Today, 12:42 PM
Today, 9:12 AM
Yesterday, 9:09 AM
- DryShips (NASDAQ:DRYS) pops in premarket action after providing a bank update.
- The company says an entity by CEO George Economou has become the lender of record under its $85.1M syndicated loan previously arranged by HSH Nordbank.
- The transaction puts a majority of DryShips's debt in the control of Economou affiliates.
- DRYS +17.14% premarket to $6.15.
Tue, Nov. 29, 12:42 PM
Wed, Nov. 23, 10:29 AM| Wed, Nov. 23, 10:29 AM | 10 Comments
Wed, Nov. 23, 9:16 AM| Wed, Nov. 23, 9:16 AM | 3 Comments
Tue, Nov. 22, 12:48 PM
Mon, Nov. 21, 12:41 PM
Mon, Nov. 21, 9:15 AM
Mon, Nov. 21, 9:02 AM
Fri, Nov. 18, 9:15 AM| Fri, Nov. 18, 9:15 AM | 1 Comment
Thu, Nov. 17, 7:37 PM
- Today's trading brought a reality check for dry shippers: DRYS closed -85%, DCIX -68%, GLBS -58%, SHIP -46%, ESEA -43%, TOPS -28%, SINO -26%, GNK -24%, PXS -23%, EGLE -22%, DSX -15%, NMM -5%.
- DryShips lit the fuse when it announced a share sale to raise $20M, but and Diana Containerships and Diana Shipping chimed in with quarterly earnings that missed expectations (I, II).
- "It's people coming to their senses," says Stifel's Benjamin Nolan, who covers maritime sectors. "These kinds of extreme rallies that aren’t entirely linked to fundamentals don't tend to be permanent."
- Investors likely also were worried that other companies would follow DRYS' lead with their own stock offerings.
- "Given the sheer size of the volume and the continued (relentless) pricing movements, we believe momentum based algorithms (quant trading) are likely a very significant factor/catalyst at this point," says Wells Fargo's Michael Webber.
- But Webber also says the troubled sector provides an opportunity for longer-term investors once the market settles down.
Thu, Nov. 17, 12:47 PM
Thu, Nov. 17, 10:54 AM
- DryShips (DRYS -60.6%) plunges after resuming trading following a halt and announcing an offering earlier this morning, and many of the other shippers are reacting with sharp reversals.
- Among DRYS shipping peers: GLBS -46%, ESEA -36%, SHIP -33%, EGLE -18%, GNK -16%, DSX -11%, DCIX -10%, SALT -9%, SB -2%, GOGL -1%.
Thu, Nov. 17, 9:45 AM
- DryShips (NASDAQ:DRYS) is halted at the open after announcing a $20M direct offering, with the potential to receive total proceeds of up to $100M if all preferred warrants are exercised; shares will resume trading at 10:30.
- Other shippers continue to show strong gains at the open despite the DRYS offering: SINO +99%, DCIX +47%, ESEA +26%, GLBS +21%, SB +14%, SHIP +11%, SALT +3%, DSX +2%, GNK +1%, EGLE +1%, GOGL +1%, SFL +1%.
Wed, Nov. 16, 12:27 PM
- DryShips (NASDAQ:DRYS) remains halted after soaring 1,500% since the Nov. 8 election and soaring another 40%-plus in the premarket; meanwhile, other shipping stocks continue to race higher, with some halted during the day.
- Until last week's Trump election victory, it had been a dismal year for dry bulk shippers, with weak Chinese demand for commodities punishing the industry to the point that companies were forced to idle ships and several operators filed for bankruptcy protection; DRYS shares had sunk 98% YTD by the close on election day.
- A popular view is that DRYS’ surge is the work of a short squeeze, but Ihor Dusaniwsky, head of research at S3 Partners, says that with only ~1M shares outstanding, there are not enough to go around for short sellers to borrow; he says the rally is as simple as sudden, huge demand running into limited supply.
- Wells Fargo's Michael Webber cautions that the huge rally in dry bulk and container stocks may not last must longer, as no fundamental move has supported the degree of gains.
- Related tickers: GLBS +179%, DCIX +164%, SINO +92%, ESEA +44%, SHIP +44%, GNK +28%, SB +23%, NMM +13%, EGLE +11%, GOGL +8%, DSX +7%, SALT +2%.