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.
Kalani Hit With Lawsuit on Top Ships
An investigation has been launched on behalf of investors of Top Ships into the company’s dealings with Kalani Investment. Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Top Ships from January 17, 2017 through August 22, 2017, inclusive. The lawsuit seeks to recover damages for Top Ships investors under the federal securities laws. The complaint alleges that through his control of Top Ships, the Company’s CEO, Evangelos J. Pistiolis (Pistiolis), caused Top Ships to engage in a series of manipulative share issuance/sales transactions with…
DryShips Acquires Six Vessels
DryShips Inc. has entered into agreements to acquire six vessels for a total gross price of $268 million. It has also entered into an agreement with Kalani Investments Limited. These vessels are comprised of one Aframax tanker built in 2012, three Kamsarmax drybulk vessels, one currently under construction and two built in 2014, and two very large gas carriers (VLGCs) currently under construction pursuant to the previously announced "zero cost" option agreement. The Aframax and the two second-hand Kamsarmaxes are expected to be delivered in the second quarter of 2017, the newbuilding re-sale Kamsarmax in the third quarter of 2017 and the two VLGCs before the end of the year.
Dryships to Sell $200 mln of Stock to Kalani Investments
DryShips Inc., an international owner of drybulk carriers and offshore support vessels, announced today that it has entered into an agreement with Kalani Investments Limited, an entity organized in the British Virgin Islands and that is not affiliated with the Company. Under the agreement the Company may sell up to $200.0 million of its common stock to Kalani over a period of 24 months, subject to certain limitations. Proceeds from any sales of common stock will be used for general corporate purposes. Kalani has no right to require any sales and is obligated to purchase the common stock as directed by the Company, subject to certain limitations set forth in the agreement.
