DRYS: Holy Ship!

Dryships has plunged all the way from $120.00+ to $3.00 in the last 12 month period. They have had issues with bank covenants (since resolved) and some hold ups with their liquidation of some vessels. Things will now (slowly) get better for DRYS. They will recognize some sale profits in 1Q of 2009 and the stock price will reflect that gain on the books. The world economy has been primarily responsible for the decrease in demand for dry bulk shipping over this current market downturn. China is on the rebound and in my opinion will put some momentum into the DRYS stock price. Also, an acquisition is on the near horizion, resulting in shares of common stock in the new company which gives shareholders some shares in the new company, which will basically have no debt. Substantial gains in stock price should be evident by 3Q 2009. One thing I see with this stock that makes me feel safe on this target price is the CEO. George Economou holds a majority of DRYS shares and he will do whatever it takes to make EPS go up not only for the benefit of the stockholders, but for him as well. I know it seems unstable now, but DRYS will climb in 2009, but it now at a significant discount.