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DryShips Tops Views; Stock Jumps

"We now look for Paragon to report 2010 earnings per share of 39 cents (from 33 cents) and [earnings before interest, taxes, depreciation and amortization] of $65 million (from $67 million)," the equities research firm noted. "For 2011, we look for PRGN to generate EPS of 40 cents and EBITDA of $70 million. We note that our 2011 estimates assume the company's open vessels achieve an average daily rate of $18,000 for the Handymaxes."

Diana Shipping (DSX) lost 0.9% Wednesday.

Diana posted third-quarter net income of $33.8 million this week, up 17.8% from a profit of $28.7 million in the third quarter of 2009.

Like FreaSeas, Euroseas (ESEA) swung to a quarterly loss. The shipper posted lower revenue and hedging benefits, and said rates continued to soften.

Euroseas posted a smaller-than-expected loss but revenue came in shy of expectations.

The drybulk carrier saw its shares close 1.7% lower on Wednesday.

Earlier this week DryShips, announced it finally got a long term contract for one of its energy-exploration vessels.

DryShips said it received a "letter of agreement" from an unnamed U.S. oil company to explore for energy off the coast of West Africa for 300 days, which is atypical in length; most charters have a longer term.

>>DryShips Jumps on DrillShips Deal

The contract, DryShips said, is worth $135 million. That translates into a rate of $425,000 a day, not including the cost of moving the ship to West Africa, which is "in line with recent contract awards," wrote Omar Nokta, a shipping analyst at the investment house Dalhman Rose, in a note to clients Tuesday.

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