The Greek shipowner continued to remain in the red in the quarter ended 31 March 2014 with a loss of $34.55m, but it was a significant improvement over a loss of $116.64m in the same period of last year.
The losses continued despite a spike in revenue to $457.49m during the quarter, up from $319.71m a year ago.
“Following a period of oversupply and recent volatility in the tanker and dry bulk sectors is a clear sign of a more balanced supply and demand. We continue to expect a sustainable recovery in charter rates during the second half of 2014 and beyond,” said George Economou, chairman and ceo of DryShips.
“While charter rates for larger dry bulk carriers underperformed during the first quarter of 2014, forward charter rates and asset prices are holding up resiliently, underscoing the bullish market sentiment,” he added.
Meanwhile, DryShips is waiting to take delivery of two new drillships worth $1.37bn in total from Samsung Heavy Industries by 2017. It will also receive one ultra deepwater drillship in mid-2016 from Ocean Rig.
DryShips operated 38 bulk carriers on average and 10 tankers in the first quarter. The time charter equivalent rate for the dry bulkers was $13,564 per day per vessel while the tanker fleet commanded $24,781 per day per vessel.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
