Dry Bulk Sector Takes A Hit As New Stock Hits The Market (DRYS, DSX, NAT, NMM)
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The dry bulk sector is taking a hit this afternoon after several companies in the sector have announced secondary offerings.
- Late last week, DryShips (Nasdaq: DRYS) announced it'd be offering another $475 million into the market. DryShips stock sold off on the news of the offering and the following day after DRYS received numerous downgrades with several investment houses. DryShips is continuing to show weakness and is trading down just over 11% today.
- Diana Shipping Inc. (NYSE: DSX) offering of 6 million shares priced at $16.85 late last week has put pressure on its stock. Diana Shipping is down 6.5% to $14.22, while it was trading above $16 prior to announcing the stock offering.
- Nordic American Tanker (NYSE: NAT) priced 4 million shares at $32 this morning, which is actually a 11% discount to where NAT closed yesterday. Nordic American Tanker said the money would be used for acquisitions and for general corporate purposes. NAT is trading down around 11% today to just above $32.
- Navios Maritime Partners L.P. (NYSE: NMM) announced on May 4th that it plans to sell 3.5 million units at $10.32. Navios Maritime Partners L.P. has since traded down 10% and today is down 3.4% to $9.30.
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