Earnings news also lifted
(DRYS - Get Report)
, which was last quoted at $5.58, up 7.5%, with roughly 2.3 million shares changing hands.
Greek drybulk shipper said after the closing bell that it earned $99 million, or 38 cents a share, on an adjusted basis for the three months ended Sept. 30.
Wall Street was looking for a profit of 25 cents a share from the company, whose stock was down 10% year-to-date based on the regular session close at $5.19.
DryShips said its deepwater operations performed well in the latest quarter and it expects the trend to continue into next year.
"The ultra deepwater market has turned a corner in the last couple of months and we believe that current enquiry from operators matches or may even exceed the supply available in 2011," said George Economou, the company's chairman and CEO, in a statement.
Economou added later: "We believe rates for ultra deepwater rigs bottomed in the low-$400,000 per day range in the third quarter of 2010 and are now trending upwards."
The average estimate of analysts polled by
is for DryShips to post a profit of $64.5 million, or 23 cents a share, in the current quarter ending in December.
Written by Michael Baron in New York.
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