SOURCE: DryShips Inc.

DryShips Inc.

February 22, 2012 17:07 ET

DryShips Inc. Reports Financial and Operating Results for the Fourth Quarter and Year Ended December 31, 2011

ATHENS, GREECE--(Marketwire - Feb 22, 2012) - DryShips Inc. (NASDAQ: DRYS), or the Company, a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of off-shore deepwater drilling services, today announced its unaudited financial and operating results for the fourth quarter and year ended December 31, 2011.

Fourth Quarter 2011 Financial Highlights

  • For the fourth quarter of 2011, the Company reported a net loss of $6.2 million, or $0.02 basic and diluted loss per share. Included in the fourth quarter 2011 results are impairment losses on the vessels Avoca, Padre and Positano totaling $32.6 million, or $0.09 per share. Excluding these items, the Company's net results would have amounted to net income of $26.4 million, or $0.07 per share.

  • The Company reported Adjusted EBITDA of $164.4 million for the fourth quarter of 2011 as compared to $134.8 million for the fourth quarter of 2010.(1)

Year Ended December 31, 2011 Financial Highlights

  • For the year ended 2011, the Company reported a net loss of $70.1 million, or $0.21 basic and diluted loss per share.

  • The Company reported Adjusted EBITDA of $580.0 million for the year ended 2011 as compared to $571.7 million for the year ended 2010.

Recent Events

  • On February 20, 2012, the Company signed an $87.7 million firm offer letter from HSH Nordbank to partially finance the construction costs of three drybulk vessels. The agreement is subject to documentation.

  • On February 14, 2012, the Company entered into a $122.6 million credit facility with China Development Bank to partially finance the construction costs related to three Very Large Ore Carriers, or VLOCs.

  • On February 10, 2012, the Company concluded two Memoranda of Agreement for the sale of the vessels Avoca and Padre for a sales price of $80.5 million in the aggregate. The Avoca was delivered on February 22, 2012 while the Padre is expected to be delivered during February 2012.

  • In February 2012, we extended the existing drilling contract for the 6th generation drillship Ocean Rig Olympia by 47 days. The additional backlog is estimated at just over $28 million.

  • In February 2012, the Company entered into nine interest rate swap agreements for a total notional amount of $988.8 million maturing from October 2015 through May 2017. These agreements were entered into to hedge the Company's exposure to interest rate fluctuations by fixing our 3 month LIBOR rates between approximately 0.90% and 1.20%.

  • On February 9, 2012, Petróleo Brasileiro S.A. announced it has awarded 15 year term charters to a Consortium in which Ocean Rig is a participant for five ultra deep water units at an average day rate of $548,000.

  • On February 6, 2012 Ocean Rig announced that it has signed a new drilling contract for its semi-submersible drilling rig Leiv Eiriksson with a consortium coordinated by Rig Management Norway for drilling on the Norwegian Continental Shelf. The maximum total revenue backlog is estimated at $653 million for a minimum period of 1,070 days. The new contract is a well-based contract for 15 wells and will commence in the fourth quarter of 2012 or the first quarter of 2013. The contract includes three options of 6 wells with an exercise date well in advance of the expiry of the firm period.

  • On January 27, 2012, Ocean Rig extended the exercise date of its option agreements to construct three additional 7th generation drillships at Samsung, to April 2, 2012.

  • On January 23, 2012, Ocean Rig announced that it entered into a new drilling contract for its semi-submersible drilling rig Eirik Raude with an independent operator, for work offshore West Africa. The maximum total revenue backlog, to complete the 3 well program is estimated at $52 million for a period of 60 days. The new contract will commence in direct continuation after the completion of the existing Eirik Raude contract. The operator has an option to drill one additional well for an estimated duration of 20 days.

  • On January 3, 2012 and on February 6, 2012, the vessels Calida and Woolloomooloo (ex. Hull 1637a) were delivered to the Company.

  • On December 16, 2011 the Company signed newbuilding contracts for the construction of four 75,900 dwt Panamax Ice Class 1A bulk carriers with an established Chinese shipyard for a price of $34 million each, expected to be delivered in 2014. These are high specification dry cargo vessels with attractive features such as winterization and electronic main engines resulting in significant fuel efficiencies and the ability to navigate the Northern Sea Route.

