- DryShips (NASDAQ:DRYS) has tumbled after hours, -10.8%, after q3 earnings where voyage revenues rose but net loss tripled amid heavy financing losses.
- Net loss attributable to common stockholders widened to $15.2M from a year-ago loss of $5.8M.
- Depreciation rose to $5.5M from a year-ago $872,000. The company also saw higher interest and finance costs (of $3.6M) and took a $7.6M loss on private placement.
- Average number of drybulk vessels rose to 21.8 from a year-ago 19.7, with total voyage days rising to 2,002 from 1,353, and fleet utilization rose to 100% from 75%.
- Meanwhile, 4 new tanker vessels were online on average, with 368 voyage days and 100% utilization, and 1.2 gas carrier vessels, with 111 voyage days and also 100% utilization.
- Time charter equivalent revenue by segment: Drybulk, $17.13M (up 268%); Tanker, $4.02M (new); Gas Carrier, $3.13M (new).
- Cash and equivalents came to $25.9M. Book value of vessels, including advances, sits at $786.5M, about $7.54/share.
- Press release
- Now read: DryShips: (Almost) Guaranteed Profit
Original article