Blake Bos is bearish on DryShips (DRYS) and here's why. The company generated about $113 million of earnings before interest, taxes, depreciation, or amortization in the first quarter, this can also be viewed as an approximation of operating cash flow. Of that, $56 million goes to interest expenses, and the remaining $57 million can be used for capital expenditures. Simply stated, $57 million for DryShips isn't going to cut it. This low level of cap ex crimps the company's ability to modernize its fleet with fuel-efficient ships, and that, in turn, puts DryShips at a competitive disadvantage. In fact, if you want to invest in a shipping company, a better alternative is Diana Shipping (DSX -1.19%), with a more modern and fuel-efficient fleet than DryShips.