Nearly two months ago, George Economou, Chairman and CEO of DryShips (NASDAQ: DRYS ) , told the world that his company expects the freight market to be "hot" over the next three months. Instead, rates for the largest Capesize ships (to which he was referring) have been caught in a whirlpool. However, the downward course of those rates may be reversing. Better late than never.
To start, DryShips probably won't benefit much directly in the short term should a rally ensue. Most of its Capesize ships are locked into fixed rates, but it certainly wouldn't hurt indirectly in its capital-raising efforts and debt negotiations. This indirect benefit may be vital.