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sludgehound

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sludgehound

Re: None

Wednesday, 09/03/2014 2:39:05 PM

Wednesday, September 03, 2014 2:39:05 PM

Post# of 376171
SA on DRYS news cancels 4 vessels

3.21 -.05 but came off lows

Sep 3 2014, 14:34 ET | About: DryShips Inc. (DRYS) | By: Carl Surran, SA News Editor

DryShips (DRYS -1.5%) says it canceled newbuilding contracts for four ice-class panamax bulker vessels under construction at debt-ridden Rongsheng Heavy Industries.
DRYS had paid $11.5M for the vessels but got that money back plus interest in the cancellation; it had paid ~$124M before the decision to cancel the deal.

It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.

~ Thomas Sowell

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