DryShips Cuts Loss, Sees Rise in Revenues

Greek shipowner DryShips managed to improve its earnings during 2017, as it cut its net loss and delivered a rise in revenues for the year.

For the twelve months ended December 31, 2017, the company reported a net loss of USD 42.5 million, compared to a net loss of USD 157.2 million reported in the previous year.

During the year, revenues surged to USD 100.7 million from USD 51.9 million seen in 2016.

For the quarter ended December 31, 2017, DryShips’ returned to black with a net income of USD 1.8 million, against a net loss of USD 77.5 million recorded in the fourth quarter of 2016.

Revenues for the fourth quarter reached USD 42.6 million, rising from USD 12.8 million.

Included in the fourth quarter of 2017 results is the net income associated with “mark-to-market” accounting of the company’s 49% ownership in Heidmar Holdings LLC, a global tanker pool operator, of USD 9.7 million, as well as the gain on the sale of the DryShips’ 2001-built Panamax Ecola, to an unaffiliated buyer, of USD 4.4 million.

Following year end, in late January 2018, a USD 90 million secured credit facility, which is secured by the company’s four tanker vessels, was fully drawdown.

Additionally, on January 29, DryShips signed the earlier mentioned USD 35 million secured credit facility with a commercial lender. This facility is secured by three of the company’s drybulk carriers and has a tenor of six years. The company’s expects to drawdown the full amount of the facility during March 2018.

In early February, the company repaid in full the outstanding balance of approximately USD 73.8 million under the credit facility with Sierra Investments Inc., and received a firm commitment for a senior secured credit facility of up to USD 30 million from a major European commercial lender.

The facility is expected to be secured by two of the company’s drybulk vessels and will have a tenor of six years.

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