UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2013
Commission File Number 001-33922
DRYSHIPS INC.
74-76 V. Ipeirou Street
151 25, Marousi
Athens, Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
1
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached as Exhibit 99.1 is a press release of DryShips Inc. dated May 22, 2013: Dryships Inc. Reports Financial and Operating Results for the First Quarter 2013.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| DRYSHIPS INC. | |
| (Registrant) | |
|
| |
Dated: May 22, 2013 | By: /s/George Economou | |
|
| George Economou Chief Executive Officer |
3
Exhibit 99.1
DRYSHIPS INC. REPORTS FINANCIAL AND OPERATING
RESULTS FOR THE FIRST QUARTER 2013
May 22, 2013, Athens, Greece. DryShips Inc. (NASDAQ: DRYS), or DryShips or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the first quarter ended March 31, 2013.
First Quarter 2013 Financial Highlights
Ø
For the first quarter of 2013, the Company reported a net loss of $116.6 million, or $0.30 basic and diluted loss per share.
Included in the first quarter 2013 results are:
-
Losses on the sale of four newbuilding drybulk vessels, of $75.3 million, or $0.20 per share.
Excluding the above items, the Companys net results would have amounted to a net loss of $41.3 million, or $0.10 per share. (1)
Ø
The Company reported Adjusted EBITDA of $112.0 million for the first quarter of 2013, as compared to $104.1 million for the first quarter of 2012. (2)
Recent Events
-
In March 2013 and April 2013, the Company sold its newbuilding Capesize bulk carriers Hull 1241 and 1242, to an unaffiliated third party and its newbuilding Very Large Ore Carriers Hulls 1239 and 1240, to an entity related to Mr. George Economou. These four vessels had remaining yard installments of approximately $178 million against which the Company had no committed debt. Under the terms of the sale agreements, the Company will make payments of only $29 million, thus eliminating approximately $149 million in capital expenditures.
-
On February 28, 2013, Ocean Rig signed definitive documentation for a $1.35 billion syndicated secured term loan facility to partially finance the construction costs of the newbuilding drillships Ocean Rig Mylos, Ocean Rig Skyros and Ocean Rig Athena, scheduled for delivery in August 2013, October 2013 and November 2013, respectively. The facility has a five-year term and a repayment profile of approximately 11 years and bears interest at LIBOR plus a margin.
-
On February 14, 2013, the Company completed a public offering of an aggregate of 7,500,000 common shares of Ocean Rig owned by DryShips. The Company received approximately $123.1 million of net proceeds from the public offering.
________________________
(1) The net result is adjusted for the minority interests of 41% of Ocean Rig not owned by Dryships Inc. common shareholders as of March 31, 2013.
(2) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for reconciliation to net income.
George Economou, Chairman and Chief Executive Officer of the Company, commented:
"During the first quarter of 2013, we entered into agreements to sell four of our bulk carriers under construction in China. We did not have any bank financing in place for these vessels. Under the terms of the sale agreements, we will make payments of only $29 million, effectively eliminating $149 million in capital expenditures. We have now reduced our newbuilding program to six bulk carriers, two of which are scheduled for delivery in 2013, for which we have time charters and bank financing in place, and four of which are scheduled for delivery in 2014, for which we are considering our options.
Now that our unfunded capital expenditures have been reduced significantly, we are in discussions with our lenders to lower our debt service requirement. These developments are expected to reduce our cash outflow and lower our cash breakeven levels.
Even though there has been a recent spike in some drybulk charter rates, we continue to be defensive about the short-term prospects of the shipping markets. Asset prices seem to be holding up but we do not expect any positive sustainable development in charter rates this year.
We are a pure shipping company with spot market exposure and a shareholding in Ocean Rig. Ocean Rigs capital and resources are completely separated from those of DryShips. We continue to be bullish about the prospects for Ocean Rig, whose contract backlog currently stands at approximately $4.9 billion over three years.
Financial Review: 2013 First Quarter
The Company recorded a net loss of $116.6 million, or $0.30 basic and diluted loss per share, for the three-month period ended March 31, 2013, as compared to a net loss of $47.5 million, or $0.12 basic and diluted earnings per share, for the three-month period ended March 31, 2012. Adjusted EBITDA was $112.0 million for the first quarter of 2013, as compared to $104.1 million for the same period in 2012.(3)
For the drybulk carrier segment, net voyage revenues (voyage revenues minus voyage expenses) amounted to $36.9 million for the three-month period ended March 31, 2013, as compared to $72.4 million for the three-month period ended March 31, 2012. For the tanker segment, net voyage revenues amounted to $10.8 million for the three-month period ended March 31, 2013, as compared to $7.2 million for the same period in 2012. For the offshore drilling segment, revenues from drilling contracts increased by $83.4 million to $246.4 million for the three-month period ended March 31, 2013, as compared to $163.0 million for the same period in 2012.