George Economou, Chairman and Chief Executive Officer of the Company, commented:

"We are pleased to report DryShips' earnings for the fourth quarter of 2011. This last quarter of 2011 was a significant period for our offshore drilling unit because it generated profits in spite of downtime associated with mobilizing our rigs to drilling locations. More importantly, it marked the beginning of our next growth stage as we continue to build on our revenue backlog.

"On the shipping side, we continue to execute our defensive strategy by renewing our fleet as evidenced by our recent decision to build four high-spec ice class bulkers as replacements for the sale of older vessels such as the Avoca and the Padre. We believe we are well positioned to weather the current market downturn with 56% of our 2012 operating days in the drybulk segment under fixed rate charters at an average rate of about $34,720 per day.

"We are confident in our ability to source competitively-priced loans as recently evidenced by our signed term sheet with HSH Nordbank for the financing of three bulkers and well as the execution of a loan agreement with China Development Bank for three VLOCs. Furthermore, we executed amortizing interest rate swap agreements fixing interest rates on a substantial amount of our debt at historical low rates.

"The Company's 73.9% stake in Ocean Rig represents its most valuable asset and Management is committed to keep executing its business plan for our ultra deepwater off-shore drilling segment to enhance value for the Dryships' shareholders."

Financial Review: 2011 Fourth Quarter

The Company recorded net loss of $6.2 million, or $0.02 basic and diluted loss per share, for the three-month period ended December 31, 2011, as compared to net income of $97.9 million, or $0.30 basic and $0.29 diluted earnings per share, for the three-month period ended December 31, 2010. Adjusted EBITDA was $164.4 million for the fourth quarter of 2011 as compared to $134.8 million for the same period in 2010.

Included in the fourth quarter 2011 results are impairment losses from the sale of vessels Avoca, Padre and Positano totaling $32.6 million, or $0.09 per share. Excluding these items, the Company's net results would have amounted to net income of $26.4 million or $0.07 per share.

For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $81.7 million for the three-month period ended December 31, 2011, as compared to $106.7 million for the three-month period ended December 31, 2010. For the offshore drilling segment, revenues from drilling contracts increased by $135.4 million to $237.7 million for the three-month period ended December 31, 2011 as compared to $102.3 million for the same period in 2010. For the tanker segment, net voyage revenues amounted to $3.6 million for the three-month period ended December 31, 2011.

Total vessel and rig operating expenses and total depreciation and amortization increased to $119.6 million and $82.3 million, respectively, for the three-month period ended December 31, 2011 from $52.0 million and $48.9 million, respectively, for the three-month period ended December 31, 2010. Total general and administrative expenses increased to $37.4 million in the fourth quarter of 2011 from $25.2 million during the comparative period in 2010.

Interest and finance costs, net of interest income, amounted to $48.2 million for the three-month period ended December 31, 2011, compared to $5.7 million for the three-month period ended December 31, 2010.

