ATHENS, GREECE--(Marketwire - May 29, 2012) - DryShips Inc. (
First Quarter 2012 Financial Highlights
- For the first quarter of 2012, the Company reported a net loss of $47.5 million, or $0.12 basic and diluted loss per share. This loss is mainly attributable to downtime and mobilization related to the commencement of new contracts of our subsidiary, Ocean Rig.
Included in the first quarter 2012 results are charges to our subsidiary, Ocean Rig, relating to an out-of-court settlement and associated legal costs for $6.4 million, or $0.01 per share. As has been previously disclosed, a legal claim was made by Ocean Rig's manager in Angola for the reimbursement of import/export duties levied by the Angolan government for the period 2002 to 2007 when the Leiv Eiriksson operated in Angola. An agreement has been reached for an amount paid by the Company in full and final settlement of the London High Court proceedings.
- The Company reported Adjusted EBITDA of $105.5 million for the first quarter of 2012 as compared to $107.1 million for the first quarter of 2011.(1)
Recent Events
- On May 15, 2012 the Ocean Rig Corcovado completed the general testing of equipment as required by Petroleo Brazilieiro S.A., and has commenced revenue-generating drilling operations in Brazil.
- On May 14 and May 9, 2012, Ocean Rig signed amendments under its $990 million senior secured credit facilities and $800 million senior secured term loan agreement, respectively, to, among other things, allow: Ocean Rig UDW Inc. to pay dividends in an amount up to 50% of its net income subject to certain conditions being met; allow borrowers, which are subsidiaries of Ocean Rig, to pay dividends to Ocean Rig UDW Inc., as long as certain conditions are met; and remove all cross-default or cross-acceleration clauses relating to the debt of DryShips Inc.
- On May 10, 2012 Ocean Rig signed definitive documentation for the Ocean Rig Olympia with Total E&P Angola ("Total"). The contract is for a three-year period for drilling offshore West Africa, with an estimated backlog of approximately $652 million. Total has the option to extend the contract for two periods of one year each.
- On May 4, 2012, the vessel Positano was delivered to her new owners resulting in a gain of approximately $0.5 million.
- On April 25, 2012, the vessel Lipari was delivered to the Company.
- On April 17, 2012 the Company completed a public offering of an aggregate of 11,500,000 common shares of Ocean Rig owned by Dryships, resulting in net proceeds to the Company of approximately $180.8 million.
George Economou, Chairman and Chief Executive Officer of the Company, commented:
"The build out of Ocean Rig continues as all six rigs are now operating on contracts. The short term contracts we had taken during 2010 and 2011 will all play out over the next twelve months, after which all the rigs will be on long-term contracts. This year we have entered into two three-year contracts with Total, solely on the Ocean Rig Olympia and as lead operator on the Leiv Eiriksson contract. With these contracts our total backlog has increased to $2.9 billion and provides good cash flow visibility.
"The outlook for the ultra deepwater drilling industry is very positive given the high level of demand we are seeing around the globe and we believe Ocean Rig is well positioned, with five drilling units open for employment in 2013, to capitalize on the continuing strength in industry fundamentals.
"On the shipping side, charter rates continue to be low, but we believe that our defensive chartering strategy and fleet modernization, coupled with our strong balance sheet and access to liquidity, will help us weather the storm and participate in an ensuing recovery in the shipping markets. Specifically we have 49%, of our remaining operating days in 2012, in the drybulk segment under fixed rate charters at an average rate of about $31,249 per day. On the tanker side, with the recent delivery of the Lipari, our brand-new fleet, one of the youngest in the industry, currently includes four Aframax and two Suezmax tankers and is expected to grow to a total of 6 Aframax and 6 Suezmax tankers by the end of 2013.
"In April we sold 11.5 million shares of Ocean Rig common stock thereby reducing our ownership in Ocean Rig to 65.2%. As a result, we received net proceeds of approximately $180.8 million which significantly strengthened our balance sheet while at the same time we managed to increase Ocean Rig's visibility in the US market and its public float."
Financial Review: 2012 First Quarter
The Company recorded net loss of $47.5 million, or $0.12 basic and diluted loss per share, for the three-month period ended March 31, 2012, as compared to net income of $25.8 million, or $0.07 basic and diluted earnings per share, for the three-month period ended March 31, 2011. Adjusted EBITDA was $105.5 million for the first quarter of 2012 as compared to $107.1 million for the same period in 2011.
