Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Anthony Kandylidis News

20 Jan 2017

DryShips Buys First Very Large Gas Carrier

DryShips Inc., a diversified owner of ocean group cargo vessels, announced that it has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million. The Company financed the closing price of $21.9 million by using part its undrawn liquidity under the $200.0 million New Sifnos Revolver, which now stands at $142.9 million. The $61.6 million balance of the purchase price for the VLGC will be payable in installments until the vessel's delivery from HHI. The VLGC will be employed on a fixed rate time charter with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years.

15 Sep 2016

Dryships Announces Deleveraging Transaction

DryShips Inc., owner of drybulk carriers and offshore support vessels,  announces deleveraging transaction and vessel sale. It has reached an agreement with Sifnos Shareholders Inc. "DryShips has reached an agreement with Sifnos to convert $8.75 million of outstanding principal amount under the previously announced Secured Revolving Facility Agreement (Revolver) to 3.5 million preferred shares.," says a press statement. Each preferred share will have 100,000 votes. In addition, Sifnos has agreed to provide a 90 day waiver of any defaults under its Revolver. Sifnos is a company controlled by our Chairman and CEO, George Economou and the transaction was approved by the Company's independent members of the board. A fairness opinion was obtained in connection with this transaction.

09 Aug 2016

Dryships Misses Earnings

The  Greece-based DryShips Inc. (DRYS),owner of drybulk carriers and offshore support vessels that operate worldwide, has reported a loss of $9.1 million in its second quarter. The operator of oil rigs and dry cargo carriers posted revenue of $13.2 million in the period. The George Economou-led has a loss of 34 cents per share, says a statement from the company. Average vessels fells to 20 from a prior level of 39. Fleet utilization declined to 95.4 percent from a prior level of 97.4 percent. Dryships also said current Executive Vice President Anthony Kandylidis has assumed the duties of CFO as of August 8, 2016. The Company is presently engaged in discussions with its lenders for the restructuring of its debt facilities.

31 Aug 2011

DryShips Reports 2Q Results

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below. Excluding infrequently occurring and non-cash items, the Company’s net results would have amounted to a net income of $17.4 million or $0.04 per share. - Impairment losses from the sale of vessels La Jolla, Conquistador, Samsara, Brisbane and Toro, net of gain from the total loss of the Oliva, amounting to $87.0 million, or $0.25 per share.

25 Aug 2011

DryShips Acquires OceanFreight Inc.

DryShips Inc. (NASDAQ: DRYS) and OceanFreight Inc. (NASDAQ: OCNF) announced that DryShips has acquired 3,000,856 shares of OceanFreight Inc. The shares were acquired from entities controlled by Mr. Anthony Kandylidis, the CEO of OceanFreight, under a purchase agreement entered into on July 26, 2011. OceanFreight. The consideration paid by DryShips for each OceanFreight share consisted of  (x) $11.25 in cash and (y) 0.52326 shares of common stock of Ocean Rig UDW Inc, par value of $0.01 per share, with cash paid in lieu of fractional shares. The total consideration paid for those shares was $33,759,671.08 in cash and 1,570,226 shares of Ocean Rig common stock. The Ocean Rig shares so transferred were outstanding shares held by DryShips.

29 Mar 2011

OCEANFREIGHT INC. Announces Fleet Expansion

March 29, 2011 - Athens, Greece - OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced today that it has entered into an agreement to purchase two resale newbuilding 206,000 DWT capesize vessels at a well-known Chinese yard. The vessels are scheduled to be delivered in the second and fourth quarter of 2013. The vessels will be purchased from a Company ultimately controlled by our Founder and Chief Executive Officer, Mr. Anthony Kandylidis.

04 Mar 2010

Update on Davie Yards

Ocean Hotels Plc. On 25 February 2010, Davie Yards announced it has filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA) with the Québec Superior Court, in Canada. On 26 February 2010, Tore Enger resigned from the Board of Directors of Ocean Hotels PLC and following a Board of Directors meeting that was held the same day, Alexandros Tsirikos was appointed Chairman of the Board of Directors. The Board is looking into terminating the management agreement between Ocean Hotels and Teco Management, and appointed Anthony Kandylidis as CEO / Managing Director of Ocean Hotels. Director Constantinos Economides also resigned as Director of the Board, to allow for a more efficient Board, and will remain Corporate Secretary of Ocean Hotels.

11 Nov 2009

OceanFreight Q3 2009 Report

OceanFreight Inc. (NASDAQ: OCNF), a global provider of marine transportation services, announced its financial results for the quarter ended September 30, 2009. For the three-month period ended September 30, 2009, the Company reported Net Loss of $13.3 million or basic and diluted loss per share of $0.15. --  A book loss of approximately $20.8 million associated with the sale of the M/V Richmond which was delivered to the new owners on September 30, 2009. --  A loss of $2 million associated with the change in fair value of interest rate swaps. Excluding the above items Net Income for the third quarter of 2009 would be $9.5 million or $0.11 per share.

15 Oct 2009

OceanFreight Inc. New Charter

OceanFreight Inc. (NASDAQ: OCNF), a global provider of seaborne transportation services for both drybulk and energy commodities, announced a new charter for the recently acquired 180,000DWT, 2005 built capesize vessel. Upon delivery, the vessel will be renamed M/V Montecristo and will commence employment on a time charter for a minimum period of four years at a gross rate of $23,500 per day and a maximum of eight years at an average gross rate of $24,125 per day for the optional period. Anthony Kandylidis, Chief Executive Officer of the Company, commented: "Being consistent with our strategy of modern vessel acquisitions and of secured revenues…

13 Jul 2009

Oceanfreight Inc. Acquires Capesize Vessel

OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services for both drybulk and energy commodities, announced it has agreed to acquire a 2006 built 173,949 dwt Capesize bulk carrier for a purchase price of $61.25m. The vessel is scheduled for delivery before November 30, 2009. Upon delivery to the company the vessel will commence employment on a time charter for a minimum period of five years and a maximum period of 8 years at a rate of $26,000 per day. Anthony Kandylidis, Chief Executive Officer of the Company commented “We are very pleased to have acquired another high quality modern Capesize vessel. We continue to put to good use the equity proceeds recently raised.

15 Jan 2009

OceanFrieght Inc. Amends Credit Facility

OceanFreight Inc., (NASDAQ:OCNF) a global provider of seaborne transportation services announced that it has entered into an amendatory agreement to its $325m senior secured credit facility with Nordea Bank Norge ASA, as Administrative Agent, under which the lenders have agreed to an amendment and waiver of the collateral maintenance coverage ratio covenant contained in the agreement. Anthony Kandylidis, Chief Executive Officer of the Company commented “Our proactive approach with our bankers has allowed us to enter into this amendment to our loan agreement and achieve a lower collateral maintenance coverage ratio in light of the recent decline in vessel values, particularly in the dry bulk sector.

24 Jan 2008

Tanker Delivered to Oceanfreight

OceanFreight Inc. to acquire in December 2007. term. completes the first phase of our growth strategy. revolving credit facility.