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Newbuildings flood the market

Newbuildings flood the market
Dryships is warning of an oversupply of dry bulk vesseld next year as newbuildings flood the market.

Dryships is warning of an oversupply of dry bulk vesseld next year as newbuildings flood the market.

Dryships is warning of an oversupply of dry bulk vesseld next year as newbuildings flood the market.

?While drybulk shipping demand is projected to remain strong for the coming years, the large orderbook remains a cause for concern, especially for 2010,? said Dryships chairman George Economou in the company"s third-quarter financial statement.

He said that the number of newbuilding deliveries this year was far lower than expected and there was some hope that cancellation and delays would alleviate the supply situation.

Mr Economou said Dryships" own bulk fleet was almost entirely fixed for the remainder of this year and 2010, and had 77% coverage for 2011.

With $1.4bn in earnings from its dry bulk fleet fixed over the two-and-a-quarter years, he said the company was well positioned to take advantage of acquisition opportunities.

Dryships reported a third-quarter net profit of $35.6m, compared with $180m in the same period a year earlier. This year"s third-quarter profit was dragged down in part by a $39.3m loss from interest rate swaps.

www.TurkishMaritime.com.tr

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