Dallas, Texas 12/16/2013 (FINANCIALSTRENDS) – The shipping giant DryShips has been facing a tough time for past 1 year due to many different reasons. DryShips Inc. (NASDAQ:DRYS) is a company that provides marine transportation services for petroleum and drybulk cargoes. The company also owns a major stake in Ocean Rig which is an offshore deepwater drilling services provider. The DryShips Company has been facing historical price movements because of extreme price volatility. In fact in 2007 the share price of the company climbed to almost $100 per share and after than it came down sharply as the shipping and rigging industry almost collapsed.
But the company tried hard and kept itself afloat by taking loans and other means such as rising of the capital and even diluted the shareholder value.
Something more about the company
Before the great recession happened DryShips Inc. (NASDAQ:DRYS) was majorly considered as main contender of the drybulk shipping industry. It was like a monopoly but it all changed when it acquired Ocean Rig and added many more cargo ships to its portfolio. But if we ignore all these news the DryShips is still the majority stakeholder in the drybulk shipping industry and as per the recent stock price movement it has mostly traded near the Baltic Dry Index which is an assessing index used for measurement of the price movement of the raw materials by the sea.
Many industry analysts are still betting high on this stock and are quite confident about its rise in the future. In fact recently the DryShips announced that they are going to suspend their 200 million ATM equity offering of their shares. The recent chart pattern movement also indicates that the price of the shares will increase and the overall demand for coal and iron ore is also expected to increase in the coming future.