• BIST 96.121
  • Altın 240,601
  • Dolar 6,2046
  • Euro 7,2854
  • İstanbul 21 °C
  • Ankara 16 °C

Spot rates reduced

Spot rates reduced
On March 24, 2009, DryShips Inc. reported 2008 fourth quarter results. DRYS posted diluted EPS before nonrecurring items of $0.25, down 94% year over year.

On March 24, 2009, DryShips Inc. reported 2008 fourth quarter results. DRYS posted diluted EPS before nonrecurring items of $0.25, down 94% year over year.

On March 24, 2009, DryShips Inc. reported 2008 fourth quarter results. DRYS posted diluted EPS before nonrecurring items of $0.25, down 94% year over year. This was below consensus of $0.66 and our $1.69 estimate, as revenues came in well below expectations. Revenues decreased 9% year over year to $205 million as compared to $224 million for the same period in 2007, largely due to a 49% drop in TCE (time charter equivalent) rates, partly offset by a 3% increase in voyage days to 5,410 days.

We are slashing our 2009 diluted EPS estimate to $0.90 from $4.00, as we have revised our revenue assumptions down to account for substantially reduced spot rates as well as weak volumes due to the global economic slowdown. In addition, there is dilution as DRYS raised $380 million in equity through the sale of additional shares.

In other news, DRYS cancelled 17 vessel contracts worth $2.0 billion, received covenant waivers on $800 million in debt, eliminated the $0.20 quarterly dividend, and received a 3-year contract at for $630 million at Ocean Rig.

We are continuing our Hold recommendation on DRYS. The current Zacks rank for DRYS is 5, indicating near-term selling pressure on the stock. The shares were up 7.6% in trading on Thursday, closing at $5.11.

www.TurkishMaritime.com.tr

This news is a total 927 time has been read
  • Comments 0
    UYARI: Küfür, hakaret, rencide edici cümleler veya imalar, inançlara saldırı içeren, imla kuralları ile yazılmamış,
    Türkçe karakter kullanılmayan ve büyük harflerle yazılmış yorumlar onaylanmamaktadır.
    Bu habere henüz yorum eklenmemiştir.
Other News
  • MOL Launches Sunflower Kirishima20 September 2018 Thursday 10:30
  • GE Shipping Adds VLGC Jag Vasant to its Fleet20 September 2018 Thursday 10:00
  • Gulf Marine Services Bags MENA Contract20 September 2018 Thursday 09:30
  • Georgia Ports Authority Approves $92 Million Rail Expansion20 September 2018 Thursday 09:00
  • Ferry Burns and Sinks off Sulawesi19 September 2018 Wednesday 13:3
  • SENER-design LNG unit for Panfido19 September 2018 Wednesday 13:0
  • BSM Launches a Offshore Division19 September 2018 Wednesday 12:3
  • UK Aircraft Carrier Dodges Hurricane Florence19 September 2018 Wednesday 12:0
  • Boat Built with Recycled Plastic to Highlight Pollution19 September 2018 Wednesday 11:3
  • The USD1trln African Maritime Industry Mulls Further Growth19 September 2018 Wednesday 11:0
  • All Rights Reserved © 2006 TURKISH MARITIME | İzinsiz ve kaynak gösterilmeden yayınlanamaz.
    Phone : 0090 212 293 75 48 | Fax : 0090 212 293 75 49 |