Total vessels, drilling rigs and drillships operating expenses and total depreciation and amortization increased to $144.9 million and $82.7 million, respectively, for the three-month period ended March 31, 2013, from $106.9 million and $82.0 million, respectively, for the three-month period ended March 31, 2012. Total general and administrative expenses increased to $36.2 million in the first quarter of 2013, from $34.0 million during the comparative period in 2012.
Interest and finance costs, net of interest income, amounted to $56.9 million for the three-month period ended March 31, 2013, compared to $50.8 million for the three-month period ended March 31, 2012.
________________________
(3) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for a reconciliation to net income.
Fleet List
The table below describes our fleet profile as of May 17, 2013:
| Year |
|
| Gross rate | Redelivery |
| |
| Built | DWT | Type | Per day | Earliest | Latest | |
Drybulk fleet |
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Capesize: |
|
|
|
|
|
| |
Fakarava | 2012 | 206,000 | Capesize | $25,000 | Sept-15 | Sept-20 | |
Mystic | 2008 | 170,040 | Capesize | $52,310 | Aug-18 | Dec-18 | |
Robusto | 2006 | 173,949 | Capesize | $26,000 | Aug-14 | Apr-18 | |
Cohiba | 2006 | 174,234 | Capesize | $26,250 | Oct-14 | Jun-19 | |
Montecristo | 2005 | 180,263 | Capesize | $23,500 | May-14 | Feb-19 | |
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 | $10,000 | Jun-13 | Aug-13 | |
Alameda | 2001 | 170,662 | Capesize | $27,500 | Nov-15 | Jan-16 | |
Capri | 2001 | 172,579 | Capesize | $10,000 | Nov-13 | Mar-14 | |
|
|
|
|
|
|
| |
Panamax: |
|
|
|
|
|
| |
Raraka | 2012 | 76,037 | Panamax | $7,500 | Jan-15 | Mar-15 | |
Woolloomooloo | 2012 | 76,064 | Panamax | $7,500 | Dec-14 | Feb-15 | |
Amalfi | 2009 | 75,206 | Panamax | $39,750 | Jul- 13 | Sep- 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 | Spot | N/A | N/A | |
Ligari | 2004 | 75,583 | Panamax | $9,250 | Sep-13 | Nov-13 | |
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 | $9,650 | Sept-13 | Nov-13 | |
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 | $9,250 | Sept-13 | Nov-13 | |
Topeka | 2000 | 74,716 | Panamax | $8,450 | Sept-13 | Nov-13 | |
Ocean Crystal | 1999 | 73,688 | Panamax | Spot | N/A | N/A | |
Helena | 1999 | 73,744 | Panamax | Spot | N/A | N/A | |
|
|
|
|
|
|
| |
Supramax: |
|
|
|
|
|
| |
Byron | 2003 | 51,118 | Supramax | Spot | N/A | N/A | |
Galveston | 2002 | 51,201 | Supramax | Spot | N/A | N/A | |
Year |
|
| Gross rate | Redelivery |
| ||
| Built | DWT | Type | Per day | Earliest | Latest | |
Newbuildings |
|
|
|
|
|
| |
Capesize: |
|
|
|
|
|
| |
Newbuilding VLOC #2 | 2013 | 206,000 | Capesize | 23,000 | Apr-18 | Nov-23 | |
Newbuilding VLOC #3 | 2013 | 206,000 | Capesize | 21,500 | Apr-20 | Mar-28 | |
Panamax: |
|
|
|
|
|
| |
Newbuilding Ice class Panamax 1 | 2014 | 75,900 | Panamax | Spot | N/A | N/A | |
Newbuilding Ice class Panamax 2 | 2014 | 75,900 | Panamax | Spot | N/A | N/A | |
Newbuilding Ice class Panamax 3 | 2014 | 75,900 | Panamax | Spot | N/A | N/A | |
Newbuilding Ice class Panamax 4 | 2014 | 75,900 | Panamax | Spot | N/A | N/A | |
Tanker fleet |
|
|
|
|
|
| |
Suezmax: |
|
|
|
|
|
| |
Bordeira | 2013 | 158,300 | Suezmax | Spot | N/A | N/A | |
Petalidi | 2012 | 158,300 | Suezmax | Spot | N/A | N/A | |
Lipari | 2012 | 158,300 | Suezmax | Spot | N/A | N/A | |
Vilamoura | 2011 | 158,300 | Suezmax | Spot | N/A | N/A | |
Aframax: |
|
|
|
|
|
| |
Alicante | 2013 | 115,200 | Aframax | Spot | N/A | N/A | |
Mareta | 2013 | 115,200 | Aframax | Spot | N/A | N/A | |
Calida | 2012 | 115,200 | Aframax | Spot | N/A | N/A | |
Saga | 2011 | 115,200 | Aframax | Spot | N/A | N/A | |
Daytona | 2011 | 115,200 | Aframax | Spot | N/A | N/A | |
Belmar | 2011 | 115,200 | Aframax | Spot | N/A | N/A | |
|
|
|
|
|
|
|
Drilling Rigs/Drillships:
Unit Leiv Eiriksson | Year built 2001 | Redelivery Q2 16 | Operating area Norway | Backlog ($m) $572 |
Eirik Raude | 2002 | Q3 13 | Ireland | $74 |
Eirik Raude | 2002 | Q3 14 | Sierra Leone, Ivory Coast | $217 |
Ocean Rig Corcovado | 2011 | Q2 15 | Brazil | $332 |
Ocean Rig Olympia | 2011 | Q3 15 | Gabon, Angola | $473 |
Ocean Rig Poseidon | 2011 | Q2 16 | Angola | $770 |
