DryShips Inc (fka DRYS)

[Net-Man]

Aloha PBK - My assumptions for DRYS is that is will have approximately $300 million NAV by December:

$200 million in revolver debt
$334 million LNG ships value
$75 million in Dry Bulk value
$90 million OSVR value

Using 4x NAV! DRYS ends up with a valuation of $1.2 billion. Considering the deal that was worked out with Kalani, my guess is the float will end up north of 100 million shares. So $10-$12/ share by year end?

DRYS is still a risky venture and a number of things need to go right. However, 2018 should see a significant improvement in dry bulk spot rates and the OSVR fleet should see contracts by then as well.

In the meantime though, there have been no SEC reports regarding the new shares. Are they being held by the investor or redistributed in some manner. Assuming the shares are being held, why all of the down pressure on the shares? 52% of the trades yesterday were naked shorts. This makes me think the market makers are trying to fill up their coffers with shares. At some point this will need to get covered and the price will swing violently.