Bühler GmbHPort of StocktonPort of South LouisianaSailors SocietyTMS Awards 2023Geneva Dry
  • Telestack
  • Sailors Society
  • Port of Stockton
  • Cimbria
  • Port of South Louisiana
  • 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

New Nuclear for Maritime takes centrestage with record attendance

(Posted on 19/06/24)

Over 350 delegates registered for CORE POWER's landmark New Nuclear for Maritime Summit held in London... Read more


AI tools key to the 'urgent action' needed to meet IMO climate targets

(Posted on 19/06/24)

Yarden Gross, CEO and Co-founder of maritime technology start-up Orca AI, is championing the rapid,... Read more


Torbjørn Gjervik appointed Western Bulk CEO

(Posted on 19/06/24)

Western Bulk Chartering AS to has announced the appointment of Torbjørn Gjervik as Chief Executive... Read more


INTERCARGO condemns deadly attacks on bulk carriers

(Posted on 14/06/24)

Following news that a seafarer has died and another has been seriously injured in the latest Houthi... Read more


Ecomar delivered to AtoB@C Shipping

(Posted on 14/06/24)

ESL Shipping's subsidiary AtoB@C Shipping has on 13th June taken delivery of Ecomar, which is the third... Read more


GAC to acquire Quadrant Pacific’s ship agency business

(Posted on 14/06/24)

GAC Group, a leading provider of shipping, logistics and marine services in the Asia-Pacific market,... Read more


Onboard carbon capture relies on industry collaboration says DNV

(Posted on 07/06/24)

Onboard carbon capture (OCC) is attracting interest within the shipping industry, providing shipowners... Read more


Franman to promote Saudi’s IMI in Greece and Cyprus

(Posted on 07/06/24)

Athens-based Franman, a leading representative and supplier of premium equipment, parts, products and... Read more


Veson: Bulker newbuilding values at 15-year high

(Posted on 01/06/24)

Values for newbuild vessels of 180,000 DWT are up by c.5.45% from USD 66.09 mil to USD 69.63 mil according... Read more


NorthStandard annual review figures verify value of scale and reach

(Posted on 31/05/24)

Global marine insurer, NorthStandard, recorded increases in premium income, investment returns, and... Read more


ViganTBA GroupVan AalstCimbriaTelestack
  • Vigan
  • Van Aalst

Subscribe to our newsletter

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