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Dryships suspends debt repayments, loses $2.8bn in 2015

Dryships suspends debt repayments, loses $2.8bn in 2015
Dryships has suspended all debt repayments as it racks up losses of $2.84bn in 2015.

The George Economou led shipowner reported a $527.6m net loss in Q4 2015 as it took $119.1m in vessel impairments and non-cash losses, and a $310.5m writedown on its stake in Ocean Rig.

For the year as whole Dryships lost $2.84bn, compared to a $48.2m loss in 2014.

Dryships said it was in talks with its lenders on restructuring its debt and had not made final balloon payments on three bank facilities that had matured and suspended all principal repayments on its other facilities to conserve cash.

The company also revealed that Petrobras had terminated the charter of a second of its six offshore vessels. The charter on the oil spill recovery vessel Vega Juniz has been terminated from 9 March. The vessel had been contracted until 25 April 2017 and the termination will represent a $2.8m EBITDA loss.