DryShips says it has delivered the M/V Paragon to its buyers for $30.8 million, down from the original sale price of roughly $61 million. The company says it expects a gain of about $2.4 million, which will be recognized in the first quarter of 2009.
Also Tuesday, DryShips said it will retain the M/V La Jolla, which it previously had agreed to sell for $66 million. To settle a dispute with the would-be buyers, who did not take delivery of the ship, DryShips has received $9 million in aggregate compensation.
Shares of DryShips, which competes with the likes of Eagle Bulk Shipping (EGLE - Get Report), Genco Shipping (GNK - Get Report), Diana Shipping (DSK) and Excel Maritime Carriers (EXM - Get Report), were lately down 6.7% to $2.79.