Dryships Acquires a Majority Stake in OceanFreight

The Baltic Dry Index added 2.364% or 37 points to settle at 1,602. The BDI continues its relentless march higher.

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Here is your Cheat Sheet for interesting news at marine transportation companies:

1) Dryships Inc. (NASDAQ:DRYS) acquired 3,000,856 shares (majority) of OceanFreight Inc. in accordance with July 26 agreement. Each OceanFreight share was exchanged for $11.25 in cash and 0.52326 shares of Ocean Rig UDW Inc.

2) Tianjin Port Development Holdings Ltd. declared a dividend of HKD0.0240 per share for the first half of this year. It will be paid around October 14 to shareholders as of September 26.

3) Yang Ming Marine Transport Corp. bough containers from CXIC Group Containers Company Ltd. at around $65 million.

Check Out: Investing In Transportation: Risk Factors for Marine Shippers.