DryShips CEO George Economou issued a rosy outlook on that score as well, saying, "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."
Dry-bulk shipping peer FreeSeas (FREE) saw its shares fall 1.5% Monday afternoon.
The operator of drybulk carriers posted a net loss of $9.5 million, or $1.51 per share, for the third quarter, compared with a profit of $465,000, or 8 cents per share, in the year-earlier period.
FreeSeas' revenue pushed up 5.3% to $13.8 million.Paragon Shipping (PRGN) shares were flat Monday afternoon. Analysts from Cantor Fitzgerald maintained a buy rating on Paragon but recently lowered their price target on the stock by $1 to $5. "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 1% Monday. Diana posted third-quarter net income of $33.8 million earlier this month, 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 fall 1.5% in afternoon trading Monday.
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