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DryShips, Inc. engages in the ownership and operation of drybulk carriers worldwide. The company's fleet carries various drybulk commodities, including coal, iron ore, and grains, bauxite, phosphate, fertilizers, and steel products. As of August 6, 2007, it owned and operated a fleet of 35 drybulk carriers comprising 5 Capesize, 27 Panamax, 1 Handymax, and 2 newbuilding Panamax vessels with a combined deadweight tonnage of approximately 3 million. The company was founded in 2004 and is headquartered in Athens, Greece.

NEW YORK (AP) -- Shares of drybulk shippers soared to new highs Monday after a Cantor Fitzgerald analyst raised price targets and earnings estimates on key players, saying vessel rates have surpassed already-bullish expectations.
The Baltic Dry Index, which is managed by the Baltic Exchange in London, jumped 63 points Monday to close at an all-time high of 9537. The index measures drybulk shipping rates on 40 shipping routes on a time charter and voyage basis.

Analyst Natasha Boyden raised her 2007 earnings-per-share estimate on DryShips Inc. to $9.48 from $7.75, and her 2008 expectation to $12.48 from $10.81.

Boyden lifted her price target to $108 from $94.

For Excel Maritime Carriers Ltd., the analyst raised her price target to $68 from $52, saying that the current rate environment is so strong that even the company's older ships, which normally fetch lower rates than newer vessels, should be able to benefit.

DrysShips

DryShips (DRYS), according to its website, is "a global shipping transportation company specializing in the transportation of dry bulk cargoes. Its vessels are able to trade worldwide in a multitude of trade routes carrying a wide range of cargoes for a number of industries". The Street has liked the story in a rather large way this year. DRYS is up over 400% since starting the year trading around $18.00. After a move of that magnitude it would be logical to think that things at DRYS are a tad rich on a valuation basis. But upon further review, valuations aren't all that frothy.