ECONOMY

DryShips to defer stock split after share price fall

Greek dry-bulk carrier DryShips Inc has said it will defer its proposed 3-for-1 stock split until a more favorable time, citing the recent fall in share price. Shares of major dry-bulk carriers have been in free fall since the beginning of this year due to lack of fresh cargo supply in key global export centers and an expected seasonal slowdown in the first quarter. DryShips stock has fallen about 32 percent so far this year. Shares of other major dry-bulk carriers Diana Shipping Inc, Navios Maritime Holdings Inc and Genco Shipping & Trading Ltd have fallen an average 30 percent so far this year. The Baltic Exchange’s chief sea freight index for dry commodities trade on Wednesday recorded its biggest one-day drop since records began in 1985 as financial markets fretted over the risk of a US recession. The London-based exchange said the index, which monitors major trade routes for coal, iron ore, cement and soft commodities such as grains and sugar, sank 421 points, 5.74 percent, to 6,915 – a five-month low. (Reuters)