The World’s Greatest Salesman

We will let the analysts’ dissect Dryships first quarter report and give you their insights and recommendations. We were however intrigued by a number of points that Mr. Economou makes in his presentation. Proclaiming Dryships as poised “…to go after distressed assets and drive the long awaited consolidation of the industry,” Mr. Economou describes Dryships as having a healthy liquidity position of approximately $1.7 billion consisting of $722 million in cash and $948 million in undrawn debt capacity.

As of this reporting period, the facts, as provided in the financials, do not quite bear him out. Working capital is

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