DRYSHIPS INC.
|
||
(Registrant)
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||
Dated: September 17, 2019
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By:
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/s/ Anthony Kandylidis
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Name: Anthony Kandylidis
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Title: President and Chief Financial Officer
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- |
For the second quarter of 2019, the Company reported net loss of $12.7 million, or $0.15 basic and diluted losses per share.
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- |
Included in the second quarter of 2019 results are the following:
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➢ |
Vessel dry-docking costs of $5.7 million, or $0.07 per share
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➢ |
Vessel impairments of $1.5 million, or $0.02 per share
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- |
The Company reported Adjusted EBITDA of $6.4 million for the second quarter of 2019. (1)
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• |
Future Proofing of the Company’s fleet – Update
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• |
Pending Merger with SPII
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Year
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Gross rate
|
Redelivery
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||||||
Built
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DWT
|
Per day
|
Earliest
|
Latest
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||||
Drybulk fleet
|
||||||||
Newcastlemax:
|
||||||||
Bacon*
|
2013
|
205,170
|
Spot
|
N/A
|
N/A
|
|||
Conquistador*
|
2016
|
209,090
|
T/C Index Linked
|
N/A
|
N/A
|
|||
Huahine
|
2013
|
206,037
|
T/C Index Linked
|
Sep-19
|
Oct-19
|
|||
Judd
|
2015
|
205,796
|
T/C Index Linked
|
Sep-19
|
Oct-19
|
|||
Marini*
|
2014
|
205,854
|
T/C Index Linked
|
Oct-19
|
Dec-19
|
|||
Morandi
|
2013
|
205,854
|
T/C Index Linked
|
Sep-19
|
Sep-19
|
|||
Netadola*
|
2017
|
208,998
|
T/C Index Linked
|
N/A
|
N/A
|
|||
Pink Sands*
|
2016
|
208,931
|
T/C Index Linked
|
N/A
|
N/A
|
|||
Xanadu*
|
2017
|
208,827
|
T/C Index Linked
|
N/A
|
N/A
|
|||
Kamsarmax:
|
||||||||
Castellani
|
2014
|
82,129
|
Spot
|
N/A
|
N/A
|
|||
Kelly
|
2017
|
81,300
|
Spot
|
N/A
|
N/A
|
|||
Matisse
|
2014
|
81,128
|
Spot
|
N/A
|
N/A
|
|||
Nasaka
|
2014
|
81,918
|
Spot
|
N/A
|
N/A
|
|||
Valadon
|
2014
|
81,198
|
Spot
|
N/A
|
N/A
|
|||
Panamax:
|
||||||||
Catalina
|
2005
|
74,432
|
Spot
|
N/A
|
N/A
|
|||
Levanto
|
2001
|
73,925
|
Spot
|
N/A
|
N/A
|
|||
Ligari
|
2004
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75,583
|
Spot
|
N/A
|
N/A
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|||
Majorca
|
2005
|
74,477
|
Spot
|
N/A
|
N/A
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|||
Rapallo
|
2009
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75,123
|
Spot
|
N/A
|
N/A
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|||
Raraka
|
2012
|
76,037
|
Spot
|
N/A
|
N/A
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|||
Tanker fleet
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||||||||
Very Large Crude Carrier:
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||||||||
Shiraga
|
2011
|
320,105
|
Spot
|
N/A
|
N/A
|
|||
Suezmax:
|
||||||||
Marfa
|
2017
|
159,513
|
Spot
|
N/A
|
N/A
|
|||
Samsara**
|
2017
|
159,855
|
$18,000 Base rate plus profit share
|
Mar.-22
|
May-25
|
|||
Aframax:
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||||||||
Balla
|
2017
|
113,293
|
Spot
|
N/A
|
N/A
|
|||
Botafogo
|
2010
|
106,892
|
Spot
|
N/A
|
N/A
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|||