For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $72.4 million for the three-month period ended March 31, 2012, as compared to $90.5 million for the three-month period ended March 31, 2011. For the offshore drilling segment, revenues from drilling contracts increased by $53.7 million to $163.0 million for the three-month period ended March 31, 2012 as compared to $109.3 million for the same period in 2011. For the tanker segment, net voyage revenues amounted to $7.2 million for the three-month period ended March 31, 2012 as compared to $1.0 million for the same period in 2011.
Total vessels', drilling rigs' and drillships' operating expenses and total depreciation and amortization increased to $106.9 million and $82.0 million, respectively, for the three-month period ended March 31, 2012, from $62.9 million and $55.9 million, respectively, for the three-month period ended March 31, 2011. Total general and administrative expenses increased to $32.6 million in the first quarter of 2012 from $26.7 million during the comparative period in 2011.
Interest and finance costs, net of interest income, amounted to $52.2 million for the three-month period ended March 31, 2012, compared to $15.6 million for the three-month period ended March 31, 2011.
Fleet List
The table below describes our fleet profile as of May 29, 2012:
| Year | Gross rate | Redelivery | ||||||||||
| Built | DWT | Type | Per day | Earliest | Latest | |||||||
| Drybulk fleet | ||||||||||||
| Capesize: | ||||||||||||
| Mystic | 2008 | 170,040 | Capesize | $52,310 | Aug-18 | Dec-18 | ||||||
| Robusto | 2006 | 173,949 | Capesize | $26,000 | Aug-14 | Dec-14 | ||||||
| Cohiba | 2006 | 174,234 | Capesize | $26,250 | Oct-14 | Feb-15 | ||||||
| Montecristo | 2005 | 180,263 | Capesize | $23,500 | May-14 | Oct-14 | ||||||
| Flecha | 2004 | 170,012 | Capesize | $55,000 | Jul-18 | Nov-18 | ||||||
| Manasota | 2004 | 171,061 | Capesize | $30,000 | Jan-18 | Aug-18 | ||||||
| Partagas | 2004 | 173,880 | Capesize | $27,500 | Jul-12 | Dec-12 | ||||||
| Alameda | 2001 | 170,662 | Capesize | $27,500 | Nov-15 | Jan-16 | ||||||
| Capri | 2001 | 172,579 | Capesize | $12,500 | Jan-13 | Apr-13 | ||||||
| Panamax: | ||||||||||||
| Raraka | 2012 | 76,037 | Panamax | $13,150 | Feb-13 | Apr-13 | ||||||
| Woolloomooloo | 2012 | 76,064 | Panamax | $13,150 | Jan-13 | Mar-13 | ||||||
| Amalfi | 2009 | 75,206 | Panamax | $39,750 | July-13 | Sept-13 | ||||||
| Rapallo | 2009 | 75,123 | Panamax | Spot | N/A | N/A | ||||||
| Catalina | 2005 | 74,432 | Panamax | $40,000 | Jun-13 | Aug-13 | ||||||
| Majorca | 2005 | 74,477 | Panamax | $43,750 | Jun-12 | Aug-12 | ||||||
| Ligari | 2004 | 75,583 | Panamax | $55,500 | Jun-12 | Aug-12 | ||||||
| Saldanha | 2004 | 75,707 | Panamax | Spot | N/A | N/A | ||||||
| Sorrento | 2004 | 76,633 | Panamax | $24,500 | Aug-21 | Dec-21 | ||||||
| Mendocino | 2002 | 76,623 | Panamax | Spot | N/A | N/A | ||||||
| Bargara | 2002 | 74,832 | Panamax | Spot | N/A | N/A | ||||||
| Oregon | 2002 | 74,204 | Panamax | Spot | N/A | N/A | ||||||
| Ecola | 2001 | 73,931 | Panamax | Spot | N/A | N/A | ||||||
| Samatan | 2001 | 74,823 | Panamax | Spot | N/A | N/A | ||||||
| Sonoma | 2001 | 74,786 | Panamax | Spot | 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 | ||||||
| Coronado | 2000 | 75,706 | Panamax | Spot | N/A | N/A | ||||||
| Marbella | 2000 | 72,561 | Panamax | Spot | N/A | N/A | ||||||
| Redondo | 2000 | 74,716 | Panamax | Spot | N/A | N/A | ||||||
| Topeka | 2000 | 74,716 | Panamax | $12,250 | Dec-12 | Feb-13 | ||||||
| Ocean Crystal | 1999 | 73,688 | Panamax | Spot | N/A | N/A | ||||||
| Helena | 1999 | 73,744 | Panamax | Spot | N/A | N/A | ||||||
| Supramax: | ||||||||||||
