DryShips Reports 4Q Results

Friday, February 15, 2008
DryShips Inc announced its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2007.

Financial Highlights include: • For the fourth quarter of 2007 the Company reported Net Income of $195.2 million or $5.37 per share. Included in the fourth quarter results is a capital gain on the sale of 1 vessel of $31.5 million or $0.87 per share. Excluding this gain, Net Income would amount to $163.7 million or $4.50 per share. • For the fourth quarter of 2007 the Company reported EBITDA1 of $229.3 million. • For the year ended December 2007, the Company reported Net Income of $475.4 million or $13.32 per share. Included in the full year results is a capital gain on the sale of 11 vessels of $135.0 million or $3.78 per share. Excluding this gain, Net Income would amount to $340.4 million or $9.54 per share. • For the year ended December 2007 the Company reported EBITDA of $600.8 million. • In January 2008 the Company declared and paid its eleventh consecutive quarterly cash dividend of $0.20 per common share.

Fourth Quarter 2007 Results For the fourth quarter ended December 31, 2007, Time charter equivalent revenues (Voyage Revenues less Voyage Expenses) amounted to $223.5 million as compared to $74.0 million for the fourth quarter ended December 31, 2006. Operating Income was $211.9 million for the quarter ended December 31, 2007, as compared to $46.3 million for the quarter ended December 31, 2006. Net Income for the fourth quarter of 2007 was $195.2 million or $5.37 Earnings Per Share (EPS) calculated on 36.32 million weighted average basic and diluted shares outstanding as compared to $35.9 million or $1.02 Earnings Per Share (EPS) calculated on 35.33 million weighted average basic and diluted shares outstanding for the quarter ended December 31, 2006. EBITDA2 for the fourth quarter of 2007 was $229.3 million as compared to $63.8 million in the quarter ended December 31, 2006. An average of 36.12 vessels were owned and operated during the fourth quarter of 2007, earning an average Time Charter Equivalent, or TCE, rate of $67,587 per day as compared to an average of 33.86 vessels owned and operated during the fourth quarter of 2006 earning an average TCE rate of $24,466 per day. Year ended December 31, 2007 Results For the year ended December 31, 2007, Time charter equivalent revenues (Voyage Revenues less Voyage Expenses) amounted to $550.9 million as compared to $232.5 million for the year ended December 31, 2006. Operating Income was $528.1 million for the year ended December 31, 2007 as compared to $96.5 million for the year ended December 31, 2006. Net Income for the year ended December 2007 was $475.4 million or $13.32 Earnings Per Share (EPS) calculated on 35.70 million weighted average basic and diluted shares outstanding as compared to $56.7 million or $1.75 Earnings Per Share (EPS) calculated on 32.35 million weighted average basic and diluted shares outstanding for the year ended December 31, 2006. EBITDA2 for the year ended December 31, 2007 was $600.8 million as compared to $159.0 million in the year ended December 31, 2006. An average of 33.67 vessels were owned and operated during the year ended December 31, 2007, earning an average Time Charter Equivalent, or TCE, rate of $45,417 per day as compared to an average of 29.76 vessels owned and operated during the year ended December 31, 2006 earning an average TCE rate of $21,918 per day.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

Port New Orleans Unveils New Logo

The Board of Commissioners of the Port of New Orleans unveiled a new modern, streamlined logo today to kick-off the 6th annual Critical Commodities Conference.

Colfax's Acquisition of Victor Technologies Complete

ESAB has announced that Colfax Corporation has completed the previously announced acquisition of Victor Technologies Holdings, Inc. Victor is a preeminent global manufacturer of cutting,

Finance

OGX lands $73 Mln loan

Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the

Libya to export first cargo since rebel deal

An oil tanker is due to load 1 million barrels of crude on Tuesday from Libya's recently reopened Hariga port, its first export shipment after a deal to end months of closures at its key terminals,

ThyssenKrupp in Talks to Sell Swedish Shipyard to Saab

ThyssenKrupp is in talks to sell its Swedish marine defence unit to Saab after failing to reach a deal with Sweden for a new generation of submarines as the country

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1150 sec (9 req/sec)