SOURCE: The Bedford Report

The Bedford Report

January 17, 2011 08:46 ET

Shippers Follow the Money

The Bedford Report Provides Analyst Research on DryShips & Diana Shipping

NEW YORK, NY--(Marketwire - January 17, 2011) - "Dry Bulk Shippers" have been branching into other sectors as of late. An oversupply of ships and mediocre demand has severely damaged the industry and forced companies to search elsewhere for revenues. With deepwater drilling and container shipping proving to be lucrative practices, companies such as DryShips and Diana Shipping look to have secured new, profitable niches. The Bedford Report examines the outlook for companies in the Shipping Industry and provides research reports on DryShips, Inc. (NASDAQ: DRYS) and Diana Shipping, Inc. (NYSE: DSX). Access to the full company reports can be found at:

The Baltic Dry Index -- traditionally a key indicator of the shipping industry's health -- has been on the slide since October. According to data from the Baltic Exchange in London, the index fell to 1,453 last week -- close to half the 2,784 peak reached on October 27. Over that same period average rates for short-term charters of the largest dry bulk carriers, called "Capesize" ships, have fallen from $46,284 a day to $10,285 in the same period -- a ghastly statistic considering most Capesize ships incur operating costs of at least $15,000 a day.

The index has slipped hard in January as flooding in Australia has shut down mines and curbed volumes of cargo to be delivered.

The Bedford Report releases regular market updates on the Shipping Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

DryShips and Diana Shipping have not seen their stocks slip nearly as much as the Baltic Dry Index in recent months. Most analysts argue that diversification is considered the reason.

Diana Shipping has moved heavily into the container ship sector. Last month Diana Shipping said it plans to distribute about 2.7 million shares in its subsidiary Diana Containerships to Diana Shipping shareholders at the rate of 0.0325 shares in Containerships for every 1 share of Diana Shipping.

Meanwhile DryShips has aggressively moved into the oil rig industry. Last month the company completed a private placement of shares worth a total of $500 million in its wholly-owned subsidiary Ocean Rig UDW Inc.

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