Shipping stocks were mixed Wednesday, with
shares sinking after the company swung to a fourth-quarter loss.
DryShips reported early Wednesday that it had suffered a $1.02 billion loss, or $18.42 per share, for the quarter ended Dec. 31, 2008, compared with net income of $194.4 million, or $5.35 per share, for the same period in 2007. Excluding charges and items, net income for the quarter was $23.5 million, or 43 cents per share. Analysts had expected EPS of 66 cents, according to Yahoo! Finance.
DryShips said that pending talks with banks regarding
-- a thorn in the side of many shippers -- it will have reclassified $1.8 billion in debt as short-term.
DryShips CEO George Economou said that despite the challenges his company faces given the economic downturn, he remains "cautiously optimistic." Investors, meanwhile, appeared less convinced. Shares were recently falling 11.1% to $4.91.
Genco Shipping was down 5.1% to $13.55.
Diana Shipping was down 0.6% to $12.70.
was down 1.8% to $4.37.
Among the day's winners:
Horizon Lines was rising 7.6% to $3.83.
Excel Maritime was rising 0.9% to $4.62.
Star Bulk was up 2.6% to $2.36.
Teekay Corp. was up 1% to $15.77.
Frontline rose 0.2% to $20.02.
Seacor Holding rose 0.9% to $60.52.
Tidewater rose 2.3% to $38.90.
Kirby rose 1.2% to $26.11.