DryShips Winds Down 2016 with Cut Loss

Greece-based ship owner DryShips reported a full-year net loss of USD 198.6 million for 2016, considerably lower from a net loss of USD 2.8 billion seen in 2015. 

For the fourth quarter of 2016, the firm posted a net loss of USD 77.5 million, against USD 527.6 million loss recorded in the same period of 2015.

The loss includes equity in losses of Ocean Rig, according to the firm’s data.

Revenue for the full-year period was USD 51.9 million, compared to USD 969.8 million posted in 2015. Additionally, revenue for the last quarter of 2016 amounted to USD 12.8 million, against USD 23.7 million.

As disclosed, no revenues from drilling contracts and lower voyage revenues led to the reduced total revenue.

Voyage time charter equivalent (TCE) was much lower in 2016 and stood at USD 3.658, compared to USD 9,171 in 2015.

Due to the prolonged market downturn in the drybulk segment and the continued depressed outlook on freight rates, DryShips started discussions last year with its lenders regarding the firm’s debt facilities.

In December 2016, DryShips’ chairman and CEO George Economou took over the majority of the firm’s debt. A company controlled by Economou has become the lender of record under DryShips’ USD 85.1 million syndicated loan previously arranged by Germany’s HSH Nordbank.

Last month, DryShips completed the USD 200 million common stock offering, raising USD 198 million that will be used to renew the company’s fleet and pursue investments in different shipping segments.

“We are pleased to have put 2016 behind us. Having now restored our balance sheet and successfully raised over USD 300 million in new equity in the last 12 months, DryShips is in a unique position to opportunistically acquire vessels at prices close to historic lows,” George Economou, Chairman and Chief Executive Officer of the Company, commented.

DryShips owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1 million tons, 1 very large gas carrier (VLGC) newbuilding and 6 offshore supply vessels.

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