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Diana Shipping (NYSE:DSX): Closing price $10.09
Dry bulk shipping shares are moving up, continuing a rally which started several weeks ago, with a probable fall in the supply of dry bulk ships plus optimism regarding an upturn in global trade may be boosting the stocks, according to Reuters. Meanwhile, analyst Michael Webber at Wells Fargo wrote in a note to investors earlier Friday that the rally has come too early and warns that several firms in the sector may not survive. Specifically, he believes that the balance sheets of Eagle Bulk Shipping (NASDAQ:EGLE), Exel Maritime (NYSE:EXM) and Genco Shipping (NYSE:GNK) pose significant risks, while DryShips (NASDAQ:DRYS) might have to sell more shares in order to reinforce its balance sheet. Webber maintained Underperform on Diana Shipping , Eagle Bulk Shipping, Excel Maritime and Genco, and maintained Market Perform on DryShips and EuroSeas (NASDAQ:ESEA). Shares closed up 5.1 percent on Friday at $10.09, and have traded in a 52-week range of $8.57 to $9.83.
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