Top leads surge

Shipping stocks on New York stock markets took flight Thursday, led by Top Ships and Excel Maritime Carriers.

Stocks rose in New York Thursday.

Bulker owner Excel Maritime Carriers, meanwhile, saw its shares jump by 17.9% to $5.59 a day after the company revealed that it received waivers on loan covenants and received a $45m cash infusion from chairman Gabriel Panayotides.

"We believe [Excel's] successful waiver negotiations and principal repayment deferral are positive signs for the viability of the group, as it demonstrates that banks are still willing to work with ship owners and do not (yet) have an appetite for seizing vessel," Wachovia analyst Justin Yagerman said Thursday.

Vessel owning shares rallied across the board, however, as all but a few were in positive territory as transport and industrial stocks pushed indexes higher in New York. The Claymore/Delta Global Shipping fund, made up mostly of US-listed shipping stocks, gained by 7.3% to $9.36.

Also showing major gains was Trico Marine Services, whose shares jumped by 15.2% to $2.43 in late-afternoon trading.

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