They had contracts to fulfill. These will be changed to spot pricing as they expire and as they sell off their inventories of ore. Those who thought this would be instantaneous were being stupid.
He's the absolute worst analyst of DRYS in it's history. He was long and pumping it in 2011. Now he's short and bashing it just when the turn is at hand, ORIG is starting to really pay off and the tanker fleet is earning so much that it fully supports the entire spot bulker fleet. He's an idiot of profound proportion.
English not your native tongue? Or is it you just don't pay attention to details when you read something? Shipments of iron ore were up 25% in May over April. April sucked and May was 7 weeks ago. Chinese miners did not and will not just STOP mining and STOP shipping ore already mined because prices dropped all at once, as a group and forever. They actually produced MORE in the first six months of this year than last. They WILL slow down, and by a bunch, as prices persist at low levels, contracts run out and imported ore takes over.
That's really helping DRYS and no other bulker company. And no other bulker company just got word that they will be paid a $15 million dividend in a few weeks. That DRYS is lumped with other bulker companies and considered by some to be the "bellwether" of dry bulk stocks shows how little research many "investors" even at large funds and institutions bother doing.
compares to their income statement for the last quarter. Take DSX. Revenue of $41.1 million. Vessel operating expenses of $20.1 million. G&A of $6.2 million. STOP. DRYS gets ALL of the $15 million. No expenses at all come out. DSX also had $2.4 million in voyage expenses, $2 million in interest expense AND $16.9 in depreciation/amortization. So the $15 million DRYS gets is the equivalent to about $65 million in quarterly revenue at DSX.
I was looking at the 6 month chart. Currently, the 50 day is 38.14 and rising. The 200 is at $39.06 and falling. The cross should happen in a few weeks or so.
"But GE has been taking so much.. Like average of over 1/2 billion per yr.."
That's a lie and further proof you don't understand the first thing about financials when you "read" them.
And earnings for SDRL is growing fast. Dividend will be increased. This is arbitrage, not selling.
"As Drys keeps getting more worthless every day!!"
Hmmm… They paid down debt of over $100 million in the last two quarters, have added a UDW drill ship to ORIG and added probably $200 million in cash and have arranged for the easing of the short term debt problem at what is likely to be at a much lower interest rate. The only thing you have to hang your hat on is the weak BDI. You think it will stay weak as demand for dry bulk grows and the fleet growth subsides?
$7 as I expect a BDI print of 4000 and ORIG dividend increase of 10% along with ORIG earnings boost of 20% from Q1. The sector will become exciting again as the pundits expound about the rising BDI.