Rochester,NY 7/9/2009 9:22:25 PM
Morning Stock Report - DRYS - Optimism Can't Lift the Shipping Sector - Sourced WhisperFromWallStreet.com
DryShips, Inc.
Morning Stock Report - DRYS - Optimism Can't Lift the Shipping Sector - Sourced WhisperFromWallStreet.com
DryShips, Inc. DRYS
The Baltic Exchange's Baltic Dry Index (BDI) fell by 2.9% this morning, coming in at 3018. Forward Freight Agreement trading was relatively flat yesterday, with third-quarter BDI contracts closing at 2540 compared with 2523 a day prior.
Overall market trading was supported yesterday by the International Monetary Fund's prediction of a stronger-than-anticipated global rebound in 2010. IMF Chief Economist Olivier Blanchard was quoted saying on Bloomberg, "The global economy is still in recession, but a recovery is coming." But on the back of declining shipping rates and concerns over earnings, this sentiment did not carry over well to the dry-bulk sector, despite an upgrade by Credit Suisse.
Last Trade: 5.28
Day's Range: 5.27 - 5.42
52wk Range: 2.72 - 81.49
Volume: 3,366,282
ABOUT {DryShips, Inc.}
DryShips Inc. engages in the ownership and operation of drybulk carriers worldwide. Its fleet carries various drybulk commodities, including coal, iron ore, grains, bauxite, phosphate, fertilizers, and steel products. As of March 26, 2009, the company owned and operated a fleet of 40 drybulk carriers comprising 7 Capesize, 29 Panamax, 2 Supramax, and 2 newbuilding drybulk vessels, which have a combined deadweight tonnage of approximately 3.3 million. It also owned and operated two ultra-deep water semi-submersible drilling rigs and two ultra deep-water newbuilding drillships. The company was founded in 2004 and is based in Athens, Greece.
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