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There seems to be an endless wave of bad news hitting Athens, Greece-based shipping company DryShips.
Founded in 2004, DryShips was once the largest US-listed shipping company by market capitalization with 40-plus vessels. The company currently owns 42 dry-bulk vessels. stock chart
Last week, the company reported huge fourth quarter losses. Net losses totaled $1.02 billion, or $18.42 a share, compared with net income of $194.4 million, or $5.35 per share, in the prior year quarter. Revenue fell 6.6% to $217.9 million from $233.4 million. Analysts on average expected the company to report a loss of $4.56 a share on revenue of $233.4 million. The latest results included a loss of $700.5 million, or $12.68 per share, on the write-down of goodwill related to the acquisition of Ocean Rig ASA in May. On an adjusted basis, DryShips reported profit of $23.5 million, or 43 cents a share. Consensus estimates had called for adjusted earnings of 67 cents a share.
On Monday the company announced that its auditors had warned that it might not survive its heavy debt burden amidst the dry bulk market collapse. The warning, from Dry Ships' Greek auditors and the auditors of Ocean Rig, its oil drill ship subsidiary, pointed out that the latest results filed to the US Securities and Exchange Commission had been prepared on the basis that the company was a going concern. Though it has obtained waiver from few of its lenders to waive covenants, but it still desperately needs to negotiate with some of its lenders to avoid foreclosure on its ships. DryShips currently has $1.8 billion listed as short-term debt.
http://www.istockanalyst.com/article/viewarticle/articleid/3162202
Founded in 2004, DryShips was once the largest US-listed shipping company by market capitalization with 40-plus vessels. The company currently owns 42 dry-bulk vessels. stock chart
Last week, the company reported huge fourth quarter losses. Net losses totaled $1.02 billion, or $18.42 a share, compared with net income of $194.4 million, or $5.35 per share, in the prior year quarter. Revenue fell 6.6% to $217.9 million from $233.4 million. Analysts on average expected the company to report a loss of $4.56 a share on revenue of $233.4 million. The latest results included a loss of $700.5 million, or $12.68 per share, on the write-down of goodwill related to the acquisition of Ocean Rig ASA in May. On an adjusted basis, DryShips reported profit of $23.5 million, or 43 cents a share. Consensus estimates had called for adjusted earnings of 67 cents a share.
On Monday the company announced that its auditors had warned that it might not survive its heavy debt burden amidst the dry bulk market collapse. The warning, from Dry Ships' Greek auditors and the auditors of Ocean Rig, its oil drill ship subsidiary, pointed out that the latest results filed to the US Securities and Exchange Commission had been prepared on the basis that the company was a going concern. Though it has obtained waiver from few of its lenders to waive covenants, but it still desperately needs to negotiate with some of its lenders to avoid foreclosure on its ships. DryShips currently has $1.8 billion listed as short-term debt.
http://www.istockanalyst.com/article/viewarticle/articleid/3162202
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