Stamos
|
2012
|
115,666
|
Spot
|
N/A
|
N/A
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|||
Offshore Supply fleet
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||||||||
Platform Supply Vessels:
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||||||||
Crescendo
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2012
|
1,457
|
Laid up
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N/A
|
N/A
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|||
Colorado
|
2012
|
1,430
|
Laid up
|
N/A
|
N/A
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|||
Oil Spill Recovery Vessels:
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||||||||
Indigo
|
2013
|
1,401
|
Laid up
|
N/A
|
N/A
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|||
Jacaranda
|
2012
|
1,360
|
Laid up
|
N/A
|
N/A
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|||
Emblem
|
2012
|
1,363
|
Laid up
|
N/A
|
N/A
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|||
Jubilee
|
2012
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1,317
|
Laid up
|
N/A
|
N/A
|
Drybulk
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2018
|
2019
|
2018
|
2019
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|||||||||||||
Average number of vessels(1)
|
20.9
|
19.4
|
21.0
|
19.2
|
||||||||||||
Total voyage days for vessels(2)
|
1,850
|
1,524
|
3,740
|
3,233
|
||||||||||||
Total calendar days for vessels(3)
|
1,903
|
1,765
|
3,793
|
3,475
|
||||||||||||
Fleet utilization(4)
|
97.2
|
%
|
86.3
|
%
|
98.6
|
%
|
93.0
|
%
|
||||||||
Time charter equivalent(5)
|
$
|
11,246
|
$
|
9,535
|
$
|
11,281
|
$
|
9,778
|
||||||||
Vessel operating expenses (daily)(6)
|
$
|
7,543
|
$
|
8,786
|
$
|
6,841
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$
|
7,216
|
Tanker
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2018
|
2019
|
2018
|
2019
|
|||||||||||||
Average number of vessels(1)
|
4.3
|
6.0
|
4.1
|
6.0
|
||||||||||||
Total voyage days for vessels(2)
|
387
|
546
|
747
|
1,086
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||||||||||||
Total calendar days for vessels(3)
|
387
|
546
|
747
|
1,086
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||||||||||||
Fleet utilization(4)
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
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||||||||
Time charter equivalent(5)
|
$
|
15,116
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$
|
23,767
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$
|
17,333
|
$
|
26,217
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||||||||
Vessel operating expenses (daily)(6)
|
$
|
7,674
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$
|
7,480
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$
|
7,764
|
$
|
7,179
|
Drybulk
|
Three Months Ended June 30,
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Six Months Ended June 30,
|
||||||||||||||
2018
|
2019
|
2018
|
2019
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|||||||||||||
Voyage revenues
|
$
|
22,053
|
$
|
17,034
|
$
|
45,329
|
$
|
36,245
|
||||||||
Voyage expenses
|
(1,248
|
)
|
(2,503
|
)
|
(3,139
|
)
|
(4,634
|
)
|
||||||||
Time charter equivalent revenues
|
$
|
20,805
|
$
|
14,531
|
$
|
42,190
|
$
|
31,611
|
||||||||
Total voyage days for fleet
|
1,850
|
1,524
|
3,740
|
3,233
|
||||||||||||
Time charter equivalent (TCE)
|
$
|
11,246
|
$
|
9,535
|
$
|
11,281
|
$
|
9,778
|
Tanker
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2018
|
2019
|
2018
|
2019
|
|||||||||||||
Voyage revenues
|
$
|
9,990
|
$
|
20,912
|
$
|
21,147
|
$
|
44,781
|
||||||||
Voyage expenses
|
(4,140
|
)
|
(7,935
|
)
|
(8,199
|
)
|
(16,309
|
)
|
||||||||
Time charter equivalent revenues
|
$
|
5,850
|
$
|
12,977
