DRYSHIPS INC.
|
||
(Registrant)
|
||
Dated: July 31, 2018
|
By:
|
/s/ Anthony Kandylidis
|
Name: Anthony Kandylidis
|
||
Title: President and Chief Financial Officer
|
- |
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.
|
- |
The Company reported Adjusted EBITDA of $13.3 million for the second quarter of 2018.(1)
|
- |
Cash and cash equivalents: approximately $155.4 million (or $1.57 per share)
|
- |
Book value of vessels: approximately $893.2 million (or $9.05 per share)
|
- |
Debt outstanding balance: approximately $434.1 million (or $4.40 per share)
|
- |
Number of Shares Outstanding: 98,708,716
|
· |
$50.0 million Common Stock Repurchase Program
|
· |
Suspension of Cash Dividend
|
· |
Vessel Deliveries
|
(1)
|
Adjusted EBITDA is a non-U.S. GAAP measure; please see later in this press release for reconciliation to net income/ (loss).
|
Year
|
Gross rate
|
Redelivery
|
|||
Built
|
DWT
|
Per day
|
Earliest
|
Latest
|
|
Drybulk fleet
|
|||||
Panamax:
|
|||||
Bargara(1)
|
2002
|
74,832
|
Spot
|
N/A
|
N/A
|
Capitola
|
2001
|
74,816
|
Spot
|
N/A
|
N/A
|
Catalina
|
2005
|
74,432
|
Spot
|
N/A
|
N/A
|
Levanto
|
2001
|
73,925
|
Spot
|
N/A
|
N/A
|
Ligari
|
2004
|
75,583
|
Spot
|
N/A
|
N/A
|
Majorca
|
2005
|
74,477
|
Spot
|
N/A
|
N/A
|
Mendocino(1)
|
2002
|
76,623
|
Spot
|
N/A
|
N/A
|
Rapallo
|
2009
|
75,123
|
Spot
|
N/A
|
N/A
|
Raraka
|
2012
|
76,037
|
Spot
|
N/A
|
N/A
|
Newcastlemax:
|
|||||
Bacon
|
2013
|
205,170
|
T/C Index Linked
|
Aug-18
|
Jan-19
|
Huahine
|
2013
|
206,037
|
$24,500
|
Feb-19
|
Apr-19
|
Judd
|
2015
|
205,796
|
$20,700
|
Jan-19
|
Apr-19
|
Marini
|
2014
|
205,854
|
T/C Index Linked
|
Dec-18
|
Feb-19
|
Morandi
|
2013
|
205,854
|
T/C Index Linked
|
Feb-19
|
May-19
|
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
|
Tanker fleet
|
|||||
Very Large Crude Carrier:
|
|||||
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:
|
|||||
Balla
|
2017
|
113,293
|
Spot
|
N/A
|
N/A
|
Stamos
|
2012
|
115,666
|
Spot
|
N/A
|
N/A
|
Gas Carrier fleet
|
|||||
Very Large Gas Carriers:
|
|||||
Anderida(2)
|
2017
|
51,850
|
$29,997
|
Jun.-22
|
Jun.-25
|
Aisling(2)
|
2017
|
51,850
|
$29,997
|
Sep.-22
|
Sep.-25
|
Mont Fort(2)
|
2017
|
51,850
|
$28,833
|
Nov.-27
|
Nov.-27
|
Mont Gelé(2)
|
2018
|
51,850
|
$28,833
|
Jan.-28
|
Jan.-28
|
Offshore Supply fleet
|
|||||
Platform Supply Vessels:
|
|||||
Crescendo
|
2012
|
1,457
|
Laid up
|
N/A
|
N/A
|
Colorado
|
2012
|
1,430
|
Laid up
|
N/A
|
N/A
|
Oil Spill Recovery Vessels:
|
|||||
Indigo
|
2013
|
1,401
|
Laid up
|
N/A
|
N/A
|
Jacaranda
|
2012
|
1,360
|
Laid up
|
N/A
|
N/A
|
Emblem
|
2012
|
1,363
|
Laid up
|
N/A
|
N/A
|
Jubilee
|
2012
|
1,317
|
Laid up
|
N/A
|
N/A
|
(1) |
Sold and expected to be delivered to new owners in 2018.
|
(2) |
Sold and expected to be delivered to new owners in 2018, subject to charterers' approval.
