Boston, MA 11/04/2013 (wallstreetpr) – DryShips Inc. (NASDAQ:DRYS) has wide interest in ocean cargo and crude oil transportation services. The holding company operates tankers and drybulk vessels. Through its ultra-deepwater drilling business unit, DRYS also owns and operates offshore drilling services. Last Friday, the shipping company’s stock gapped up 11.23% on the browser to settle $3.07 ahead of its Q3 data release Monday, Nov. 4. On Friday, DRYS closed at $1.24 billion in market cap having traded heavier than the daily average.
The Friday’s trading uplifted spirits on this shipping company after several months of lackluster performance both in stock price and earnings. But it seems with the pressure in drybulk transportation rates easing up, the company looks poised for a season of positive earnings, although Q3 is till expected to come in losses. The exciting thing is that the losses this time around are likely to come in narrower than in the previous quarter. For the Q3, analysts are expecting a loss of $0.06 per share, an improvement from $0.09 per share loss a year earlier. Perhaps this explains why interest soared on this stock in last weeks closing.
DRYS’ F2013 report is expected to come in at a loss of $0.25 per share. The revenue for the Q3 is expected to gap up 3% to $352.7 million, up from $343.6 million in the comparable quarter a year ago. The revenue for the F2013 is expected to come in at $1.40 billion. DRYS is among the several water transportation services companies expected to report this week and the weeks ahead.
DRYS’ operations involve Ocean Rig Corcovado, Ocean Rig Mykonos, Ocean Rig Olympia and Ocean Rig Poseidon, all four being sixth generation and advanced ultra-deepwater drillships. As of Dec 31’11, DRYS had Eirik Raude and Leiv Eiriksson as its two fifth generation ultra-deepwater offshore drilling rigs. However, earlier this year, the drybulk operator sold two of its tankers which were under construction.
