DryShips - A new ER investment

I purchased some shares of DryShips (DRYS) this past week. DRYS is a dry bulk ocean shipping line operated out of Greece. This is another Prudent Speculator pick that I found quite compelling...

• I think the shipping industry is pretty recession proof as global trade continues to expand
• Their forward P/E is less than 5
• Their latest quarterly dividend of $0.20 translates to a yield of 7.5% & you know how much I love dividends
• The dividend appears to be pretty safe since they are only paying-out 28% of their forward earnings
• The stock is trading near it's 52 week low so I believe there is upside for capital appreciation

As always, I didn't take a large position - it's less than 1% of my portfolio. Although it's not in keeping with my new found devotion to index investing, I think it's a good investment and I'm OK with a bit more risk.