DryShips has a Spinoff and the Baltic Dry Index Continues to Rise
Maritime shipping continues to rally. The Baltic Dry Index advanced 2.91% on Tuesday to settle at 1,344.
Here is your Cheat Sheet for interesting news at marine transportation companies:
1) DryShips Inc. (NASDAQ:DRYS) has started a partial spin-off of Ocean Rig. The firm expects to finish the transaction that will reduce its ownership in Ocean Rig from 78% to 76% by September 21.
2) A.P. Moeller-Maersk A.S. reiterated its earnings guidance first presented in May. For FY 2011, it expects revenue and profit to be lower than a year ago, cash flow from operations to be unchanged, and cash flow for capital expenditures to rise.
3) Odfjell SE and Euroceanica Ltd. launched Odfjell Euroceanica, a joint venture. The new firm will operate 14 vessels in European short sea market currently under management by Crystal Pool and Odfjell Europe.