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DryShips Inc. Reports Financial and Operating Results for the Third Quarter 2016

ATHENS, GREECE -- (Marketwired) -- 11/09/16 -- DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the quarter ended September 30, 2016.

Third Quarter 2016 Financial Highlights

  • For the third quarter of 2016, the Company reported a net loss of $5.2 million, or $7.70 basic and diluted loss per share. (1)



  • The Company reported a negative Adjusted EBITDA of $7.9 million for the third quarter of 2016. (2)

Recent Highlights

  • On November 7, 2016, our previously sold to unaffiliated buyer Panamax vessel Ocean Crystal was delivered to its new owners. All of the gross proceeds from the sale were used to pay down the associated loan facility.



  • On August 10, 2016, the previously announced option for the registered direct offering of 5,000 Series C Convertible Preferred Warrants to purchase 5,000 Series C Convertible Preferred Shares was exercised. The total net proceeds from the offering, after deducting offering fees and expenses, were approximately $5.0 million. As of November 9, 2016, 2,813 of the Company's 5,000 Series C Convertible Preferred stock, were converted to 433,552 common shares (6,503,278 before 1-for-15 reverse stock split), including the respective dividends.

Bank Update / Liquidity

The Company is presently engaged in discussions with its lenders for the restructuring of its bank facilities. Three of these bank facilities have matured and the Company has not made the final balloon installment. For the remaining bank facilities, the Company has elected to suspend principal and interest payments to preserve cash liquidity.

(1) Shares and per share data give effect to the 1-for-15 reverse stock split, approved on October 26, 2016, which became effective on November 1, 2016.
(2) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net loss.

Fleet List

The table below describes our fleet profile as of November 9, 2016:

Year Gross rate Redelivery
Built DWT Type Per day Earliest Latest
Drybulk fleet
Panamax:
Raraka 2012 76,037 Panamax Spot N/A N/A
Rapallo 2009 75,123 Panamax Spot N/A N/A
Catalina 2005 74,432 Panamax Spot N/A N/A
Majorca 2005 74,477 Panamax Spot N/A N/A
Ligari 2004 75,583 Panamax Spot N/A N/A
Sorrento(1) 2004 76,633 Panamax Spot N/A N/A
Mendocino 2002 76,623 Panamax T/C Index linked Nov-16 Dec-16
Bargara 2002 74,832 Panamax T/C Index linked Nov-16 Nov-16
Ecola 2001 73,931 Panamax Spot N/A N/A
Sonoma (1) 2001 74,786 Panamax Laid up N/A N/A
Capitola 2001 74,816 Panamax Spot N/A N/A
Levanto 2001 73,925 Panamax Spot N/A N/A
Maganari 2001 75,941 Panamax Spot N/A N/A
Marbella 2000 72,561 Panamax Spot N/A N/A
Redondo 2000 74,716 Panamax Laid up N/A N/A
Offshore Supply fleet
Platform Supply Vessels:
Crescendo 2012 1,457 PSV Laid up N/A N/A
Vega Corona 2012 1,430 PSV T/C Dec.-16 Dec.-20
Oil Spill Recovery Vessels:
Indigo 2013 1,393 OSRV Laid up N/A N/A
Vega Jaanca 2012 1,393 OSRV T/C Jul.-17 Jul.-21
Vega Emtoli 2012 1,363 OSRV T/C May.-17 May.-21
Jubilee 2012 1,317 OSRV Laid up N/A N/A
(1) Sold, expect to be delivered to new owners November 2016.
Drybulk Carrier Segment Summary Operating Data(unaudited)
(Dollars in thousands, except average daily results)
Drybulk Three Months Ended September 30, Nine Months Ended September 30,
2015 2016 2015 2016
Average number of vessels(1) 38.8 19.7 38.9 20.9
Total voyage days for vessels(2) 3,357 1,353 10,221 5,183
Total calendar days for vessels(3) 3,567 1,809 10,626 5,722
Fleet utilization(4) 94.1 % 74.8 % 96.2 % 90.6 %
Time charter equivalent(5) $ 8,938 $ 3,442 $ 10,104 $ 3,238
Vessel operating expenses (daily)(6) $ 7,368 $ 4,926 $ 6,758 $ 4,839
(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
(2) Total voyage days for fleet are the total days the vessels were in our possession for the relevant period net of dry-docking and laid-up days.
(3) Calendar days are the total number of days the vessels were in our possession for the relevant period including dry-docking days and laid-up days.
(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage...

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