Early last month, I drew Fools' attention to DryShips
Over the past year, DryShips began taking vessels off the spot market and placing them on long-term charter. While granting that it wasn't necessarily a bad move for DryShips -- not to mention Excel Maritime
So how have earnings held up, now that more than a full quarter has passed since the peak in freight rates? Quite well, I must say. On the dry bulk side, utilization remained near 100%, while time charter equivalent rates came in at nearly $64,000 per day, about 40% higher than the prior-year period. That average rate was even slightly better than the one reported in the first quarter of this year. The segment contributed roughly $4 to companywide per-share earnings of $4.21.
As for the deepwater segment, things continue to look bright. The company pointed to Transocean's
Once the Leiv Eriksson comes off contract with Royal Dutch Shell
While it's possible to find a cleaner balance sheet in the transport sector -- similarly sized Nordic American Tanker Shipping
DryShips continues to find no favor with Motley Fool CAPS players. The firm sports a lowly two-star rating. If you feel the firm's outlook is far from feeble, throw a thumbs-up DryShips' way right here.
Fool contributor Toby Shute, also known as TMFSmashy, was recently ranked 71st out of more than 120,000 CAPS players. He doesn't have a position in any company mentioned. The Motley Fool has a disclosure policy.