Bühler GmbHVan AalstViganCleveland Cascades LtdSailors SocietyCimbria
  • Cimbria
  • Bühler GmbH
  • Vigan
  • Van Aalst
  • TOC Events
  • TBA Group

DryShips returns to second-quarter profitability

DryShips returns to second-quarter profitability

(Posted on 02/08/18)

Nasdaq-listed DryShips Inc. , a diversified owner and operator of ocean going cargo vessels, has announced its unaudited financial and operating results for the quarter ended June 30, 2018. The company, founded in 2004 by its current Chief Executive Officer, George Economou, has suspended its dividend, preferring instead to spend free cash on a stock repurchase programme. DryShips was the first dry bulk company to go public in the United States.

For the second quarter of 2018, the Company reported net income of $3.6 million, or $0.04 basic and diluted earnings per share.

Included in the second quarter of 2018 results are the following: Vessel dry-docking costs of $3.3 million, or $0.03 per share; Gain of $5.1 million, or $0.05 per share, on the sale of the Company’s 2001 built Panamax vessel, the

Maganari, to an unaffiliated buyer.

Excluding the above, the Company’s net results would have amounted to a net income of $1.8 million, or $0.02 per share.

The Company reported Adjusted EBITDA of $13.3 million for the second quarter of 2018.

As of 31 July, 2018, the Company has repurchased a total of 5,565,992 shares of its common stock for an aggregate amount of $23.1 million, including commissions, pursuant to its previously announced stock repurchase programme under which the Company may repurchase up to $50.0 million of its outstanding common stock until February 28, 2019. The current number of the Company’s outstanding common stock is 98,708,716.

While announcing the results of its common stock repurchase program under which the Company has repurchased a total of 5,565,992 shares, the Company’s Board of Directors has decided to suspend the Company’s previously announced cash dividend policy until further notice. As previously noted, both the dividend policy and common stock repurchase program are subject to the discretion of the Company’s Board of Directors and may be suspended or amended at any time without notice.

On July 18 and July 24, 2018, the Company’s Panamax vessels Redondo and Marbella, respectively, were delivered to their new owners according to the terms of the previously announced Memoranda of Agreement with unaffiliated buyers.

Latest News

IOMSR strikes four ship deal with MX Bulk

(Posted on 28/09/22)

The Isle of Man Ship Registry (IOMSR) is expanding its fleet after securing a new deal with fellow Isle... Read more


DNV and SIT to promote decarbonization and digitalization

(Posted on 25/09/22)

DNV has signed a Memorandum of Understanding (MOU) with the Singapore Institute of Technology (SIT)... Read more


Fleet pledge to reduce environmental footprint of plastic bottles

(Posted on 25/09/22)

Fleet Management Limited, part of the Caravel Group and the second-largest ship management company in... Read more


Idwal appoints Haysom new CCO as expansion continues

(Posted on 15/09/22)

Idwal has announced that George Haysom has joined the business as chief commercial officer (CCO) to... Read more


Britannia hosts P&I academy for members in London

(Posted on 15/09/22)

Previously known as Members’ Training Week, the Britannia P&I Academy provides a week-long... Read more


Sailors’ Society gives thanks for special relationship with Patron, Queen Elizabeth II

(Posted on 09/09/22)

International maritime charity Sailors’ Society has joined the British nation and Commonwealth... Read more


DNV signs autonomous ship technology MOU with HHI, AVIKUS and LISCR

(Posted on 09/09/22)

DNV has signed a memorandum of understanding (MOU) with maritime industry technology leaders HHI, AVIKUS... Read more


ABB and Wallenius introduce digital offering driving efficiency gains

(Posted on 09/09/22)

ABB and shipping company Wallenius Marine today introduced OVERSEA – the maritime industry&rsquo... Read more


DNV and DSME to develop wind-assisted propulsion

(Posted on 07/09/22)

Daewoo Shipbuilding & Marine Engineering (DSME) and DNV have signed a memorandum of understanding... Read more


ioCurrents and ScanReach partnership benefits merchant fleet

(Posted on 07/09/22)

Data analytics specialist ioCurrents and ScanReach, a groundbreaking maritime wireless IoT solutions... Read more


Port of South LouisianaPort of StocktonTelestackMultimodal 2022TOC EventsTBA Group
  • Multimodal 2022
  • Port of Stockton
  • Sailors Society

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping