This is the stock that I hate and love most. Some people say the more you hate it, the more you love it. I hate it because after I bought at $5 the stocks tumble more than 20% to $4. I almost committed suicide at that time because I have dump all my money in there. However, I still have faith on the evil CEO George Economou. Some people call him a bloody blood sucker trying to suck all the shareholders money. Some people call him a mother fucker.
The Money Sucker- George Economou
So what do I call him? I really dont know what to do with this guy. Really.
But one thing for sure is I have faith in him. I know one day he will turnaround Dryships and he will successfully steer his company towards the drilling business. Previously eveybody have been criticising him on the failure of securing any contract for the 4 charters ships that he is currently buiilding. However, he have prove the critics wrong. One of the Ocean Rig Dryships have been successfully charter to an American company and 3 more to go. Well, actually just one more to go before the company will list its sister company the Ocean Rig. One of the condition for the listing of Ocean Rig is to secure 2 drillships contract. Well 1 has been secure and 1 more to go.
I believe it is just a matter of time before another 1 drillship secure a contract. The oil price is currently now at $86.49 as of today. It is logic that drilling business will prevail at this high oil price. I believe the oil price will keep going up to hit USD 100 and above or perhaps the previous high of USD 140 to form a double top. Whatever it is the high oil price is here to stay. The higher the oil price is, the higher chances for Ocean Rig to secure contract for the remaining 3 Dryships at an attractive charter price.
So what happen today? Why the stock is up by 7% percent? I believe the insider already know some good news or announcement that will be annouce soon. Otherwise, why a sudden jump?
Dryships is definetely a stock to buy and hitting my target price of at least $10 is inevitable.
All the best for those who jump into this ships with me!