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DryShips reports financial results for 1Q19

Published by , Assistant Editor
Dry Bulk,

DryShips Inc. (DryShips), a diversified owner and operator of ocean-going cargo vessels, on 15 May announced its unaudited financial and operating results for the quarter ended 31 March 2019.

1Q19 financial highlights

For the first quarter of 2019, the company reported net income of US$1.5 million, or 1.67 cents basic and diluted earnings per share. Included in the first quarter of 2019 results are: vessel dry-docking costs of US$0.7 million, or 0.78 cents per share Excluding the above, the company’s net results would have amounted to a net income of US$2.2 million, or 2.45 cents per share. The company reported Adjusted EBITDA of US$13.1 million for the first quarter of 2019.

Other developments

Common stock repurchase programme: As of May 15, 2019, the company has not repurchased any additional shares of its common stock since its last update. Under the previously announced new stock repurchase programme, the company may repurchase up to US$12.8 million of its outstanding common shares by 29 October 2019.

Future-proofing of the company’s fleet during 2019: the company has scheduled and started implementing an overall ‘future proofing plan’ for its fleet by performing dry-dockings, installation of scrubbers and installation of ballast water systems. As a result, the company expects during the period from 2019 to 2020 to incur approximately between 1100 - 1300 off-hire days for a total estimated cost of approximately US$80.0 million - US$100.0 million.

2019 Annual General Meeting of Shareholders: On 15 May 2019, the company’s Board of Directors resolved that the company’s 2019 Annual General Meeting of Shareholders (the Annual Meeting) be held at the offices of DryShips Management Services Inc. located at 109 Kifisias Avenue & Sina Street, GR 151 24, Marousi, Athens, Greece on Monday 22 July 2019 at 4:00 p.m., local time. The company’s Board of Directors fixed the close of business on Monday 10 June 2019, as the record date for the determination of the shareholders entitled to receive notice and to vote at the Annual Meeting or any adjournments or postponements thereof. Formal notice of the Annual Meeting and the company’s proxy statement are expected to be sent to shareholders on or before Monday 1 July 2019.

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