DryShips Inc.Recovering Slowly from the Effects of Economic Crisis of 2008
Posted about 1 hour ago
Dallas, Texas, 09/25/2013 DryShips Inc. (NASDAQ:DRYS) is an Athens, Greece based dry bulk shipping company. The company was incorporated in the year 2004 to operate its drybulk carriers worldwide. The company’s dryships vessels carry cargoes of many companies in different trade routes. DryShips presently transport wide range of minerals and steel products from one country to another country using its several multi trade routes. DryShips as of now own 42 dry bulk carriers along with 10 drill rigs with the help of its majority owned subsidiary. The company is listed on NASDAQ and trades under the symbol DRYS.
Since the last financial crisis of 2008, DryShips has encountered a huge amount of loss. In the last 5 years, the company’s shares lost 95% of its value. The company just before the financial crisis made some huge capital investments and also increased its number of fleets. However, after a long span of five years, the company seems to be recovering from the crisis.
According to several experts, the company has sold a part of its assets to gain back its economic volatility. DryShips went through a series of liquidity and solvency crunch problems earlier but now such issues are getting disappeared slowly. At present, the company has a cash balance of $380 million against $3.3 billion debt. The debt figures are still high against the existing cash balances, however, situations have improved. Moreover, the company officials are much confident about its future earnings. The company’s earnings per share have substantially increased 23 cents against a loss of 26 cents earlier the same time this year. Analysts have also predicted that the company will return to good financial shape and will post profits in 2014 and have estimated EPS of around 23 cents. The trend in the Baltic Dry Index also signifies that the stock may enter into a long term rally.
Analysts have also predicted that the company will return to good financial shape and will post profits in 2014 and have estimated EPS of around 23 cents. The trend in the Baltic Dry Index also signifies that the stock may enter into a long term rally.