| Byron | 2003 | 51,118 | Supramax | Spot | N/A | N/A | ||||||
| Galveston | 2002 | 51,201 | Supramax | Spot | N/A | N/A | ||||||
| Year | Gross rate | Redelivery | ||||||||||
| Built | DWT | Type | Per day | Earliest | Latest | |||||||
| Newbuildings | ||||||||||||
| Newbuilding Ice -class Panamax 1 | 2014 | 75,900 | Panamax | Spot | N/A | N/A | ||||||
| Newbuilding Ice -class Panamax 2 | 2014 | 75,900 | Panamax | Spot | N/A | N/A | ||||||
| Newbuilding Ice -class Panamax 3 | 2014 | 75,900 | Panamax | Spot | N/A | N/A | ||||||
| Newbuilding Ice -class Panamax 4 | 2014 | 75,900 | Panamax | Spot | N/A | N/A | ||||||
| Newbuilding VLOC #4 | 2013 | 206,000 | Capesize | Spot | N/A | N/A | ||||||
| Newbuilding VLOC #5 | 2013 | 206,000 | Capesize | Spot | N/A | N/A | ||||||
| Newbuilding VLOC #3 | 2013 | 206,000 | Capesize | $21,500 | Jan-20 | Jan-27 | ||||||
| Newbuilding Capesize 1 | 2012 | 176,000 | Capesize | Spot | N/A | N/A | ||||||
| Newbuilding Capesize 2 | 2012 | 176,000 | Capesize | Spot | N/A | N/A | ||||||
| Newbuilding VLOC #1 | 2012 | 206,000 | Capesize | $25,000 | June-15 | June-20 | ||||||
| Newbuilding VLOC #2 | 2012 | 206,000 | Capesize | $23,000 | Oct-17 | Oct-22 | ||||||
| Tanker fleet | ||||||||||||
| Calida | 2012 | 115,200 | Aframax | Spot | N/A | N/A | ||||||
| Lipari | 2012 | 158,300 | Suezmax | Spot | N/A | N/A | ||||||
| Vilamoura | 2011 | 158,300 | Suezmax | Spot | N/A | N/A | ||||||
| Saga | 2011 | 115,200 | Aframax | Spot | N/A | N/A | ||||||
| Daytona | 2011 | 115,200 | Aframax | Spot | N/A | N/A | ||||||
| Belmar | 2011 | 115,200 | Aframax | Spot | N/A | N/A | ||||||
| Newbuildings | ||||||||||||
| Blanca | 2013 | 158,300 | Suezmax | Spot | N/A | N/A | ||||||
| Bordeira | 2013 | 158,300 | Suezmax | Spot | N/A | N/A | ||||||
| Esperona | 2013 | 158,300 | Suezmax | Spot | N/A | N/A | ||||||
| Petalidi | 2012 | 158,300 | Suezmax | Spot | N/A | N/A | ||||||
| Alicante | 2012 | 115,200 | Aframax | Spot | N/A | N/A | ||||||
| Mareta | 2012 | 115,200 | Aframax | Spot | N/A | N/A | ||||||
| Drilling Rigs/Drillships: |
| Unit | Year built | Redelivery | Operating area | Backlog ($m) (*) | |||||
| Leiv Eiriksson | 2001 | Q4 - 12 | Falkland Islands | $ | 118 | ||||
| Leiv Eiriksson | 2001 | Q1 - 16 | North Sea | $ | 653 | ||||
| Eirik Raude | 2002 | Q2 - 12 | Ivory Coast | $ | 42 | ||||
| Eirik Raude | 2002 | Q3 - 12 | Equatorial Guinea | $ | 50 | ||||
| Eirik Raude | 2002 | Q1 - 13 | West Africa | $ | 75 | ||||
| Ocean Rig Corcovado | 2011 | Q2 - 15 | Brazil | $ | 534 | ||||
| Ocean Rig Olympia | 2011 | Q2 - 12 | Ghana | $ | 54 | ||||
| Ocean Rig Olympia | 2011 | Q3 - 15 | Angola | $ | 652 | ||||
| Ocean Rig Poseidon | 2011 | Q2 - 13 | Tanzania | $ | 233 | ||||
| Ocean Rig Mykonos | 2011 | Q1 - 15 | Brazil | $ | 524 | ||||
| Total | $ | 2,935 | |||||||
(*) Backlog as of March 31, 2012 as adjusted for firm contracts thereafter
| Drybulk Carrier and Tanker Segment Summary Operating Data (unaudited) | ||||||
| (Dollars in thousands, except average daily results) | ||||||
| Drybulk | Three Months Ended March 31, |
|||||
| 2011 | 2012 | |||||
| Average number of vessels(1) | 36.8 | 36.1 | ||||
| Total voyage days for vessels(2) | 3,268 | 3,252 | ||||
| Total calendar days for vessels(3) | 3,314 | 3,285 | ||||
| Fleet utilization(4) | 98.6 | % | 99 | % | ||
| Time charter equivalent(5) | 27,700 | 22,257 | ||||
| Vessel operating expenses (daily)(6) | 5,794 | 5,542 | ||||
| Tanker | Three Months Ended March 31, |
|||||
| 2011 | 2012 | |||||
| Average number of vessels(1) | 0.9 | 5.0 | ||||
| Total voyage days for vessels(2) | 81 | 453 | ||||
| Total calendar days for vessels(3) | 81 | 453 | ||||
| Fleet utilization(4) | 100 | % | 100 | % | ||