Ocean Rig Mykonos | 2011 | Q1 15 | Brazil | $305 |
Newbuildings Ocean Rig Mylos | 2013 | Q3 16 | Brazil | $677 |
Ocean Rig Skyros | 2013 | N/A | N/A | N/A |
Ocean Rig Athena | 2013 | Q1 17 | Angola | $750 |
Ocean Rig Apollo | 2015 | Q1 18 | Congo | $680(1) |
Total |
|
|
| $4,850 |
(1)
Letter of Award is subject to definitive documentation.
Drybulk Carrier and Tanker Segment Summary Operating Data (unaudited)
(Dollars in thousands, except average daily results)
Drybulk | Three Months Ended March 31, |
| ||
| 2012 |
| 2013 |
|
Average number of vessels(1) | 36.1 |
| 36.0 |
|
Total voyage days for vessels(2) | 3,281 |
| 3,240 |
|
Total calendar days for vessels(3) | 3,285 |
| 3,240 |
|
Fleet utilization(4) | 99.9% |
| 100.0% |
|
Time charter equivalent(5) | $22,060 |
| $11,396 |
|
Vessel operating expenses (daily)(6) | $5,542 |
| $5,051 |
|
|
|
|
|
|
Tanker | Three Months Ended March 31, |
| ||
| 2012 |
| 2013 |
|
Average number of vessels(1) | 5.0 |
| 9.4 |
|
Total voyage days for vessels(2) | 453 |
| 848 |
|
Total calendar days for vessels(3) | 453 |
| 848 |
|
Fleet utilization(4) | 100.0% |
| 100.0% |
|
Time charter equivalent(5) | $15,916 |
| $12,792 |
|
Vessel operating expenses (daily)(6) | $7,372 |
| $9,134 |
|
(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 days.
(3) Calendar days are the total number of days the vessels were in our possession for the relevant period including dry-docking 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 revenues, a non-U.S. GAAP measure, provides additional meaningful information in conjunction with revenues from our vessels, the most directly comparable U.S. GAAP measure, because it assists our management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. TCE is also 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. Please see below for a reconciliation of TCE rates to voyage revenues.
(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.
(In thousands of U.S. dollars, except for TCE rate, which is expressed in Dollars, and voyage days)
Drybulk | Three Months Ended March 31, | ||
| 2012 |
| 2013 |
Voyage revenues | $ 77,021 | $ | 45,482 |
Voyage expenses | (4,642) |
| (8,558) |
Time charter equivalent revenues | $ 72,379 | $ | 36,924 |
Total voyage days for fleet | 3,281 |
| 3,240 |
Time charter equivalent (TCE) rate | $ 22,060 | $ | 11,396 |
Tanker | Three Months Ended March 31, | ||
| 2012 |
| 2013 |
Voyage revenues | $ 7,476 | $ | 27,787 |
Voyage expenses | (266) |
| (16,939) |
Time charter equivalent revenues | $ 7,210 | $ | 10,848 |
Total voyage days for fleet | 453 |
| 848 |
Time charter equivalent (TCE) rate | $ 15,916 | $ | 12,792 |
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, |
| ||
|
| 2012 |
| 2013 |
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
Voyage revenues | $ | 84,497 | $ | 73,269 |
|
Revenues from drilling contracts |
| 162,999 |
| 246,444 |
|
|
| 247,496 |
| 319,713 |
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
Voyage expenses |
| 4,908 |
| 25,497 |
|
Vessel operating expenses |
| 21,545 |
| 24,110 |
|
Drilling rigs operating expenses |
| 85,340 |
| 120,759 |
|
Depreciation and amortization |
| 81,955 |
| 82,660 |
|
Vessel impairments and other, net |
| 1,488 |
| 75,340 |
|
General and administrative expenses |
| 33,974 |
| 36,247 |
|
Legal settlements and other |
| 5,820 |
| (15) |
|
|
|
|
|
|
|
Operating income/(loss) |
| 12,466 |
| (44,885) |
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
Interest and finance costs, net of interest income |
| (50,778) |
| (56,862) |
|
Gain/(loss) on interest rate swaps |
| (8,750) |
| 396 |
|
Other, net |
| (2,248) |
| 678 |
|
Income taxes |
| (10,032) |
| (14,164) |
|
Total other expenses |
| (71,808) |
| (69,952) |
|
|
|
|
|
|
|
Net loss |
| (59,342) |
| (114,837) |
|
|
|
|
|
|
|
Net income/(loss) attributable to Non controlling interests |
| 11,886 |
| (1,798) |
|
|
|
|
|
|
|
Net loss attributable to Dryships Inc. | $ | (47,456) | $ | (116,635) |
|
|
|
|
|
|
|
Loss per common share, basic and diluted | $ | (0.12) | $ | (0.30) |
|
Weighted average number of shares, basic and diluted |
| 380,152,244 |
| 382,657,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dryships Inc.
