DryShips Widens Loss

Greek ship owner DryShips has plunged further into the red as its net and operating losses increased during the three-month period ended September 30.

The company’s net loss for the three months reached USD 17.9 million, compared to a net loss of USD 5.2 million reported in the same period in 2016.

While operating loss also widened to USD 6.5 million in the third quarter, compared to a loss of USD 3.7 million seen a year earlier, DryShips’ revenues surged to USD 29.9 million from USD 12.1 million year-on-year.

For the nine months ended September 30, the company said that it cut its net loss to USD 44.3 million from USD 79.7 million, while its operating loss shrunk to USD 27.8 million from USD 69.9 million.

The company’s revenues for the nine-month period increased to USD 58.1 million from USD 42.2 million seen in the same period a year earlier.

Following the closing of the previously announced USD 100 million private placement and USD 100 million rights offering on October 25, 2017, the company’s credit facility with Sierra Investments Inc., with an outstanding
balance of approximately USD 73.8 million, was refinanced with a new loan facility secured by assets.

The credit facility has a loan to value ratio of 50%, a tenor of 5 years, no amortization and a margin of LIBOR plus 4.5%, DryShips informed.

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