I am invested in Israel Corporation, owner of ZIM shipping company, on the basis of the prospects of this business. My model was Dry Vessels, of George Economou.
"We are very pleased to report the best quarter in the Company's history so far. Since our IPO in 2005 when we started out with a fleet of 6 vessels with an average age of 19 years we have grown to the biggest drybulk company listed in the US with a fleet comprising of 47 vessels with an average age of 8.8 years. In the meantime, our stock price has risen from $18 per share to $84.25 per share as of today's close, which implies a return to our initial shareholders of 368.1%. Our clear market view and choice of spot employment has been proven correct and has created superior shareholder value.As for me, I am losing 10% on Israel Corp.
We enter 2008 with a great deal of optimism. The supply and demand balance for this year remains extremely tight. In 2008 we expect to have approximately 17% more fleet operating days compared to 2007 and as of today approximately 63% of the fleet operating days remains unfixed. DryShips is in a unique position to take advantage of the strong freight rate environment and continue to maximize shareholder value."
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