|
Drybulk
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Average number of vessels(1)
|
15.5
|
20.9
|
14.3
|
21.0
|
||||||||||||
Total voyage days for vessels(2)
|
1,410
|
1,850
|
2,580
|
3,740
|
||||||||||||
Total calendar days for vessels(3)
|
1,410
|
1,903
|
2,580
|
3,793
|
||||||||||||
Fleet utilization(4)
|
100.0
|
%
|
97.2
|
%
|
100.0
|
%
|
98.6
|
%
|
||||||||
Time charter equivalent(5)
|
$
|
6,985
|
$
|
11,431
|
$
|
6,365
|
$
|
11,225
|
||||||||
Vessel operating expenses (daily)(6)
|
$
|
6,320
|
$
|
7,543
|
$
|
5,787
|
$
|
6,841
|
Tanker
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Average number of vessels(1)
|
1.9
|
4.3
|
1.0
|
4.1
|
||||||||||||
Total voyage days for vessels(2)
|
175
|
387
|
175
|
747
|
||||||||||||
Total calendar days for vessels(3)
|
175
|
387
|
175
|
747
|
||||||||||||
Fleet utilization(4)
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||
Time charter equivalent(5)
|
$
|
10,057
|
$
|
15,080
|
$
|
10,057
|
$
|
17,444
|
||||||||
Vessel operating expenses (daily)(6)
|
$
|
17,720
|
$
|
7,674
|
$
|
17,848
|
$
|
7,764
|
Gas Carrier
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Average number of vessels(1)
|
0.0
|
4.0
|
0.0
|
3.9
|
||||||||||||
Total voyage days for vessels(2)
|
3
|
364
|
3
|
714
|
||||||||||||
Total calendar days for vessels(3)
|
3
|
364
|
3
|
714
|
||||||||||||
Fleet utilization(4)
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||
Time charter equivalent(5)
|
$
|
14,667
|
$
|
27,929
|
$
|
14,667
|
$
|
28,083
|
||||||||
Vessel operating expenses (daily)(6)
|
$
|
272,899
|
$
|
8,536
|
$
|
272,899
|
$
|
9,125
|
Drybulk
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Voyage revenues
|
$
|
12,225
|
$
|
22,748
|
$
|
20,713
|
$
|
45,281
|
||||||||
Voyage expenses
|
(2,376
|
)
|
(1,601
|
)
|
(4,292
|
)
|
(3,299
|
)
|
||||||||
Time charter equivalent revenues
|
$
|
9,849
|
$
|
21,147
|
$
|
16,421
|
$
|
41,982
|
||||||||
Total voyage days for fleet
|
1,410
|
1,850
|
2,580
|
3,740
|
||||||||||||
Time charter equivalent (TCE)
|
$
|
6,985
|
$
|
11,431
|
$
|
6,365
|
$
|
11,225
|
Tanker
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Voyage revenues
|
$
|
3,606
|
$
|
9,918
|
$
|
3,606
|
$
|
21,147
|
||||||||
Voyage expenses
|
(1,846
|
)
|
(4,082
|
)
|
(1,846
|
)
|
(8,116
|
)
|
||||||||
Time charter equivalent revenues
|
$
|
1,760
|
$
|
5,836
|
$
|
1,760
|
$
|
13,031
|
||||||||
Total voyage days for fleet
|
175
|
387
|
175
|
747
|
||||||||||||
Time charter equivalent (TCE)
|
$
|
10,057
|
$
|
15,080
|
$
|
10,057
|
$
|
17,444
|
Gas Carrier
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
Voyage revenues
|
$
|
50
|
$
|
10,590
|
$
|
50
|
$
|
20,883
|
||||||||
Voyage expenses
|
(6
|
)
|
(424
|
)
|
(6
|
)
|
(832
|
)
|
||||||||
Time charter equivalent revenues
|
$
|
44
|
$
|
10,166
|
$
|
44
|
$
|
20,051
|
||||||||
Total voyage days for fleet
|
3
|
364
|
3
|
714
|
||||||||||||
Time charter equivalent (TCE)
|
$
|
14,667
|
$
|
27,929
|
$
|
14,667
|
$
|
28,083
|
(Expressed in Thousands of U.S. Dollars
except for share and per share data)
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2017
|
2018
|
2017
|
2018
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Voyage revenues
|
$
|
16,381
|
$
|
43,256
|
$
|
