DryShips Posts USD 820m Net Loss in Q3

Athens-based owner of drybulk carriers and offshore support vessels, DryShips Inc. has reported a net loss of USD 820 million for the third quarter ended September 30, 2015. 

Included in the third quarter 2015 results are impairment charges and loss on sales on the entire drybulk fleet of USD 797.5 million.

Excluding these impairment charges and losses, the company’s net results would have amounted to a net loss of USD 22.5 million.

The company reported Adjusted EBITDA of USD 30.1 million for the third quarter of 2015.

As of December 7, 2015, the company has delivered all of its tanker vessels and 13 drybulk vessels to their new owners under the previously disclosed sales agreements for 10 tanker vessels and 17 drybulk vessels.

As of November 24, 2015, DryShips has acquired a 100% equity stake in Nautilus OffShore Services Inc. (Nautilus), which owns six offshore supply vessels on time charter to Petrobras.

DryShips owns a fleet of 24 drybulk carriers, comprising 4 Capesize and 20 Panamax with a combined deadweight tonnage of approximately 2.3 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.

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