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DryShips Tops Views; Stock Jumps

Stocks in this article: DRYS FREE PRGN DSX ESEA

"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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