DryShips Inc. (NASDAQ:DRYS) 4Q Net Loss Extends Further


Dallas, Texas 02/24/2014 (FINANCIALSTRENDS) – Expressing his bullishness about the growth prospects for the firm in the current year, DryShips Inc. (NASDAQ: DRYS) Chairman and Chief Executive Officer George Economou has been quoted to have said that, “We are very excited about the prospects of the shipping markets. Following a period of oversupply the recent volatility in the tanker and dry bulk sectors is a clear sign of a balanced supply-demand picture. Asset prices are rising which is a strong indication of current market sentiment. Given this immediate spot exposure, Dryships is uniquely positioned to take full advantage of the imminent market recovery. We are optimistic and expect a sustainable recovery in 2014 and beyond.”

The $1.34 billion market capped, Greece based shipping firm DryShips Inc. (NASDAQ:DRYS) reported its fourth quarter and full year operational results on 18th February. For the last quarter of the year, the shipping firm reported net loss of $24.4 million which resulted in net loss of 6 cents per share. For the full year operations, net loss ballooned upwards to $223 million, translating into loss of 58 cents per share. One of the bigger losses were recorded, due to the taking on to the books of the firm a $76.8 million loss related to the sale of newly ordered vessels, which the company decided to sell.

Due to the increase in the disruption to its cash flow, the firm had worked with its existing creditors to rework the terms of its short term loan. Due to the reworked terms, the firm will not have to worry about the $1.9 billion worth loans maturing before 2020.  From its fourth quarter operations, the firm has managed to build a order book of 3,600 spot days as of date for 2014 for its dry ship operations, while the spot days for its 2014 operations goes up to 9000.