Dryships Report Q3 2013 Net Loss Despite EBITDA Growth

MarineLink.com
Monday, November 04, 2013

Drybulk and petroleum cargo transportation company, DryShips, & through its majority owned subsidiary, Ocean Rig, of offshore deepwater drilling services, announce its unaudited financial and operating results for the third quarter ended September 30, 2013.

The Company reported Adjusted EBITDA of $183.6 million for the third quarter of 2013, as compared to $141.0 million for the third quarter of 2012.

For the third quarter of 2013, the Company reported a net loss of $63.9 million, or $0.17 basic and diluted loss per share. Included in the third quarter 2013 results are non-cash write offs and breakage costs associated with the full repayment of Ocean Rig's $800.0 million secured term loan agreement and the two $495.0 million senior secured credit facilities totaling $61.1million or $0.16 per share. Excluding this, the Company’s net results would have amounted to a net loss of $27.6 million, or $0.07 per share.

George Economou, Chairman and Chief Executive Officer of the Company, commented:

“We are pleased to announce the recently-signed agreement with the banking syndicate led by HSH. Earlier this year, we accelerated our discussions with our lenders to lower our upcoming debt service requirements and concluded an agreement with a lender to, among other things, defer certain principal installments until maturity.

This new agreement allows us to use $55 million of restricted cash on our balance sheet to prepay scheduled principal installments, thereby reducing our capital costs during 2014 by $55 million. Furthermore, this new agreement has certain other beneficial clauses including the relaxation of certain financial covenants. This transaction highlights the high degree of trust shown in us by financial institutions who I believe are now starting to recognize borrowers that have navigated the market downturn.
 


People & Company News

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

DNV GL Backs John Laing on First Offshore Wind Investment

DNV GL successfully completed its due diligence work of the offshore wind farm “Nordergründe” in the North Sea, reviewing and quantifying the technical risks of the project.

MobileOps Pursuing Maritime Business

Redmond, Wash. based MobileOps, Inc., a software company specializing in the design and development of maritime software applications (dispatch, safety, compliance,

Tanker Trends

NASSCO Christens LNG-ready Tanker Constitution

On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly

Veg Oils Can Benefit Tankers

A number of product tankers, with certain characteristics, can carry edible oils (also called veg oils) as well as oil products, meaning that veg oil trade should

Worldscale Flat Rates to Fall Again

The concept of Worldscale is not an easy principle to grasp, particularly for those outside the tanker industry, says Weekly Tanker Market Report by Gibson.   The

Finance

China Cosco Sinks into Red

Dragged by lackluster freight rates in the maritime transport market during the first half of 2016, China Cosco Holdings logged a 7.2 billion yuan ($1.07 billion) net loss for the January-June half,

India Shipping Ministry Enlarges Scope of Sagarmala

India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments

Industry Wants Hanjin Shipping to Merge with Hyundai Merchant Marine

The Korea Shipowners’ Association (KSA) has officially suggested Hanjin Shipping merge with Hyundai Merchant Marine (HMM) to prevent  court receivership and liquidation, reports Business Korea.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair 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: 0.1050 sec (10 req/sec)