Shipper Prices Share Offering; Watch Shares Sink (EGLE, DRYS, EXM, GNK, DSX, FRO, NM, RBS, SAN)

June 26, 2012 at 10:17 pm Leave a comment

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Dry bulk shipper Eagle Bulk Shipping Inc. (NASDAQ: EGLE) filed a Form S-3 with the SEC this morning announcing the sale of up to 3.15 million shares of common stock priced at $2.84. Shares closed at $3.14 last night, working out to a discount of nearly 10% for today’s offering.

Rising fuel costs and a slowing global economy has hit the dry bulk shippers hard. Cargoes of iron ore and coal have decreased, and day rates all but collapsed at one point. The Baltic Dry Index has recently come back to nearly 1,000, although that’s still very low, and fuel costs have moderated somewhat. Shippers like DryShips Inc. (NASDAQ: DRYS), Excel Maritime Carriers, Ltd. (NYSE: EXM), Genco Shipping & Trading Ltd. (NYSE: GNK), Diana Shipping Inc. (NYSE: DSX), Frontline Ltd. (NYSE: FRO), and Navios Maritime Holdings Inc. (

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