DryShips Inc. (NASDAQ:DRYS) shares soar nearly 8% to $1.27 in Thursday’s trading session, after the company announced that it has fully repaid its remaining commercial loan facility of approximately $15.2 million, including overdue interest.
Updated Key Information as of April 27, 2017:
- Cash and cash equivalents about $384 million, (or $6.52 per share)
- Book value of vessels, including deposits about $238 million, (or $4.04 per share)
- Sifnos Loan Facility balance about $200.0 million
- Number of Shares Outstanding about 58,905,719
Mr. George Economou, Chairman and Chief Executive Officer commented: “We are very excited to have completed the remarkable transformation of our balance sheet. Having all of our assets debt free, no mandatory loan payments over the next 4 years and available liquidity of $384 million, we strongly believe that our efforts to access bank debt financing for the first time since November 2014 will be successful and will allow us to further grow the size our fleet.”
DryShips, Inc. engages in ocean transportation services for drybulk and petroleum cargoes. The company operates its business through three segments: Drybulk and Offshore support. The Drybulk segment provides drybulk commodities transportation services for the steel, electric utility, construction and agri-food industries, which consists transportation and handling of Drybulk cargoes through ownership and trading of vessels. The Offshore Support segment consists of offshore support services to the global offshore energy industry through the operation of a diversified fleet of offshore support vessels. The company was founded on September 9, 2004 and is headquartered in Athens, Greece.