Fleet List

The table below describes our fleet profile as of February 17, 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 Spot N/A N/A
Panamax:
Woolloomooloo 2012 76,064 Panamax $13,150 Dec-12 Feb-13
Amalfi 2009 75,206 Panamax $39,750 Aug- 13 Dec-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
Avoca (1) 2004 76,629 Panamax $45,500 Sep-13 Dec-13
Padre (2) 2004 73,601 Panamax $46,500 Sep-12 Dec-12
Saldanha 2004 75,707 Panamax $52,500 Jun-12 Sep-12
Sorrento 2004 76,633 Panamax $24,500 Aug-21 Dec-21
Mendocino 2002 76,623 Panamax $56,500 Jun-12 Sep-12
Bargara 2002 74,832 Panamax $43,750 May-12 Jul-12
Oregon 2002 74,204 Panamax Spot N/A N/A
Ecola 2001 73,931 Panamax $43,500 Jun-12 Aug-12
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
Positano 2000 73,288 Panamax $42,500 Sep-13 Dec-13
Redondo 2000 74,716 Panamax $34,500 Apr-13 Jun-13
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 $32,000 May-12 Jan-13
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 Panamax 2 2012 76,000 Panamax $13,150 Feb-13 Apr-13
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
Newbuilding VLOC #3 2012 206,000 Capesize $21,500 Jan- 20 Jan-27
Tanker fleet
Calida 2012 115,200 Aframax Sigma Pool N/A N/A
Vilamoura 2011 158,300 Suezmax Blue Fin Pool N/A N/A
Saga 2011 115,200 Aframax Sigma Pool N/A N/A
Daytona 2011 115,200 Aframax Sigma Pool N/A N/A
Belmar 2011 115,200 Aframax Sigma Pool N/A N/A
Newbuildings
Blanca 2013 158,300 Suezmax Blue Fin Pool N/A N/A
Bordeira 2013 158,300 Suezmax Blue Fin Pool N/A N/A
Esperona 2013 158,300 Suezmax Blue Fin Pool N/A N/A
Lipari 2012 158,300 Suezmax Blue Fin Pool N/A N/A
Petalidi 2012 158,300 Suezmax Blue Fin Pool N/A N/A
Alicante 2012 115,200 Aframax Sigma Pool N/A N/A
Mareta 2012 115,200 Aframax Sigma Pool N/A N/A
(1) Sold delivered to new owner on February 22, 2012
(2) Sold, expect to be delivered to new owners during February 2012.

Drilling Rigs:

Unit Year built Redelivery Operating area Backlog ($m) (*)
Leiv Eiriksson 2001 Q3 - 12 Falkland Islands $ 126
Leiv Eiriksson 2001 Q4 - 15 North Sea $ 653
Eirik Raude 2002 Q1 - 12 Ghana $ 5
Eirik Raude 2002 Q2 - 12 Ivory Coast $ 56
Eirik Raude 2002 Q3 - 12 West Africa $ 52
Ocean Rig Corcovado 2011 Q1 - 15 Brazil $ 534
Ocean Rig Olympia 2011 Q2 - 12 West Africa $ 62
Ocean Rig Poseidon 2011 Q2 - 13 Tanzania $ 291
Ocean Rig Mykonos 2011 Q1 - 15 Brazil $ 528
Total $2,307
(*) Backlog as of December 31, 2011 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
December 31,
Year Ended
December 31,
2010 2011 2010 2011
Average number of vessels(1) 37.0 36.1 37.2 35.8
Total voyage days for vessels(2) 3,341 3,204 13,372 12,682
Total calendar days for vessels(3) 3,404 3,325 13,583 13,068
Fleet utilization(4) 98.1 % 96.4 % 98.5 % 97.0 %
Time charter equivalent(5) $ 31,929 $ 25,479 $ 32,184 $ 27,229
Vessel operating expenses (daily)(6) $ 5,577 $ 7,007 $ 5,245 $ 6,271
Tanker Three Months Ended
December 31,
2011
Year Ended
December 31,
2011
Average number of vessels(1) 3.9 2.6
Total voyage days for vessels(2) 361 963
Total calendar days for vessels(3) 362 963
Fleet utilization(4) 99.7 % 100 %
Time charter equivalent(5) $ 10,105 $ 12,592
Vessel operating expenses (daily)(6) $ 8,895 $ 9,701
(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
December 31,
Year Ended
December 31,
2010 2011 2010 2011
Voyage revenues $ 113,521 $ 86,621 $ 457,804 365,361
Voyage expenses (6,844 ) (4,985 ) (27,433 ) (20,048 )
Time charter equivalent revenues $ 106,677 $ 81,636 $ 430,371 345,313
Total voyage days for fleet 3,341 3,204 13,372 12,682
Time charter equivalent TCE $ 31,929 $ 25,479 $ 32,184 $ 27,229
Tanker Three Months Ended December 31, 2011 Year Ended
December 31, 2011
Voyage revenues $ 3,903 $ 12,652
Voyage expenses (255 ) (526 )
Time charter equivalent revenues $ 3,648 $ 12,126
Total voyage days for fleet 361 963
Time charter equivalent TCE $ 10,105 $ 12,592
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
December 31,
Year Ended
December 31,