| Time charter equivalent(5) | 12,951 | 15,916 | ||||
| Vessel operating expenses (daily)(6) | 23,249 | 7,372 | ||||
(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 off hire days.
(3) Calendar days are the total number of days the vessels were in our possession for the relevant period including off hire days.
(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.
(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.
| Drybulk | Three Months Ended March 31, |
|||||||
| 2011 | 2012 | |||||||
| Voyage revenues | $ | 96,988 | $ | 77,021 | ||||
| Voyage expenses | (6,466 | ) | (4,642 | ) | ||||
| Time charter equivalent revenues | $ | 90,522 | $ | 72,379 | ||||
| Total voyage days for fleet | 3,268 | 3,252 | ||||||
| Time charter equivalent TCE | $ | 27,700 | $ | 22,257 | ||||
| Tanker | Three Months Ended March 31, |
|||||||
| 2011 | 2012 | |||||||
| Voyage revenues | $ | 1,099 | $ | 7,476 | ||||
| Voyage expenses | (50 | ) | (266 | ) | ||||
| Time charter equivalent revenues | $ | 1,049 | $ | 7,210 | ||||
| Total voyage days for fleet | 81 | 453 | ||||||
| Time charter equivalent TCE | $ | 12,951 | $ | 15,916 | ||||
| Dryships Inc. | ||||||||
| Financial Statements | ||||||||
| Unaudited Condensed Consolidated Statements of Operations | ||||||||
| (Expressed in Thousands of U.S. Dollars- except for share and per share data) | Three Months Ended March 31, |
|||||||
| 2011 | 2012 | |||||||
| REVENUES: | ||||||||
| Voyage revenues | $ | 98,087 | $ | 84,497 | ||||
| Revenues from drilling contracts | 109,326 | 162,999 | ||||||
| 207,413 | 247,496 | |||||||
| EXPENSES: | ||||||||
| Voyage expenses | 6,516 | 4,908 | ||||||
| Vessel operating expenses | 21,085 | 21,545 | ||||||
| Drilling rigs' and drillships operating expenses | 41,850 | 85,340 | ||||||
| Depreciation and amortization | 55,916 | 81,955 | ||||||
| Loss on sale of assets,net | - | 1,488 | ||||||
| General and administrative expenses | 26,716 | 32,574 | ||||||
| Legal settlements | - | 6,424 | ||||||
| Operating income | 55,330 | 13,262 | ||||||
| OTHER INCOME/(EXPENSES): | ||||||||
| Interest and finance costs, net of interest income | (15,606 | ) | (52,178 | ) | ||||
| Loss on interest rate swaps | (3,854 | ) | (8,750 | ) | ||||
| Other, net | 2,096 | (1,644 | ) | |||||
| Income taxes | (5,961 | ) | (10,032 | ) | ||||
| Total other expenses, net | (23,325 | ) | (72,604 | ) | ||||
| Net income/(loss) | 32,005 | (59,342 | ) | |||||
| Net income/(loss) attributable to non-controlling interests | (6,240 | ) | 11,886 | |||||
| Net income/(loss) attributable to Dryships Inc. | $ | 25,765 |
$ | (47,456 |
) | |||
| Earnings/(loss) per common share, basic and diluted | $ | 0.07 | $ | (0.12 | ) | |||
| Weighted average number of shares, basic and diluted | 337,143,598 | 380,152,244 | ||||||
| Dryships Inc. | |||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||||
| (Expressed in Thousands of U.S. Dollars) | December 31, 2011 | March 31, 2012 |
|||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 251,143 | $ | 153,154 | |||
| Restricted cash | 72,765 | 66,586 | |||||
| Other current assets | 246,169 | 335,973 | |||||
| Total current assets | 570,077 | 555,713 | |||||
| FIXED ASSETS, NET: | |||||||
| Advances for vessels and rigs under construction and acquisitions | 1,027,889 | 991,651 | |||||
| Vessels, net | 1,956,270 | 1,980,668 | |||||
| Drilling rigs, drillships, machinery and equipment, net | 4,587,916 | 4,560,753 | |||||
| Total fixed assets, net | 7,572,075 | 7,533,072 | |||||
| OTHER NON-CURRENT ASSETS: | |||||||
| Restricted cash | 332,801 | 313,108 | |||||
| Other non-current assets | 146,736 | 203,141 | |||||
| Total non-current assets | 479,537 | 516,249 | |||||
