Updated from 11:21 a.m. EST DryShips ( DRYS) announced updates Tuesday regarding two key ship sales.

DryShips says it has delivered the M/V Paragon to its buyers for $30.8 million, down from the original sale price of roughly $61 million. The company says it expects a gain of about $2.4 million, which will be recognized in the first quarter of 2009.

Also Tuesday, DryShips said it will retain the M/V La Jolla, which it previously had agreed to sell for $66 million. To settle a dispute with the would-be buyers, who did not take delivery of the ship, DryShips has received $9 million in aggregate compensation.

Shares of DryShips, which competes with the likes of Eagle Bulk Shipping ( EGLE), Genco Shipping ( GNK), Diana Shipping ( DSK) and Excel Maritime Carriers ( EXM), were lately down 6.7% to $2.79.

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