Eagle Bulk Shipping Inc (EGLE)

[stocksablaze]

Upgrades Power Dry Bulk Shippers

The dry bulk shipping sector was up on Tuesday on a slew of upgrades.
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GNK 20.36 +1.52
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Analyst Dahlman Rose upgraded a number of dry bulk shipper stocks, sending shares higher by as much as 16%. The analyst noted that it had been bearish on the stocks last summer due to declining global steel demand, but the firm now believes that industry dynamics have turned positive and it bumped six companies up to Buy ratings.

As a whole, the Dry Bulk Shipping Stocks Index is ahead by 6.5%. It is now ahead of the S&P 500 by 12% over the last month.

Stocks benefiting from new Buy ratings include Diana Shipping (NYSE: DSX - News), Eagle Bulk Shipping (NASDAQ: EGLE - News), Genco Shipping & Trading (NYSE: GNK - News), Paragon Shipping (NASDAQ: PRGN - News), Safe Bulkers (NYSE: SB - News), and Star Bulk Carriers (NASDAQ: SBLK - News). All six are trading higher by more than 6%.

Excel Maritime (NYSE: EXM - News) was also upgraded to Hold from Sell. The stock is up by 7% on the news.

DryShips (NYSE: DRYS - News) was not the recipient of an upgrade from Dahlman Rose. Still, shares are up by 4% today after the company announced an $86 million debt covenant waiver, bringing the company's total waivers to about $1 billion. CEO George Economou suggested that more waivers could be on the way, stating, "We continue to have constructive discussions with the remainder of our banks."

As of this writing, the Dry Bulk Shipping Stocks Index is one of the top-30 performing tickerspy Indexes over the last month with gains of 16.9%.

Investors can follow the Dry Bulk Shipping Stocks Index and view related performance charts and metrics at tickerspy.com.

http://finance.yahoo.com/news/Upgrades-Power-Dry-Bulk-indie-15291525.html?.v=1