|
$
|
12,948
|
$
|
28,472
|
||||||||
Total voyage days for fleet
|
387
|
546
|
747
|
1,086
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||||||||||||
Time charter equivalent (TCE)
|
$
|
15,116
|
$
|
23,767
|
$
|
17,333
|
$
|
26,217
|
(Expressed in Thousands of U.S. Dollars
except for share and per share data)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2018
|
2019
|
2018
|
2019
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Voyage, time charter revenues and services revenue
|
$
|
42,633
|
$
|
40,495
|
$
|
87,359
|
$
|
83,575
|
||||||||
42,633
|
40,495
|
87,359
|
83,575
|
|||||||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
5,811
|
10,438
|
12,169
|
20,943
|
||||||||||||
Vessel operating expenses
|
20,560
|
21,083
|
38,660
|
34,486
|
||||||||||||
Depreciation and amortization
|
7,156
|
7,783
|
13,974
|
15,120
|
||||||||||||
Impairment loss,(gain)/loss from sale of vessel
|
(5,109
|
)
|
1,454
|
(5,109
|
)
|
1,454
|
||||||||||
General and administrative expenses
|
7,612
|
8,365
|
14,781
|
15,185
|
||||||||||||
Other, net
|
(347
|
)
|
(55
|
)
|
(365
|
)
|
70
|
|||||||||
Operating income/(loss)
|
6,950
|
(8,573
|
)
|
13,249
|
(3,683
|
)
|
||||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest and finance costs, net of interest income
|
(3,915
|
)
|
(4,062
|
)
|
(8,805
|
)
|
(7,730
|
)
|
||||||||
Other, net
|
214
|
(90
|
)
|
31
|
139
|
|||||||||||
Total other expenses, net
|
(3,701
|
)
|
(4,152
|
)
|
(8,774
|
)
|
(7,591
|
)
|
||||||||
Net income/(loss)
|
3,249
|
(12,725
|
)
|
4,475
|
(11,274
|
)
|
||||||||||
Net income/(loss) attributable to DryShips Inc. common stockholders
|
3,249
|
(12,725
|
)
|
4,475
|
(11,274
|
)
|
||||||||||
Earnings/(Losses) per common share, basic and diluted
|
$
|
0.03
|
$
|
(0.15
|
)
|
$
|
0.04
|
$
|
(0.13
|
)
|
||||||
Weighted average number of shares, basic and diluted
|
100,581,638
|
86,886,627
|
102,123,365
|
86,893,214
|
(Expressed in Thousands of U.S. Dollars)
|
December 31, 2018
|
June 30, 2019
|
||||||
ASSETS
|
||||||||
Cash, cash equivalents, including restricted cash (current and non-current)
|
$
|
156,881
|
$
|
122,257
|
||||
Other current and non-current assets
|
99,092
|
151,006
|
||||||
Fixed assets, net
|
755,332
|
793,404
|
||||||
Total assets
|
1,011,305
|
1,066,667
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Total debt and finance lease liabilities
|
362,047
|
371,831
|
||||||
Total other current and non-current liabilities
|
11,529
|
70,414
|
||||||
Total stockholders’ equity
|
637,729
|
624,422
|
||||||
Total liabilities and stockholders’ equity
|
$
|
1,011,305
|
$
|
1,066,667
|
||||
SHARE COUNT DATA
|
||||||||
Common stock issued
|
104,274,708
|
104,274,708
|
||||||
Less: Treasury stock
|
(17,042,680
|
)
|
(17,388,081
|
)
|
||||
Common stock issued and outstanding
|
87,232,028
|
86,886,627
|
(U.S. Dollars in thousands)
|
Three Months Ended June 30, 2018
|
Three Months Ended June 30, 2019
|
Six Months Ended June 30, 2018
|
Six Months Ended June 30, 2019
|
||||||||||||
Net income/(loss) attributable to Dryships Inc
|
$
|
3,249
|
$
|
(12,725
|
)
|
$
|
4,475
|
$
|
(11,274
|
)
|
||||||
Add: Net interest expense
|
3,915
|
4,062
|
8,805
|
7,730
|
||||||||||||
Add: Depreciation and amortization
|
7,156
|
7,783
|
13,974
|
15,120
|
||||||||||||
Add: Dry-dockings and class survey costs
|
3,310
|
5,737
|
3,699
|
6,412
|
||||||||||||
Add: Impairment loss, (gain)/loss from sale of vessel
|
(5,109
|
)
|
1,454
|
(5,109
|
)
|
1,454
|
||||||||||
Add: Write-off of capitalized expenses
|
470
|
-
|
470
|
-
|
||||||||||||
Add: Income taxes
|
2
|
73
|
2
|
74
|
||||||||||||
Adjusted EBITDA
|
$
|
12,993
|
$
|
6,384
|
$
|
26,316
|
$
|
19,516
|
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