DryShips Profits from Rate Improvements

ShippingIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license

Greek shipowner DryShips delivered a profit in the second quarter of the year, driven by an improvement in the company’s time charter equivalent rates.

The company reported a net income of USD 3.6 million during the period, compared to a net loss of USD 15.6 million seen in the same quarter a year earlier. Revenues for the quarter stood at USD 43.3 million, up from USD 16.4 million in the second quarter of 2017.

During the quarter, the TCE rates of the company’s dry bulk vessels surged to USD 11,431, from USD 6,985 reported in the previous year’s second quarter. Similarly, TCE rates for tankers were up at USD 15,080, compared to USD 10,057, while gas carrier rates jumped to USD 27,929 from USD 14,667.

DryShips’ net income stood at USD 4.3 million for the first six months of 2018, against a net loss of USD 26.3 million recorded in the first half of 2017, while revenues surged to USD 87.3 million from USD 28.2 million in the period.

Additionally, the company’s Panamax vessels Redondo and Marbella, were delivered to their new owners on July 18 and July 24, 2018, respectively. In July, DryShips unveiled agreements to sell a number of its ships, including its four very large gas carriers (VLGCs) along with their existing time charter contracts.

The sale remains subject to charterers’ consent. The VLGCs are scheduled for delivery to their buyers during the third quarter of 2018, DryShips informed.

While announcing the results of its common stock repurchase program, under which the company has repurchased a total of 5,565,992 shares, DryShips’ Board of Directors has decided to suspend the previously announced cash dividend policy until further notice.

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