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Why CEO ownership affects the profiles of major dry bulk stocks

Part 3
Why CEO ownership affects the profiles of major dry bulk stocks (Part 3 of 4)

CEO profile: DryShips Inc. CEO George Economou’s key experience

DryShips Inc. (DRYS): George Economou

According, to his bio, “George Economou has over 30 years of experience in the maritime industry and has served as Chairman, President and Chief Executive Officer of Dryships Inc. since its incorporation in 2004. He successfully took the Company public in February 2005, on NASDAQ under the trading symbol: DRYS. Mr. Economou has overseen the Company’s growth into one of the largest US listed drybulk company in fleet size and revenue and the third largest Panamax owner in the world. The Company subsequently invested in and developed Ocean Rig UDW Inc., an owner of drilling rigs and drillships involved in ultra deepwater drilling. Mr. Economou is the Chairman, President and Chief Executive Officer of Ocean Rig UDW Inc. Mr. Economou is a member of ABS Council, Intertanko Hellenic Shipping Forum and Lloyds Register Hellenic Advisory Committees.”

Drys CEOEnlarge Graph

“Since 2000, Mr. Economou has been a director and the President of AllShips Ltd. and, since 2010, he has been a member of the board of directors of Danaos Corporation. Apart from his shipping interests, Mr. Economou has also invested in real estate. Mr. Economou is a graduate of the Massachusetts Institute of Technology and holds both a Bachelor of Science and a Master of Science degree in Naval Architecture and Marine Engineering and a Master of Science in Shipping and Shipbuilding Management.”

Thoughts: George Economou appears to have an empire of several kinds of shipping companies as well, including container ships and drill ships. He’s involved with shipping committees but doesn’t have as many ties with financial institutions as Angeliki Frangou does. I wonder how he did in real estate, just out of curiosity. He graduated from Massachusetts Institute of Technology with degrees in Naval Architecture, Marine Engineering, and Shipping and Shipbuilding Management—very specific and tailored to the marine shipping industry. On a side note, he’s 60 years old.

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