Diana Shipping (NYSE:DSX) Stock Fell 13%: How to Play This Week?
The global shipping firm Diana Shipping (NYSE:DSX) saw its stock get into a negative spiral last week and investors are going to be watching closely if the stock manages to mount a recovery this week.
The stock tanked by as much as 13% last week amidst a considerable selloff. However, at the same time, it is necessary for investors to keep in mind that there was no news with regards to the shipping company last week that might have led to this decline. In this regard, it might be worthwhile for investors to perhaps take a look at a development from June 10.
The company, which is known for owing dry bulk vessels, announced on that day that it signed a time charter contract with the Bermuda based C Transport Maritime Ltd. The contract is in relation to one of the Capesize dry bulk vessels owned by Diana Shipping in Boston. The gross charter rate for the vessel is set at $25000 for a single day, without the 5% commission that is going to be paid to some third parties. The contract is going to be in place at least until April 15, 2022. The contract can go on up until June 15, 2022.
Market Reaction:
On Friday, DSX stock went down 7.40% at $4.64 with more than 3.11 million shares, compared to its average volume of 1.30 million shares. The stock had moved within a range of $4.5650 – 5.0000 after opening the trade at $5. Over the past 52-week, the stock has been trading within a range of $0.9000 – 3.9600.
