Port of South LouisianaTOC Europe 2023TBA GroupVan AalstBühler GmbHTelestack
  • TOC Europe 2023
  • TBA Group
  • Bühler GmbH
  • Port of South Louisiana
  • Vigan
  • Van Aalst

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

Groke brings new situation awareness expertise to One Sea

(Posted on 24/03/23)

One Sea has welcomeed Finnish start-up Groke Technologies as its new member, bringing additional expertise... Read more


ClassNK releases FAQs on EU-ETS for shipping

(Posted on 24/03/23)

ClassNK has released “FAQs on the EU-ETS for Shipping”, an overview and necessary preparation... Read more


New AXSMarine tool helps users visualize CO2 emissions and CII

(Posted on 20/03/23)

AXSMarine, a pioneer and market leader in the provision of advanced solutions for shipping professionals... Read more


Shipzero advances the decarbonization of logistics

(Posted on 20/03/23)

Shipzero is enabling transport and logistics companies to create transparency about their emissions... Read more


Isle of Man Ship Registry joins INTERCARGO

(Posted on 07/03/23)

The Isle of Man Ship Registry (IOMSR) has become an associate member of The International Association... Read more


More investment into crews’ health and nutrition says MCTC

(Posted on 07/03/23)

The wellbeing of crew members is becoming more important to shipping companies says leading catering... Read more


Strong demand and diversified vessel portfolio fuels strong Algoma performance

(Posted on 28/02/23)

Canada based Algoma Central Corporation has reported its results for the year ended 31 December, 2022... Read more


Ukrainian seafarers back, but many have suffered trauma

(Posted on 24/02/23)

Ukrainian seafarers have largely returned to international shipping thereby restoring balance in crew... Read more


Round Table prioritises seafarers at first in-person meeting since COVID

(Posted on 24/02/23)

The Chairs of the Round Table of International Shipping Associations met in Athens last week to renew... Read more


AXSMarine invests in Nextvoyage

(Posted on 21/02/23)

AXSMarine, a leading provider of SaaS shipping software and data for decision making in the chartering... Read more


The Wolfson Centre for Bulk Solids Handling Technology ViganSailors SocietyPort of StocktonCimbria
  • Sailors Society
  • Port of Stockton

Subscribe to our newsletter

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