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I've wondered about this for a while: Don't oil/gas leases run for five years? If you don't drill they expire (unless you renew) Are we at that stage where our original leases are going to start dissapearing?
WC2
GO DRYS - Lets make some money.
Good then, I say 9:45 a.m. (central)
Isn't it time for a little game, "When does the 50 cross the 200?" Shouldn't we be really close?
I'll see your 10 and raise you 15! LOL
How's long's it been since that happened!
DRYS: Goldman Sachs Starts @ Neutral
Great! Now lets see Goldman upgrade this and get the ball rollin
Looks like it might be a good day today.
You said, "no volume in this market for at least 8 months"
With Ocean Rig contracts "market" has changed.
I am no math wiz, correct me if I'm wrong, but think: One Ocean Rig vessel charters at $400,000 per day vs one bulk carrier at $37,000 per day. George has 30+ bulk ships. So the income from three chartered Ocean Rigs would equal the income of the entire DRYS fleet? WOW!
GO DRYS
George said-
"The are over 50 projects in the deepwater and ultra-deepwater sector planned to start up before the end of 2011 for which no rigs have been contracted as of yet. 50% of the demand is concentrated in West Africa and approximately 20% in the Asia-Pacific region. It is important to add that the expansion of
our rig capacity also increases our economies of scale."
This is great news for DRYS. George has seen the need and is going to it. Kudos. May this reflect increased SP and in our wallets
GO DRYS
If George had not diluted 3 times, wouldn't this stock be $15 a share?
On the positive side, we can see it as simply the cost of doing business. Rather than sitting on his duff George is going to it. GO DRYS!
Should I be excited about this, (long term thinking), or should I grimace about the added debt and potential for more dilution to pay for it. (short term)?
Put me down for 64,000,001
past 12 million in early morning... Go Drys!
$5.50
Shorts, you better run for cover!
Regarding the proposed Chinese rail system...
All I can say is wow! This is like the US when it built the trans-continential railroad. Huge. Gonna need a lot of steel to put that baby in.
GO DRYS
wc2
how far is too far?
wc2
Since most of the fleet is under long term contract, we should have relatively predictable results, right?
I assume that the IPO would depend on the last two hulls being taken. Could happen any time, later or not at all. Better chance with oil in current range. Since DRYS has doubled its shares in the past year, am I correct in saying that the shareholder would receive half what he would have received otherwise from the IPO? Bummer.
WC2
You reported:
[Schonberger: I understand you’d like to eventually separate the DrillShips unit through spinning it off [in] an IPO. What’s your timeline on that?
Khanna: Our time line on that is sometime this year.]
Great news for drys! Perhaps there is some light at the end of the tunnel for the patient investor!
...and deepwater our golden goose!
In the end the fundamentals are going to move it. DRYS is a good indicator of where the econony is going. Nowhere to slowhere right now. CHINA is our silver rabbit.
GO DRYS!
My son pointed this article out the other day from WSJ. The find of a massive oil reservoir stretching across the Atlantic from Africa to South America. This could be the golden goose for DRYS and George's plan to build more deep drilling ships:
------
Big Oil never wanted to be here, in 4,300 feet of water far out in the Gulf of Mexico, drilling through nearly five miles of rock.
It is an expensive way to look for oil. Chevron Corp. is paying nearly $500,000 a day to the owner of the Clear Leader, one of the world's newest and most powerful drilling rigs. The new well off the coast of Louisiana will connect to a huge platform floating nearby, which cost Chevron $650 million to build. The first phase of this oil-exploration project took more than 10 years and cost $2.7 billion -- with no guarantee it would pay off.
Chevron came here, an hour-long helicopter ride south of New Orleans, because so many of the places it would rather be -- big, easily tapped oil fields close to shore -- have become off-limits. Western oil companies have been kicked out of much of the Middle East in recent decades, had assets seized in Venezuela and seen much of the U.S. roped off because of environmental regulations. Their access in Iran is limited by sanctions, in Russia by curbs on foreign investment, in Iraq by violence.
A hundred and fifty miles south of New Orleans, the Discover Clear Leader is searching for oil. WSJ's Ben Casselman reports.
.So, Chevron and other major oil companies are moving ever farther from shore in search of oil. That quest is paying off as these companies discover unexpectedly large quantities of oil -- oil that only they have the technology and financial muscle to find and produce.
In May, the first wells from Chevron's latest Gulf of Mexico project came online. The wells are now pumping 125,000 barrels of oil a day, making the project one of the gulf's biggest producers. In September, BP PLC announced what could be the biggest discovery in the gulf in years: a field that could hold three billion barrels.
Beyond the Gulf of Mexico, companies have announced big finds off the coasts of Brazil and Ghana, leading some experts to suggest the existence of a massive oil reservoir stretching across the Atlantic from Africa to South America. Production from deepwater projects -- those in water at least 1,000 feet deep -- grew by 67%, or by about 2.3 million barrels a day, between 2005 and 2008, according to PFC Energy, a Washington consulting firm...
Nevada Fourth District Court Denies Golden Eagle's Motion for Repossession of the Jerritt Canyon Mill in the First Step in $40 M
A very good day for Navios. Will we see more of the same or retreat to another buying opportunity? A breakout, or a tease?
WC2
short activity down 35%
good sign
WC2
Squeeze baby squeeze
Nice little pop here. Aynyone know what's the deal?
This is one of the most informative articles I've read in a while. Thanks for the contribution towards the big picture.
wc2
If someone gave me 26m shares I would recommend a buy too (but only to my best friends)
wc2
Its getting very interesting. Even more so if Navios would pass DRYS in share price. Go Navios!
WC2
I think this new grain silo will be a very good addition for Navios.
WC2
[NEW - South American Logistics Inaugurates New Silo
Navios Maritime Holdings’ and Navios South American Logistics’ senior management team was on hand in Nuevo Palmira, Uruguay on October 15th to inaugurate the new grain silo facility, recently built by the later to cover the service needs for the port facility of Nueva Palmira. Ministers of the country, ambassadors, other national authorities and guests from all over the world honored the event with their presence.]
I wonder if Buffet's purchase of Burlington Northern will have a salutory effect on DRYS. This could be the shot in the arm to get the index going
WC2
I believe the market is going to bounce around in a trading range for a bit. This lateral movement around 10k will be the form of the "correction" they have been taking about for 6 months. Personally I like what I hear, so I'm picking up shares below 6.5, to dollar cost average my 7s. Sooner or later we will break out and be well compensated for the wait.
WC2
huge move over the 200dma
perhaps sign that this industry is ready to move
That's a good point. Everything else is getting way too expensive, way too fast. Makes DRYS look like a good deal. But then again, October is coming...
WC2
Drys gonna pop? I wish it would. But if China is done with stock piling and capesize prices are going down, how can the fundamentals justify such a pop? I don't think its realistic in light of the current situation
WC2