Going forward, I do expect investors' attention to shift somewhat away from net asset value and focus more on DryShips' earnings power given all the recent vessel additions and the company's prediction for annualized EBITDA of $70 million.
While the drybulk segment has shown signs of life as of late, the tanker business including the newly acquired Heidmar operations will remain a drag on the company's results for the time being, just like the oil service vessels. That said, the majority of the company's revenues will still be derived from the drybulk business for the foreseeable future.
However, don't expect Q2 earnings to act as a catalyst for the company's shares as many of the recently acquired vessels have only been delivered to the company towards the end of the quarter with the remaining deliveries carrying over into Q3.
Third quarter results will be a much better proxy for the earnings power of the recapitalized company but it will take another three months until then.
I agree with the above analysis and expect a steep drop on Q2 earnings. Good to know we disagree. After all, liquidity matters most for this ticker.