DryShips slides 11% as losses triple in Q3 [Seeking Alpha]
DRYSHIPS (DRYS)
US:NASDAQ Investor Relations:
dryships.irwebpage.com/ir.html
Company Research
Source: Seeking Alpha
DryShips slides 11% as losses triple in Q3DryShips (NASDAQ:DRYS) has tumbled after hours,-10.8%, afterq3 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
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