Anthony Kandylidis, executive vice president of Nasdaq-listed DryShips, suggests the summer upturn in the market is not a game changer.
“We believe that there is an improvement in the drybulk market while helpful does not significantly change our outlook for the challenging environment in the next 18 months,” Kandylidis told the owner’s second quarter conference call on Friday.
The Baltic Dry Index (BDI) has progressed for the past five weeks on a strengthening capesize market to reach 1,200 points on Friday. It slipped back marginally today.
One-offs dominated DryShips’s second quarter accounts with the deconsolidation of Ocean Rig the main contributor to a $1.44bn bottom line loss.
Adjusted for one off items it’s $36.5m profit for the quarter, with earnings per share of $0.06 in line with consensus.