| Total assets | 8,621,689 | 8,605,034 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Current portion of long-term debt | 429,149 | 450,465 | |||||
| Other current liabilities | 327,114 | 404,825 | |||||
| Total current liabilities | 756,263 | 855,290 | |||||
| NON-CURRENT LIABILITIES: | |||||||
| Long-term debt, net of current portion | 3,812,686 | 3,744,501 | |||||
| Other non-current liabilities | 114,078 | 117,891 | |||||
| Total non-current liabilities | 3,926,764 | 3,862,392 | |||||
| STOCKHOLDERS' EQUITY: | |||||||
| Total stockholders' equity | 3,938,662 | 3,887,352 | |||||
| Total liabilities and stockholders' equity | $ | 8,621,689 | $ | 8,605,034 | |||
Adjusted EBITDA Reconciliation
Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization and gains or losses on interest rate swaps. Adjusted EBITDA does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by United States generally accepted accounting principles, or U.S. GAAP, and our calculation of adjusted EBITDA may not be comparable to that reported by other companies. Adjusted EBITDA is included herein because it is a basis upon which the Company measures its operations and efficiency. Adjusted EBITDA is also used by our lenders as a measure of our compliance with certain covenants contained in our loan agreements and because the Company believes that it presents useful information to investors regarding a company's ability to service and/or incur indebtedness.
The following table reconciles net income to Adjusted EBITDA:
| (Dollars in thousands) | Three Months Ended March 31, |
||||||
| 2011 | 2012 | ||||||
| Net income/(loss) | $ | 25,765 | $ | (47,456 | ) | ||
| Add: Net interest expense | 15,606 | 52,178 | |||||
| Add: Depreciation and amortization | 55,916 | 81,955 | |||||
| Add: Income taxes | 5,961 | 10,032 | |||||
| Add: Loss on interest rate swaps | 3,854 | 8,750 | |||||
| Adjusted EBITDA | $ | 107,102 | $ | 105,459 | |||
Conference Call and Webcast: May 30, 2012
As announced, the Company's management team will host a conference call, on Wednesday, May 30, 2012 at 9:00 a.m. Eastern Daylight Time to discuss the Company's financial results.
Conference Call Details
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote "DryShips."
A replay of the conference call will be available until June 6, 2012. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 55 00 00 and the access code required for the replay is: 2133051#.
A replay of the conference call will also be available on the Company's website at www.dryships.com under the Investor Relations section.
Slides and Audio Webcast
There will also be a simultaneous live webcast over the Internet, through the DryShips Inc. website (www.dryships.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About DryShips Inc.
DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 3 of which remain to be delivered to Ocean Rig during 2013. DryShips owns a fleet of 46 drybulk carriers (including newbuildings), comprising 11 Capesize, 28 Panamax, 2 Supramax and 5 newbuilding Very Large Ore Carriers (VLOC) with a combined deadweight tonnage of approximately 5.1 million tons, and 12 tankers (including newbuildings), comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million tons.
DryShips' common stock is listed on the NASDAQ Global Select Market where it trades under the symbol "DRYS."
Visit the Company's website at www.dryships.com
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by DryShips Inc. with the US Securities and Exchange Commission.
(1) Adjusted EBITDA is a non-GAAP measure, please see later in this press release for a reconciliation to net income.
Contact Information:
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: dryships@capitallink.com