Expect Smooth Sailing for DryShips
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As regular readers would know, DryShips has been one of my favorites for some time, as both myself and Paul have published a number of research articles on this one including a report on how DRYS was trading well behind the Baltic Index. DRYS and GE marked our financial services divisions’ first “house trades” over the last few months and Buzz Inc has good sized positions in both.
DryShips Inc reported better than expected quarterly earnings, helped
by the recent rise in spot charter rates that the Baltic Index
indicated 2 months ago. DryShips also seen an increased contribution
from its offshore drilling segment.
Charter rates for drybulk ships which carry commodities such as iron
ore, coal, and grains have been improving over the last few months. Day
rates for capesize ships averaged about $40,000 a day for the second
quarter, double the first-quarter average of about $20,000. “The last
several months the dry bulk freight markets have recovered to healthy
levels led by strong growth in China,” Chief Executive George Economou
said in a statement. “We are also beginning to see signs of improvement
from other regions, with steel mills in Europe, Japan and elsewhere
restarting idle capacity,” he added.
DryShips claims it now has about 87 percent of its shipdays in 2009 and
2010 fixed, which would by my estimates deliver bumper earnings in the
next few quarters.
In the second quarter of 2009, the company reported a net profit of
$52.8 million, 24 cents a share, compared with $299.8 million, $6.95 a
share, last year.
Excluding items, the drybulk shippers’ earnings for the latest quarter
was 25 cents a share. Analysts, on average, had expected earnings of 23
cents a share.
Total revenue fell 30 percent to $210.5 million, caused by the crash in
charter rates from last year. Analysts had forecast revenue of $202.9
million.
Source: Seeking AlphaSearch to find what you want
Loading- Grindrod warned investors on profits
- Increased demand to boost South African steel producers
- Increased demand to boost South African steel producers
- Kirby Corporation Announces Results of the third quarter of 2009
- Nicor earnings below 21 percent in 2Q
- Sinopec, PetroChina better than in Q1-3
- Genco Shipping tops Street on Charter
- North gives annual report 2009 and outlook for 2010
- Frontline in the third quarter and nine months 2009 Results
- Omega Navigation: Clear Seas Ahead
- Port of Tauranga profits up despite fall in freight
- Vote Maersk chief vows to undercut the fight
- Ensco International Reports Third Quarter 2009 Results
- Ensco International Reports Third Quarter 2009 Results
- Ensco International Reports Third Quarter 2009 Results
Shareholders are advised that Grindrod expects its earnings per share and headline earnings per share for the financial year ended 31 December 2009 to decrease by between 55% and 65% compared to the previous year. This is as a result of considerably lower shipping markets, reduced profits on disposal of
ArcelorMittal SA is likely to follow the same trend in its year end results announcement next week as global steel makers, who have reported lower earnings for last year but an improving outlook for this year. Mr Hennie Vermeulen, steel analyst at Kagiso Securities, said that he expected ArcelorMittal SA
ArcelorMittal SA is likely to follow the same trend in its year end results announcement next week as global steel makers, who have reported lower earnings for last year but an improving outlook for this year. Mr Hennie Vermeulen, steel analyst at Kagiso Securities, said that he expected ArcelorMittal SA
Kirby Corporation (“Kirby”) (NYSE:KEX) today announced net earnings for the third quarter ended September 30, 2009 of $35.0 million, or $.65 per share, compared with net earnings of $41.8 million, or $.77 per share, for the 2008 third quarter which included the impact of Hurricanes Gustav and Ike.
Nicor said that its second-quarter earnings fell 21 percent as improved performance in its gas distribution business was not enough to offset a smaller profit from its shipping operations and lower corporate operating results. Nicor said it earned $22.9 million, or 50 cents a share, for the quarter ended June 30,
China Petroleum & Chemical Corporation obtained earnings per share of CNY 0.573 in the first three quarters of 2009, outpacing CNY 0.44 of PetroChina Company Limited.
Genco Shipping & Trading the dry bulker, managed to beat Wall Street targets Wednesday, citing a strong dependence on time charters versus the spot market. The company, in its earnings release, played up the fact that it’s locked in shipping rates with long-term contracts, which has allowed it to avoid the volatility of
Yesterday, the Board of Directors approved the annual report for 2009. The full report is attached as PDF file and contains the following highlights: Highlights: As expected, the fourth quarter was the best of the year affirming the positive trend in operating earnings (EBITDA) seen throughout the year. The
The Board of Frontline Ltd.
Marine transportation provider Omega Navigation Enterprises Inc reported an adjusted third-quarter profit that handily beat estimates, helped by term employment of its vessels. The company said its vessels employed through term time charters has enabled it to present profitable operating results, even in these uncertain times and depressed tanker market.
Port of Tauranga, New Zealand’s biggest export port, posted a 2 per cent gain in first-half profit by reining in costs as freight volumes fell, eroding revenue. Net income was $23 million, or 17.2 cents a share, in the six months ended Dec. 31, from $22.5 million, or 16.8 cents
A.P. Moller – Maersk Group Chief Executive Nils Andersen has indicated the group’s shipping unit, Maersk Line, will not allow rivals to steal market share in the depressed rate environment. In an interview with Danish business newspaper Dagbladet Bψrsen, Andersen said: “We will not allow anyone to take market share from
Ensco International Incorporated reported diluted earnings per common share from continuing operations of $1.05 for third quarter 2009, compared to $2.06 per share in third quarter 2008. Earnings from discontinued operations were zero cents per share in third quarter 2009, compared to a loss of $0.09 per share a year ago. Diluted
Ensco International Incorporated reported diluted earnings per common share from continuing operations of $1.05 for third quarter 2009, compared to $2.06 per share in third quarter 2008. Earnings from discontinued operations were zero cents per share in third quarter 2009, compared to a loss of $0.09 per share a year ago. Diluted
Ensco International Incorporated reported diluted earnings per common share from continuing operations of $1.05 for third quarter 2009, compared to $2.06 per share in third quarter 2008. Earnings from discontinued operations were zero cents per share in third quarter 2009, compared to a loss of $0.09 per share a year ago. Diluted
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