Reuters logo
UPDATE 1-DryShips doubts ability to stay in business
2016年6月6日 / 晚上9点17分 / 1 年前

UPDATE 1-DryShips doubts ability to stay in business

(Adds background, details)

June 6 (Reuters) - Dry bulk shipper DryShips Inc raised “substantial doubt” about its ability to stay in business after it defaulted on three bank facilities, hit by a prolonged downturn in commodity prices and low charter rates.

The company’s shares fell as much as 26 percent to $1.75 in extended trading on Monday.

DryShips, which had total liabilities of $280 million as of March 31, said in a regulatory filing that it was in breach of financial covenants and has elected to suspend principal repayments and interest payments for the remaining bank facilities. (

Shippers which transport commodities such as coal, iron ore and grain have been hurt by tepid demand, especially in China, and a surplus of vessels for hire.

The Baltic Exchange’s main Baltic Dry index has dropped 22 percent to $610 since the beginning of 2015. It fell as low as $290 this year.

The company had reported a near 98 pct fall in revenue for the quarter ended March 31 as time charter equivalent, the average daily revenue performance of a vessel on a per voyage basis fell more than 99 percent.

Up to Monday’s close, DryShips’ stock had fallen about 88 percent this year. (Reporting by Arathy S Nair in Bengaluru; Editing by Don Sebastian)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below