Tuesday, March 3, 2009

Dryships is busy

Dryships gave an update today on four items

* Reduces sale price of M/V Paragon to $30.8 mln (half or original price)

* To recognize $2.4 mln gain on sale in Q1 2009

* Settles dispute with the buyers of M/V La Jolla

* Commences arbitration against Samsun Logix


It's rocky times for everyone, not just bulk shipping carriers, but I would bet this news is just the tip of the iceberg.

Also, I just realized, they make no mention of their ship, M/V Saldanha, which was hi-jacked by pirates.

Humm, that makes me wonder if they are trying to "throw us off the scent".

DRYS stock closed at 2.79 today, which is a 5 year low, if not an all time low.

And, to any of you thinking about buying this stock because it's so cheap.

Don't.

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