DryShips leaps

Investors took sudden interest in DryShips shares Thursday, pushing the Nasdaq-listed stock up 10.3% by mid-afternoon.

Shares in the bulker owner and offshore driller were trading below Wednesday's close all morning but rose sharply in the early afternoon in New York, reaching $6.28.

Cantor Fitzgerald analyst Natasha Boyden said she was unaware of any direct cause for the jump, but she said it is possible the rise is related to an earnings report by China Cosco Holdings. Cosco said that it plans to temper its fleet growth by canceling or postponing ship orders, a move that could help bulker rates.

Boyden also pointed to Seadrill's earnings report, in which the company said it is considering listing its stock in New York. The comment may have signaled to investors that DryShips could have a better chance of spinning-off its drilling subsidiary, Primelead, as the company has said it wants to do.

But DryShips, the Athens-based owner of 41 bulkers, two drilling rigs and four drillship newbuildings, made no announcements Thursday. The Baltic Dry Index was essentially flat for the day, and dry freight forward agreements (FFAs) moved downward.

Other US-listed bulker players also were in positive territory Thursday, with TBS International adding 7.3% to reach $8.37 in mid-afternoon trading and Eagle Bulk Shipping gaining 6.6% to hit $5.35.

TradeWinds' dry-bulk index was up 3.4%.