Unaudited Condensed Consolidated Balance Sheets
(Expressed in Thousands of U.S. Dollars) |
| December 31, 2012 |
| March 31, 2013 | |
|
|
|
|
| |
ASSETS |
|
|
|
| |
|
|
|
|
|
|
| Cash and restricted cash (current and non-current) | $ | 720,458 | $ | 744,256 |
| Other current assets |
| 338,446 |
| 372,894 |
| Advances for vessels and rigs under construction and acquisitions |
| 1,201,807 |
| 1,094,037 |
| Vessels, net |
| 2,059,570 |
| 2,231,432 |
| Drilling rigs, drillships, machinery and equipment, net |
| 4,446,730 |
| 4,451,920 |
Other non-current assets |
| 111,480 |
| 146,772 | |
| Total assets |
| 8,878,491 |
| 9,041,311 |
|
|
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total debt |
| 4,386,715 |
| 4,424,227 |
| Total other liabilities |
| 623,757 |
| 735,126 |
| Total stockholders equity |
| 3,868,019 |
| 3,881,958 |
| Total liabilities and stockholders equity | $ | 8,878,491 | $ | 9,041,311 |
|
|
|
|
|
|
|
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 March 31, 2012 |
| Three Months Ended March 31, 2013 |
|
|
|
|
|
|
|
Net loss |
| $ (47,456) |
| $ (116,635) |
|
|
|
|
|
|
|
Add: Net interest expense |
| 50,778 |
| 56,862 |
|
Add: Depreciation and amortization |
| 81,955 |
| 82,660 |
|
Add: Impairment losses and other |
| - |
| 75,340 |
|
Add: Income taxes |
| 10,032 |
| 14,164 |
|
Add: Gain/(loss) on interest rate swaps |
| 8,750 |
| (396) |
|
Adjusted EBITDA |
| $ 104,059 |
| $ 111,995 |
|
4
Conference Call and Webcast: May 23, 2013
As announced, the Companys management team will host a conference call, on Thursday, May 23, 2013 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 May 30, 2013. 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 Companys 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 10 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 8 ultra deepwater drillships, 3 of which are scheduled to be delivered to Ocean Rig during 2013 and 1 of which is scheduled to be delivered during 2015. DryShips owns a fleet of 42 drybulk carriers (including newbuildings), comprising 10 Capesize, 28 Panamax, 2 Supramax and 2 newbuilding Very Large Ore Carriers (VLOC) with a combined deadweight tonnage of approximately 4.4 million tons, and 10 tankers, comprising 4 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.3 million tons.
DryShips common stock is listed on the NASDAQ Global Select Market where it trades under the symbol DRYS.
Visit the Companys website at www.dryships.com
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with such safe harbor legislation.
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 and drilling dayrates and drybulk vessel, drilling rig and drillship values, failure of a seller to deliver one or more drilling rigs, drillships or drybulk vessels, failure of a buyer to accept delivery of a drilling rig, drillship, or vessel, inability to procure acquisition financing, default by one or more charterers of our ships, changes in demand for drybulk commodities or oil, changes in demand that may affect attitudes of time charterers and customer drilling programs, scheduled and unscheduled drydockings and upgrades, changes in our operating expenses, including bunker prices, drydocking and insurance costs, changes in governmental rules and regulations 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 U.S. Securities and Exchange Commission.
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: dryships@capitallink.com
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