DryShips, Inc. engages in the ownership and operation of drybulk carriers worldwide. The company’s fleet carries various drybulk commodities, including coal, iron ore, grains, bauxite, phosphate, fertilizers, and steel products. As of March 14, 2008, it owned and operated a fleet of 46 drybulk carriers comprising 5 Capesize, 31 Panamax, 2 Supramax, and 8 newbuilding drybulk vessels with a combined deadweight tonnage of approximately 4 million tons. The company was founded in 2004 and is headquartered in Athens, Greece.
As part of its fleet renewal and expansion program, DryShips Inc. (Nasdaq: DRYS) today entered into an agreement to sell three of its old vessels. One of the three vessels was delivered to the new owners on last month, while the remaining two are expected to be delivered during the fourth quarter of 2008 and first quarter of 2009 respectively. The company has also entered into agreements to acquire four Panamax bulk carriers for en bloc acquisition price of up to $400 million. In a press release, DryShips Inc.'s chairman and CEO said he is pleased to announce the vessel acquisition and disposals, which are in line with the company’s stated strategy of continued fleet renewal and expansion. He further stated that the transactions reiterate DryShip’s positive outlook on the fundamentals of the drybulk industry and reinforce their position of taking advantage of the strong freight environment with their large, versatile and modern fleet. Based in Greece, DryShips owns and operates drybulk carriers that operate worldwide.
Analysts'
Recommendation: | Buy |
| 30 Days Ago: | Buy |
|
| Analysts' Target: | $123 |
| Analysts' Targets |
| Cantor, Fitzgerald | $123 |
| Buy |
| Wednesday, May 21, 2008 |
$73.22 (07/07/08)
