DryShips Reports Q2 Loss
DryShips posted a net loss of $15.6 million for the quarter ended June 30, 2017, widening from net loss of $9.1 million a year earlier. However, its revenue went up to $16.38 million from $15.75 million over the same period.
Its cash and cash equivalents stood at $77.2 million (or $1.14 per share) at the end of Q2, and book value of vessels, including advances, was $668.0 million (or $9.84 per share).
As of August 29, 2017, following the closing of the Private Placement, the Company owns 49% of Heidmar Holdings LLC pursuant to a joint venture with Morgan Stanley. Heidmar is one of the largest independent tanker pool operators worldwide, commercially managing about 100 vessels.
Since November 2016, the Company has raised approximately $688 million of equity that has been deployed to acquire modern vessels in multiple segments in order to take advantage of historically low vessel values and renew and diversify the Company's aging fleet.
In aggregate, the Company entered into agreements to acquire 17 vessels, of which 12 are with unaffiliated third parties, with an average age of two years for a total cost (book value basis) of approximately $772.4 million, of which $606.2 million has been advanced as of this date.
During the last few months the Company has successfully taken delivery of 14 vessels that are now starting to generate revenue.
As a result of the successful execution of its fleet renewal program and in connection with the private placement and other transactions previously announced on August 11, 2017, the Company terminated the $226.4 million common stock purchase agreement, dated April 3, 2017, by and between the Company and Kalani Investments Limited, a company organized and existing under the laws of the British Virgin Islands.
