Posted on September 16, 2015
By Skeptical Optimist, Seeking Alpha
DryShips (NASDAQ:DRYS) announced a couple of days ago that it would sell 13 Capesize and 4 Panamax ships to entities affiliated with CEO George Economou. The company has already agreed to sell its entire tanker fleet, also to Economou-controlled entities.
Perhaps more surprising, it announced that it was classifying the remaining drybulk ships as “held for sale”. Effectively, the company seems to be going into liquidation. Why Mr. Economou should decide to do this at this point, when the drybulk market is at a very depressed level, is up for debate. He still owns a chunk of DRYS stock, most recently (October 2014) having injected about $80mm at $1.40 per share.
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