George Economou’s widely criticised series of stock manoeuvres at DryShips has earned him bottom spot on an annual poll of corporate governance excellence among listed shipping firms.
DryShips was deemed the worst listed company for corporate governance in a regularly updated poll carried by investment bank Wells Fargo and its equity analyst Michael Webber.
This year alone, DryShips has pushed through three reverse stock splits and its share price has fallen off a cliff. Indeed, $100,000 invested in DryShips stock a year ago would now be worth less than $10.
DryShips’ shares closed in New York down another 12% yesterday on $4.45. Economou’s handling of DryShips has seen him come in for sharp criticism by readers of this site as well as across share trading platforms and via social media.
— Nathan Michaud (@InvestorsLive) May 15, 2017
If you hold $DRYS long enough, either the number of shares you own will become zero or the share price will approach zero! ?
— Jason (@newlakeland) May 15, 2017
$DRYS needs new tricks… nobody chasing the new financials they PR every reverse split.
— Shane Blackmon (@shaneblackmon) May 12, 2017
"I'm going to tweet to Trump about this stock soon." $DRYS
— Bag Holder (@BagholderQuotes) May 16, 2017
The Wells Fargo list highlighted Greek shipping’s questionable corporate governance with DryShips being joined in the bottom 10 by a host of other well known Greek names, namely Danaos, StealthGas, Tsakos Energy Navigation (TEN), Euroseas, Safe Bulkers, Diana Containerships, Diana Shipping, Costamare and Capital Products Partners.