Further to my prior posting please read Bank of America upgrade of Genco of 7/2/08. Agrees fully with what I stated.

... BofA initiates Genco Shipping and Trading (GNK 65.63) with a Buy and an $84 tgt following pullback and based on the co's performance track record, return-focused decision-making and experienced management team.

It seems difficult to predict what will happen in the near future particularly when many parties are internationally involved with dry bulk shipping industry.

But I do not believe there is no one who can have the slightest idea of when and how much simply becasue there must be quie professionals and experts dealing with the dry bulk shipping indusry.

I just wan to have some idea, not necessarily precise, of what to expect in the near future. I will be happy if some body is willing to share his idea with me.

The fact that the BDI has had a precipitous decline in the past month, i.e. 30 days, should not be a detriment to the shipping companies, rather, with reduced rates it should encourage increased day and charter leasing activity. None of these dry bulk shipping company stocks should be so closely tied to the BDI. It's rather ridiculous, and akin to saying that if the cost of a gallon of gasoline, i.e. U.S., dropped to $2, the refiners are going to lose money. Hardly the case. And even if the cost of a barrel of oil remained high, the increase in use by the public, seeing the $2 cost of fuel as a bargain, would more than make up for the extra expense incured by the refiners paying more for oil. Just as with the drop in the BDI, the door should be open for clients to seal some deals at bargain rates. Economic expansion is not going to stop in China because the U. S. has met an economic bump in the road. The drop in the BDI should be sort of like a sidewalk sale where prices are slashed. It should create fewer numbers of idle ships.

DRYS has made a feeble attempt to regain its glory when it touched a 52 week high of $131.34, only to see numerous failed rallies met with technical resistance, or I should say short selling. This can easily be explained.  With a small number of shares outstanding and a bit of illiquidity, or I should say slim number of the float, the stock is highly volatile. The Short Sellers have figured this out. The planned 3 for 1 stock split never came to fruition simply because when the stock price approached the upper 80s or mid 90s and more recently 116, it was met with ferocious short selling. So much so that the stock has been placed on the "Naked Short" list. The shirts at headquarters don't want to split the stock and bring its share price down the the 20s. With such a small number of shares outstanding, the company is basically held captive by Short Sellers who continue to pound the stock into virtual submission. Mr. Economou can participate in as many CEO forums as he likes, sing the praises of the dry bulk sector and the growth of China, and espouse how the U.S. economy has no affect on DRYS. The fact remains that until he increases the shares outstanding, builds investor confidence by reducing company debt and shows some confidence in his own company by purchasing stock, the company is destined for more of the same. I closed out my position in DRYS after emailing Dryships head of Investor Relations, Nicolas Bornozis, and Mr. Economou, with some questions regarding DRYS fundamentals and balance sheet, only to have neither of them respond.  In hindsight, they both did me a favor in encouraging to sell in the low 100 range.

The management at DRYS may know how to run the fleet. They sure don't have a clue how to create value for their Investors.

Timothy Skaggs 

Dear Sir

 Kindly send me below inquiry

Best Regard

FARHAN MUSTAFA