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January 14, 2008 Stock Pick: Dryships, Inc. (DRYS)

Stock Price: $60.55

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.

DRYS has grown revenue from $15.69 million in 2004 to $228.9 million in 2005 to $248.4 million in 2006. Net income and cash flow from operating activities has been positive each of the last three years.

There is a significant demand for DRYS drybulk shipping services as China's economy expands increasing the need for imports such as coal and steel.

DRYS is trading at a market cap of only $2.19 billion after the stock has dropped from the $120.00 - $130.00 level. We believe DRYS is attractive at its current level based on its valuations and the economics of its business.

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