In trying to figure out the big jump today in the shipping stks...I believe KLC, was leasing bulkers from different drybulkers, of which, one was Drys???? About a yr or so ago... They couldn't pay thier bills... They just paid EGLE $33M, that they owed them!!! That was big bucks to EGLE!!!! They rolled it into earnings.. And with only 16M shrs outstanding... EGLE reported an 8 cent profit vs a big loss!!! Hey $33M represented over $2. per shr to EGLE!! Whether its EGLE reporting a profit, or this upmove is just manipulation, we will just have to wait and see... In reality, it looks like to me.. EGLE would have been filing BK, if it hadn't been for that $33M infusion!!! But even if KLC does pay Drys money owed.. Don't get too excited!!!! It wouldn't make a ripple!!! Drys reported 380M shrs outstanding.. But I believe if the truth were known??? Only Geo knows how many shrs have really been issued...Like the shrs issued to obtain loans???
JR , this was stickily a day traders move today. If one was in it they made money. It will happen again as the shipping market next year starts to show signs of equilibrium. Don't know if all those that are listed will make it to that point but these shipping companies sure seem to die a really slow death.
MW, I have concluded...As there is already a glut of bulkers...And Drys has more newbuilds coming.. How many more newbuilds are being built by others??? Reality: Those bulkers have a life of 20 to 25 yrs... I can't see equilibrium next yr.. In fact.. Not in my lifetime... Mind you.. I am 70 yrs old and drink all I want!!! And have been smoking for 55 yrs!!!! Never messed with dope.. But as so many people smoke pot!!! Wondering... If I really missed something??? They aught to pass a law.. At 70 yrs old... You aught to be able do anything you want to, as long as you ain't endangering, someones elses life... Like being too drunk or high to drive!!!! MW, I have let it be known.. I ain't got no money no mo!!! And got no money in the mkt!!! Bottom line:: As far as Drys.. I want to see how much more money ole Geo can make off it... My best figures to date.. He has pocketed about $2B from all the stk that has been sold in Drys and Orig?? And how much of that $4.5B debt ended up going to him??? And what happened to all those profits, Drys reported for several yrs.. When those bulkers were reprting good earnings??? Those dudes on American Greed?? Don't hold a candle to ole Geo... They just didn't go to MIT, and figure out how to do it legal!!!! Well not exactly legal!! But when you incorperate a Greece based Co, in the Virgin Isles or ever where it is.. That they don't have the same laws as U.S. based Cos. That should tell you something!!!! I assume you do read those earnings reports.. Maybe the only thing on them, that is true!!! They do state they are unaudited!!!!!!!!!!!!!!!!!!