DryShips Narrows 2Q Loss

Image Courtesy: Nasdaq

Greek owner and operator of drybulk carriers and offshore support vessels DryShips Inc. has reported a net loss of USD 9.1 million in the second quarter of 2016, against a net loss of USD 1.4 billion seen in the same quarter of 2015.

DryShips said that its net loss for the first half of the year narrowed to USD 115.9 million from the USD 1.4 billion seen a year earlier.

The company’s revenues for the quarter were at USD 13.1 million, compared to USD 403.1 million reported a year ago.

For the six-month period ended June 30, DryShips’ revenue plunged to USD 25 million from USD 895.2 million seen in the first half of 2015.

Due to the prolonged market downturn in the drybulk segment, DryShips started discussions with its lenders for the restructuring of its debt facilities.

Six of these bank facilities have matured and the company has not made the final balloon installment. For the remaining bank facilities, the company has elected to suspend principal and interest payments to preserve cash liquidity.

As of June 30, 2016, DryShips’ total debt stands at USD 224.7 million.

At the end of July, DryShips was notified by the Nasdaq Stock Market that the company was not in compliance with a Nasdaq Listing Rule as the closing bid of its common stock was below the required minimum of USD 1 per share for 30 consecutive business days, from June 14, 2016 to July 26, 2016.

DryShips has been given a grace period of 180 days, or until January 23, 2017, to regain compliance.

This prompted the company to effect a 4-for-1 reverse stock split in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement.

If it fails to regain compliance within the initial grace period, DryShips may be eligible for an additional 180-day grace period.

DryShips owns a fleet of 20 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.5 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >