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DryShips Vessel Sale Price Cut in Half

Updated from 11:21 a.m. EST DryShips (DRYS - Get Report) announced updates Tuesday regarding two key ship sales.

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), were lately down 6.7% to $2.79.

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EXM $0.00 0.00%
EGLE $0.81 15.00%
DSX $3.40 -0.58%
DRYS $4.01 8.40%
GNK $0.94 5.00%


Chart of I:DJI
DOW 17,701.80 -128.96 -0.72%
S&P 500 2,056.01 -19.80 -0.95%
NASDAQ 4,752.9060 -52.3850 -1.09%

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