American Shipper

DryShips reports profit surge

DryShips reports profit surge

DryShips Inc., an Athens-based operator of dry bulk ships reported second quarter net profit of $110 million compared to a loss of $808,000 in the same period the prior year.

   Results were boosted from the sale of five ships, which accounted for $53.8 million of the profit.

   Revenue was $112.5 million in the quarter ended June 30, compared to $54.5 million, reflecting higher rates and more ships under operation.

   The company, which trades on Nasdaq, also announced plans to acquire two Panamax and one supramax bulk carriers and sell another Panamax carrier.

   George Economou, DryShips chief executive officer, said “the outlook for 2008 remains positive with fewer vessels being delivered from the shipyards and Chinese demand projected to remain strong. DryShips will have approximately 17 percent more fleet operating days compared to 2007 and with approximately 97 percent of its fleet operating days unfixed it is in a unique position to take full advantage of this opportunity.”