Shares of dry bulk shipping outfit DryShips Inc. (NASDAQ:DRYS) are surging nearly 13% higher on Thursday to break up and out of a long sideways pattern going back to October/November. The shipping industry has been plagued by fleet overcapacity resulting in pressure on charter rates.
But with a possible trade deal with China looking likely, the need to use dry bulk ships to transport American grain and soybeans across the Pacific Ocean will only grow.
The company reported a profitable quarter at the beginning of May, with adjusted operating earnings of $12.9 million versus a loss of $7.4 million the year before.
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