28,189
|
$
|
87,311
|
||||||||
16,381
|
43,256
|
28,189
|
87,311
|
|||||||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
4,395
|
6,107
|
6,629
|
12,247
|
||||||||||||
Vessel operating expenses
|
15,532
|
20,560
|
23,686
|
38,660
|
||||||||||||
Depreciation
|
2,290
|
7,156
|
3,102
|
13,974
|
||||||||||||
Impairment loss,(gain)/loss from sale of vessel and other
|
300
|
(5,109
|
)
|
300
|
(5,109
|
)
|
||||||||||
General and administrative expenses
|
7,082
|
7,612
|
15,795
|
14,781
|
||||||||||||
Other, net
|
-
|
(347
|
)
|
(12
|
)
|
(365
|
)
|
|||||||||
Operating income/(loss)
|
(13,218
|
)
|
7,277
|
(21,311
|
)
|
13,123
|
||||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest and finance costs, net of interest income
|
(2,270
|
)
|
(3,915
|
)
|
(4,709
|
)
|
(8,805
|
)
|
||||||||
Other, net
|
(156
|
)
|
214
|
(331
|
)
|
31
|
||||||||||
Total other expenses, net
|
(2,426
|
)
|
(3,701
|
)
|
(5,040
|
)
|
(8,774
|
)
|
||||||||
Net income/(loss)
|
(15,644
|
)
|
3,576
|
(26,351
|
)
|
4,349
|
||||||||||
Net income/(loss) attributable to DryShips Inc.
|
$
|
(15,644
|
)
|
$
|
3,576
|
$
|
(26,351
|
)
|
$
|
4,349
|
||||||
Net income/(loss) attributable to DryShips Inc. common stockholders
|
(15,644
|
)
|
3,576
|
(26,351
|
)
|
4,349
|
||||||||||
Earnings/(Losses) per common share, basic and diluted (1)
|
$
|
(37.12
|
)
|
$
|
0.04
|
$
|
(108.25
|
)
|
$
|
0.04
|
||||||
Weighted average number of shares, basic and diluted (1)
|
421,418
|
100,581,638
|
243,433
|
102,123,365
|
||||||||||||
(Expressed in Thousands of U.S. Dollars)
|
December 31, 2017
|
June 30, 2018
|
||||||
ASSETS
|
||||||||
Cash, cash equivalents, including restricted cash (current and non-current)
|
$
|
30,226
|
$
|
140,241
|
||||
Other current and non-current assets
|
123,713
|
97,722
|
||||||
Advances for vessels under construction
|
31,898
|
-
|
||||||
Vessels, net
|
749,088
|
887,094
|
||||||
Total assets
|
934,925
|
1,125,057
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Total debt
|
216,969
|
433,335
|
||||||
Total other liabilities
|
10,920
|
7,953
|
||||||
Total stockholders' equity
|
707,036
|
683,769
|
||||||
Total liabilities and stockholders' equity
|
$
|
934,925
|
$
|
1,125,057
|
||||
SHARE COUNT DATA
|
||||||||
Common stock issued
|
104,274,708
|
104,274,708
|
||||||
Less: Treasury stock
|
-
|
(5,565,792
|
)
|
|||||
Common stock issued and outstanding
|
104,274,708
|
98,708,916
|
(U.S. Dollars in thousands)
|
Three Months Ended June 30, 2017
|
Three Months Ended June 30, 2018
|
Six Months Ended June 30, 2017
|
Six Months Ended June 30, 2018
|
||||||||||||
Net income/(loss) attributable to Dryships Inc
|
$
|
(15,644
|
)
|
$
|
3,576
|
$
|
(26,351
|
)
|
$
|
4,349
|
||||||
Add: Net interest expense
|
2,270
|
3,915
|
4,709
|
8,805
|
||||||||||||
Add: Depreciation
|
2,290
|
7,156
|
3,102
|
13,974
|
||||||||||||
Add: Dry-dockings and class survey costs
|
-
|
3,310
|
-
|
3,699
|
||||||||||||
Add: Impairment loss, (gain)/loss from sale of vessel and other
|
300
|
(5,109
|
)
|
300
|
(5,109
|
)
|
||||||||||
Add: Write-off of capitalized expenses
|
-
|
470
|
-
|
470
|
||||||||||||
Add: Income taxes
|
11
|
2
|
20
|
2
|
||||||||||||
Adjusted EBITDA
|
$
|
(10,773
|
)
|
$
|
13,320
|
$
|
(18,220
|
)
|
$
|
26,190
|