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DryShips Inc. reports financial and operating results for the 1Q17

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Dry Bulk,

DryShips Inc. has announced its unaudited financial and operating results for the quarter ended 31 March, 2017.

Updated key information as of 10 May, 2017:

  • Cash and cash equivalents: approximately US$340.7 million (or US$5.05 per share). .
  • Book value of vessels, net: approximately US$286.2 million (or US$4.25 per share).
  • Sifnos Loan Facility balance: approximately US$200.0 million. 
  • Number of Shares Outstanding: 67 401 964. 

New acquisitions

On 10 May, 2017, the company entered into an agreement with an entity affiliated with the company's Chairman and CEO, Mr. George Economou, to acquire one 158 000 DWT suezmax tanker currently under construction in China. The company will finance the total gross purchase price of approximately US$64.0 million using cash on hand and expects to take delivery of the vessel during May 2017. The vessel will be time chartered back to the seller and employed from the time of delivery under a five-year time charter plus optional periods in charterer's option at a base rate plus profit share. The charterer will also be granted purchase options at the end of each firm period. The total expected backlog under the time charter, assuming an average spot market for suezmaxes for the next five years of US$25 000 per day is estimated to be approximately US$43.1 million.

The transaction was approved by the audit committee of the company's Board of Directors and the independent members of the company's board of directors.

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