DryShips Inc. (DRYSׁ) Announces 4Q:16 Results

DryShips Inc. (NASDAQ:DRYS) announced its unaudited financial and operating results for the quarter ended December 31, 2016.

Updated Key Information as of February 7, 2017:

  • Cash and cash equivalents about $243.0 million, (or $6.70 per share)
  • Book value of Vessels, net about $95.3 million
  • 3rd Party Loans about $16.5 million
  • Sifnos Loan Facility balance about $142.9 million
  • Sifnos Loan available liquidity about $57.1 million
  • Number of Shares Outstanding 36,253,866

George Economou, Chairman and Chief Executive Officer of the Company, commented:

“We are pleased to have put 2016 behind us. Having now restored our balance sheet and successfully raised over $300 million in new equity in the last 12 months, DryShips is in a unique position to opportunistically acquire vessels at prices close to historic lows.”

Shares of DryShips are dropping nearly 8% to $4.46 in after-hours trading. DRYS has a 1-year high of $2227.20 and a 1-year low of $1.97. The stock’s 50-day moving average is $3.43 and its 200-day moving average is $3.75.

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. 

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