Dry Bulk Sector Outperforming as DryShips Wins 3-Yr Petrobras Contract (DRYS, NM, EGLE, more)

The entire dry bulk shipping sector is soaring today amid positive news out of the most heavily traded stock in the group, DryShips (Nasdaq: DRYS), and a Baltic Dry Index which is moving higher. The BDI is currently up about 14 points to 1,492.

Before the market opened, DryShips announced that it has been awarded a 3-year employment contract with Petrobras (NYSE: PBR) for exploration drilling in the Black Sea for its semi-submersible rig, the Leiv Eiriksson. The stock most recently traded at $5.55, up 9.5% from yesterday's closing price.

Around the sector:

• Frontline (NYSE: FRO) up 5%
  
• Teekay (NYSE: TK) up 1.7%
  
• Genco Shipping & Trading (NYSE: GNK) up 4.6%
  
• Excel Maritime (NYSE: EXM) up 5.2%
  
• Navios Maritime (NYSE: NM) up 12%
  
• Eagle Bulk Shipping (Nasdaq: EGLE) up 14.6%
  
• Safe Bulkers (NYSE: SB) up 9%
  
• Euroseas (Nasdaq: ESEA) up 4.9%
  
• Paragon Shipping (Nasdaq: PRGN) up 9.5%

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