George Economou-led DryShips posted net income of $16.7m in results issued after the close of trading. The US-listed DryShips was helped by a near 50% increase in quarterly revenues to $601.6m, with the bulk of it coming from drilling contracts. Time charter equivalent (TCE) rates achieved by DryShips’ dry bulk fleet were largely unchanged from a year ago at $10,875 per day per vessel.
George Economou said “Our liquidity position on the shipping side has been positively impacted by the outperforming tanker markets, especially the suezmax and aframax segments which continue to perform above expectations for this time of the year. In addition, we expect a boost to our cash reserves from the recent dividend declared by Ocean Rig of which we expect to receive about $14.8m on 11 November, as well as from the excess of our financing sources outlined above over the underlying debt repayment. Insofar as the drybulk markets are concerned, Economou said the long awaited recovery in freight rates “is happening and we believe this may lead to a sustainable recovery in charter rates through 2015.” George Economou claimed this view was supported by forward charter rates and asset prices which he argued were “holding up resiliently, underscoring the positive market expectations.”
Dry Bulk Shipping News - Shipbroker Notes