2010 2011 2010 2011
(as restated)
REVENUES:
Voyage revenues $ 113,521 $ 90,524 $ 457,804 $ 378,013
Revenues from drilling contracts 102,301 237,658 401,941 699,649
215,822 328,182 859,745 1,077,662
EXPENSES:
Voyage expenses 6,844 5,240 27,433 20,573
Vessel and drilling rig operating expenses 51,999 119,573 190,614 373,122
Depreciation and amortization 48,863 82,280 192,891 274,281
Loss/(gain) on vessel sales/impairment 4,296 27,142 (5,847 ) 116,779
General and administrative expenses 25,203 37,387 87,264 114,282
Operating income 78,617 56,560 367,390 178,625
OTHER INCOME/(EXPENSES):
Interest and finance costs, net of interest income (5,706 ) (48,181 ) (45,959 ) (134,828 )
Gain/(Loss) on interest rate swaps 26,884 2,298 (120,505 ) (68,943 )
Other, net 5,899 2,168 9,960 5,288
Income taxes (5,640 ) (9,872 ) (20,436 ) (27,428 )
Total other expenses 21,437 (53,587 ) (176,940 ) (225,911 )
Net income/(loss) 100,054 2,973 190,450 (47,286 )
Net income attributable to Non controlling interests (2,123 ) (9,193 ) (2,123 ) (22,842 )
Net income/(loss) attributable to Dryships Inc. $ 97,931 $ (6,220 ) $ 188,327 $ (70,128 )
Earnings/(loss) per common share, basic $ 0.30 $ (0.02 ) $ 0.64 $ (0.21 )
Weighted average number of shares, basic 307,926,254 375,495,260 268,858,688 355,144,764
Earnings/(loss) per common share, diluted $ 0.29 $ (0.02 ) $ 0.61 $ (0.21 )
Weighted average number of shares, diluted 344,493,418 375,495,260 305,425,852 355,144,764
Dryships Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in Thousands of U.S. Dollars) December 31, 2010 December 31, 2011
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 391,530 $ 251,143
Restricted cash 578,311 72,765
Other current assets 95,269 270,345
Total current assets 1,065,110 594,253
FIXED ASSETS, NET:
Vessels and rigs under construction and acquisitions 2,072,699 1,027,889
Vessels, net 1,917,966 1,956,270
Drilling rigs, machinery and equipment, net 1,249,333 4,587,916
Total fixed assets, net 5,239,998 7,572,075
OTHER NON-CURRENT ASSETS:
Restricted cash 195,517 332,801
Other non-current assets 483,869 122,560
Total non-current assets 679,386 455,361
Total assets 6,984,494 8,621,689
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt 731,232 429,149
Other current liabilities 204,203 336,286
Total current liabilities 935,435 765,435
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion 1,988,460 3,812,686
Other non-current liabilities 161,070 104,906
Total non-current liabilities 2,149,530 3,917,592
STOCKHOLDERS' EQUITY:
Total equity 3,899,529 3,938,662
Total liabilities and stockholders' equity $ 6,984,494 $ 8,621,689

Adjusted EBITDA Reconciliation

Adjusted EBITDA represents net income before interest, taxes, depreciation and amortization, vessel impairments 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
December 31,
Year Ended
December 31,
2010
(as restated)
2011 2010 2011
Net income / (loss) $ 97,931 (6,220 ) 188,327 $ (70,128 )
Add: Net interest expense 5,706 48,181 45,959 134,828
Add: Depreciation and amortization 48,863 82,280 192,891 274,281
Add: Impairment losses 3,588 32,584 3,588 144,688
Add: Income taxes 5,640 9,872 20,436 27,428
Add: (Gain)/Loss on interest rate swaps (26,884 ) (2,298 ) 120,505 68,943
Adjusted EBITDA $ 134,844 164,399 571,706 $ 580,040

Conference Call and Webcast: February 23, 2012

As announced, the Company's management team will host a conference call, on February 23, 2012 at 9:00 a.m. Eastern Standard 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) 1452 542 301 (from outside the US). Please quote "DryShips."

A replay of the conference call will be available until March 1, 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 49 drybulk carriers (including newbuildings), comprising 11 Capesize, 31 Panamax, 2 Supramax and 5 newbuildings Very Large Ore Carriers (VLOC) with a combined deadweight tonnage of about 5.4 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) As 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