When you look at DRYS earnings, you need to look at several things...
First, DRYS tankers in Q3 averaged $15k per day. Ten vessels, $150k per day. Today, they earn $600,000 per day as a fleet. This Q the average will likely come in around $25-30k. So tankers doubled. Panas, the only ships on spot, average about $9,000 a day in Q3. 24 of them brought in $216k daily. Now, they are bringing in about $500k daily as a group and have averaged about $450k a day for most of Q4.
The shipping segment will put up good numbers for Q4. Even better for Q1 is possible if the coal and grain trade holds up and the Bosphorus and other areas keep experience weather delays. Ore is most likely going to fall, but that would affect only the Capes, which are on time charters at DRYS so no change.
ORIG will have new rigs on line for 2014. They will start paying a dividend, of which DRYS will get about $50 million annually. It's finally looking a bit like things are going to start to flow to the bottom line instead of into George's pockets.