- Greek dry bulk carrier DryShips Inc (DRYS) said it reached an agreement with HSH Nordbank on waiver terms for $654 million of its outstanding debt. "This facility covers 23 of our drybulk vessels," Chief Executive George Economou said in a statement.
- DryShips has already received covenant waivers for about $1 billion of its debt.
With that the whole dry bulk sector is on fire (of course that is based in logic)- I am expunging my trading shares in Excel Maritime (EXM) on this news, and cutting the position in half. (I had sold a smaller stake yesterday as well). Obviously the news in DRYS has nothing to do with other dry bulk shippers but in our "student body left", "every stock in the sector is the same" trading nowadays - they all go up, or down together.Excel Maritime (EXM) is still dirt cheap, and if it breaks above this double top (around $10) it would be a candidate to rebuy for a potential new leg up. Instead I'll hope for a pullback when the student body runs back right next week.
Long Excel Maritime in fund; no personal position
