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DryShips Q1 profit beats market expectations
Greek dry bulk carrier DryShips Inc (DRYS.O: Quote, Profile, Research) more than doubled its first-quarter net income, beating market expectations, helped by higher freight rates and an enlarged fleet.

For the first quarter, the shipping company earned $176.3 million, or $4.61 a share, compared with $67.8 million, or $1.91 million, a year earlier.

Excluding certain items, DryShips earned $158 million or $4.13 a share.

Voyage revenue more than doubled to $232.1 million. Net revenue -- which is voyage revenue less voyage expenses -- rose to $217.9 million, compared with $81.4 million, a year earlier.

Analysts, on average, were expecting earnings of $3.94 a share, excluding items, on revenue of $219.6 million, according to Reuters Estimates.

DryShips, which predominantly deploys its vessels in the spot market, said quarterly time charter equivalent rate surged about 118 percent to $63,127, helped by a strong spot rates.

Average number of vessels deployed during the quarter rose to 38.3 from 32.1, a year ago, and the fleet utilization stood at 99.1 percent.

Shares of the company were trading up about 2 percent at $107 after the bell. They closed at $105 Monday on Nasdaq.