DryShips Inc. ( NASDAQ: DRYS ) today announced that its wholly-owned subsidiary
Ocean Rig UDW intends to offer share through a private placement to raise around
$500 million. The offering is expected to close in December 2010. The net
proceeds of the offering would be used to finance the construction costs of the
ultra deepwater newbuilding drillships under construction at Samsung, exercise
options to build further ultra deepwater drillships and general corporate
purposes. DryShips engages in the ocean transportation services of drybulk
cargoes worldwide through the ownership and operation of the drybulk carrier
vessels and deepwater drilling rig services through the ownership of ultra-deep
water drilling rigs. OceanFreight Inc. ( NASDAQ: OCNF ) recently announced its
second quarter financial results 2010, with voyage revenues amounted to $24.0
million and operating income amounted to $3.8 million. The net loss reported was
$0.81 million or basic and diluted loss per share of $0.01. This includes a
non-cash loss of $1.4 million associated with the change in the fair value of
interest rate swaps, an expense of $1.3 million associated with the drydocking
of two vessels and a gain of $1.5 million associated with the sale of a vessel.
This quarter, an average of 11.6 vessels were owned and operated and earning an
average time charter equivalent, or TCE rate, of $23,812 per day. OceanFreight
engages in transporting drybulk cargoes, including commodities such as iron ore,
coal, grain and other materials and crude oil cargoes through the ownership and
operation of nine drybulk carriers and four tanker vessels. Eagle Bulk Shipping
Inc. ( NASDAQ: EGLE ) recently announced its third quarter earnings 2010, with
net revenues at $72.8 million, an increase of 75% compared to $41.6 million for
comparable period in previous year. The gross time charter and freight revenues
also increased 75%, to $76.4 million as compared to only time charter revenues
of $43.7 million for the same period a year ago. The net income reporGted was
$8.2 million or $0.13 per share as compared to $0.5 million, or $0.01 per share,
for the comparable period previous year. The fleet utilization rate was
maintained at 99.9%. This quarter reported record revenue driven by 41% YTD
growth in the fleet and balanced exposure to the market. Its focus on the
Supramax market continued to yield benefits during the quarter with strong
demand for minor bulks and grain contributed to relative outperformance. Eagle
Bulk Shipping engages in the ocean transportation of a range of major and minor
bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along
worldwide shipping routes. Genco Shipping & Trading Limited ( NYSE: GNK )
recently announced its third quarter earnings 2010, with voyage revenues
increased 26.5% to $117.6 million as compared to $92.9 million for the
comparable previous year mainly due to the increase in the size of our fleet and
consolidated revenues from Baltic Trading Limited offset by lower charter rates
for some of its vessels. The net income recorded was $36.2 million or $1.07
basic and $0.99 diluted earnings per share as compared to $34.3 million or $1.10
basic and $1.09 diluted earnings per share in the comparable period in previous
year. This quarter delivered strong results as management continued to take
advantage of the companys significant time charter coverage and expand its
high-quality fleet. Genco Shipping & Trading Limited engages in transporting
iron ore, coal, grain, steel products and other drybulk cargoes along worldwide
shipping routes. Navios Maritime Holdings Inc. ( NYSE: NM ) recently announced
its third quarter earnings 2010, with net income, excluding Navios acquisition,
decreased by 12.5% to $18.7 million from $21.3 million in the comparable period
last year. The revenue was $170.2 million as compared to $160.6 million for the
comparable period previous year. This quarter demonstrated the benefit from its
strategy of fixing fleet for long-term periods with quality counter parties. The
Navios Holdings, excluding Navios acquisition, had over $63 million in EBITDA
and $18.65 million of net income. Navios Holdings focuses on the transport and
transshipment of dry bulk commodities, including iron ore, coal and grain.
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