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.
The company will also undergo a 1-for-4 reverse split effective August 15, 2016 in an effort to remain Nasdaq compliant when it comes to having a closing bid price below $1 for 30 consecutive days. Shares of Dryships closed Monday's regular session up $0.058 or 14.24 percent to $0.465.
DryShips owns a fleet of 20 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.5 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.