The company’s stock collapsed in the wake of the 2009 financial crisis, after which it conducted a series of stock offerings that further diminished its share value. DryShips went public in 2005 at $18 per share and by 2007, its stock was selling for over $120 – a surge that attracted a huge and dedicated following of retail investors and day traders. It has been at or near the bottom since Webber began the series in 2016.ĭryShips, a holding company with only a handful of employees, emerged as a poster child of high-flying shipping stocks during the shipping boom in the mid-2000s. In Webber’s latest ranking of 56 companies, released on May 6, DryShips ranked 56 th. Wells Fargo analyst Michael Webber puts out a periodic public shipping corporate governance scorecard. The public entity pays the private side fees for all technical and commercial management, and in many cases – particularly in the case of DryShips – it buys much of its fleet from the private related party. The offshore-service vessels are laid up the tankers are in the spot market 11 of the 19 bulkers are in the spot market and the remaining eight bulkers are on index-linked time charters, meaning they are also exposed to spot rates.ĭuring the first quarter of 2019, DryShips’ bulkers achieved an average rate of $9,994 per day, down 12 percent year-on-year, while its tankers earned $28,694 per day, up 46 percent year-on-year.ĭryShips and its founder Economou have long embodied one of the most controversial aspects of the public shipping community – public ship-owning entities controlled by private sponsors that do substantial related-party business with those sponsors. The mixed-fleet owner, led by high-profile Greek magnate George Economou, reported net income of $1.5 million for the first quarter of 2019, up slightly from $1.2 million in the same period last year.ĭryShips owns 31 vessels with a total carrying capacity of 3.5 million deadweight tons (DWT) – 19 dry bulk vessels totaling 2.5 million DWT, six tankers totaling 975,324 DWT, and six offshore-service vessels totaling 8,328 DWT. With the negative conditions in the drybulk market we believe this is a prudent way to take advantage of market volatility,” said George Economou, Chairman and CEO.ĭryShips owns a fleet of 39 drybulk carriers with a combined deadweight tonnage of approximately 4.3 million tons, and 8 tankers with a combined deadweight tonnage of over 1 million tons.DryShips (NASDAQ: DRYS) – a public ship-owning company that’s either famous or infamous, depending on who you ask – has reported steady albeit slim profits and announced a major retrofitting program for its vessels. “We are pleased to have reached an agreement with one of our charterers that allows DryShips to put a floor on its downside while providing upside potential. Nasdaq-listed owner of drybulk carriers and tankers DryShips Inc.has entered into agreement with one of its charterers to write-off about USD 16.5 million in overdue receivables related to charter hire payments due on 11 vessels on time charter.Īs part of the transaction, the charterer has agreed to forgo the exercise of certain “in-the-money” purchase options related to 7 vessels on time charter and provide new charters for 11 vessels at $12,500/day gross with 50-50 profit sharing starting as of Jand for an average period of about 4.5 years.
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