaster ride for shipping stocks continued on Thursday with shares of DryShips Inc. (NASDAQ: DRYS) jumping 20.5 percent in early trading following news that the company has secured a new $200 million loan from Sifnos and will undergo a “comprehensive refinancing, de-leveraging and strategic repositioning."

DryShips isn't the only shipping stock making headlines on Thursday.

Euroseas Ltd. (NASDAQ: ESEA) shares are up 67.9 percent following news that the company has raised $1 million in funding via a private placement agreement with the company’s largest shareholder, Friends Investment Co. In addition, Euroseas has acquired the M/V RT Dagr feeder containership vessel for 900,000 shares of Euroseas common stock.

Today’s shipping news news follows Wednesday’s news from Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) that the company has prices a $15 million public offering of 10 million common shares and class A warrants. The company said it will use the proceeds for debt repayment and vessel acquisitions. Shares of Seanergy jumped 13.0 percent in Thursday morning trading.

Other shipping stocks are on the move as well. The flurry of fundraising headlines seems to have renewed investor optimism in the shipping space.

Diana Containerships Inc (NASDAQ: DCIX) shares are up 33.0 percent and Globus Maritime Ltd (NASDAQ: GLBS) shares are up 16.5 percent. 


Related Articles (DRYS + ESEA)

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