-- The Company reported Net Income of $66.4 million or $1.87 per share,
for the first quarter of 2007. Included in the first quarter results is a
capital gain on the sale of three vessels of $30.5 million or $0.86 per
share. Excluding this gain Net Income would amount to $35.9 million or
$1.01 per share.
-- For the first quarter of 2007 the Company reported EBITDA, excluding
vessel gains, of $63.5 million, which is the highest EBITDA excluding
vessel gains reported in a single quarter since the Company's inception.
-- In April 2007 the Company declared and paid its eighth consecutive
quarterly cash dividend of $0.20 per common share.
George Economou, the Company's Chairman and Chief Executive Officer of
DryShips Inc., commented:
"We are pleased to report an exceptionally strong quarter with record
EBITDA. These strong results reflect not only the continued improvement of
the freight markets but also the consistent implementation of our strategy.
Our chartering policy has enabled us to take advantage of the prevailing
robust freight rates. By entering a portion of our fleet into time charters
of less than one year, while at the same time positioning the remainder of
our fleet spot, we were able to benefit fully from the market's upside. As
of today, 56% of our fleet days for the remaining three quarters of 2007
remain unfixed, providing DryShips with significant operating leverage.
We have also pursued our goal of fleet expansion and renewal, acting as a
consolidator in the dry bulk industry and reaffirming our leadership
position as the largest US listed dry bulk company in terms of fleet size
and revenue. Our focus has been to dispose of older vessels and replace
them with younger and larger vessels, thereby not only lowering our fleet's
average age but also enhancing the quality and longevity of its earnings
potential.
Since the beginning of our fleet renewal program in the fourth quarter of
2006, we have entered into agreements to acquire eleven vessels and dispose
of eleven vessels, from which we expect to realize a gain of approximately
$112.6 million or $3.17 per share. When the acquisitions and disposals
already announced are concluded, our fleet will include 36 dry bulk
carriers with a combined deadweight tonnage of approximately 3.0 million,
and an average age of 8.5 years well below the industry average of about
12.6 years."
First Quarter 2007 Results
For the first quarter ended March 31, 2007, Net Revenues (Voyage Revenues
less Voyage Expenses) amounted to $81.4 million as compared to $50.8
million for the first quarter ended March 31, 2006. Operating Income was
$77.2 million for the quarter ended March 31, 2007, as compared to $24.1
million for the quarter ended March 31, 2006. Net Income for the first
quarter ended March 31, 2007 was $66.4 million or $1.87 Earnings Per Share
(EPS) calculated on 35.49 million weighted average basic and diluted shares
outstanding as compared to $18.1 million or $0.60 Earnings Per Share (EPS)
calculated on 30.35 million weighted average basic and diluted shares
outstanding for the quarter ended March 31, 2006. EBITDA for the first
quarter of 2007 was $94.0 million as compared to $38.0 million in the
quarter ended March 31, 2006. (1)
An average of 32.1 vessels were owned and operated during the first quarter
of 2007, earning an average Time Charter Equivalent, or TCE, rate of
$28,930 per day as compared to an average of 27.0 vessels owned and
operated during the first quarter of 2006 earning an average TCE rate of
$21,324 per day.
Drydock Related Expenses
During the first quarter of 2007, one vessel was drydocked for a total
direct cost of $0.5 million. Such costs are capitalized and amortized until
the vessels' next drydock.
Capitalization
On March 31, 2007, debt to total capitalization (debt, net of deferred
financing fees and stockholders equity) was 56.5% and net debt (total debt
less cash and cash equivalents) to total capitalization was 55.5%.
As of March 31, 2007, the Company had a total liquidity of approximately
$32.6 million.
Appointment of Interim CFO
The Board of Directors of DryShips has appointed Mr. George Economou,
Chairman of the Board and Chief Executive Officer, to act as interim Chief
Financial Officer of DryShips.
This follows the resignation of Mr. Gregory Zikos, Director and Chief
Financial Officer who is leaving the Company to pursue other interests
effective today. The Board has formed a committee to search for a permanent
replacement.
Financing Activities
On April 5, 2007 the Company concluded a short-term bridge loan of $33
million with a related party in connection with the acquisition of the MV
Primera. Following the disposal of the MV Shibumi on April 12, 2007, the
facility was fully repaid.
On April 19, 2007 the Company entered into a bridge facility of up to $181
million with HSH Nordbank in connection with the acquisition of the MV
Primera, MV Marbella, MV Bargara and MV Brisbane.
On May 23, 2007 the Company amended its existing credit facility with HSH
Nordbank in order to:
(a) increase the amount available under the existing credit facility by up
to $181 million and
(b) include a re-borrowing option for mandatory prepayment amounts due to
sale of vessels of up to $ 200 million.
With the above amendments to the existing credit facility permanent
financing has now been arranged for all of the announced acquisitions. At
the same time all of the bridge facilities with HSH Norbank were repaid.
As of May 29, 2007, the Company had a total of $749.2 million in debt
outstanding under its credit facility with HSH Nordbank with a total
un-drawn amount of $117.5 million.
Fleet Developments
Vessels Acquired and Delivered
On April 11, 2007, the Company took delivery of the MV Primera, a 1998
built second-hand 72,495 dwt Panamax drybulk carrier, which it had agreed
to acquire on December 15, 2006, for a purchase price of $38.0 million.
On April 27, 2007, the Company took delivery of the MV Marbella, a 2000
built second-hand 72,561 dwt Panamax drybulk carrier, which it had agreed
to acquire on February 27, 2006, for a purchase price of $46.0 million.
On May 14, 2007, the Company took delivery of the MV Bargara, a 2002 built
second-hand 74,832 dwt Panamax drybulk carrier, which it had agreed to
acquire on April 11, 2007, for a purchase price of $49.0 million.
On May 23, 2007, the Company took delivery of the MV Brisbane, a 1995 built
second-hand 151,066 dwt Capesize drybulk carrier, which it had agreed to
acquire on January 10, 2007, for a purchase price of $60.0 million.
Vessels Sold and Delivered
On April 10, 2007, the MV Estepona, a 1994 built 70,003 dwt Panamax drybulk
carrier was delivered to her new owners for a sales price of $36.7 million.
The Company expects to realize a gain of $7.6 million to be recognized in
the second quarter of 2007.
On April 12, 2007, the MV Shibumi, a 1984 built second-hand 166,058 dwt
Capesize drybulk carrier was delivered to her new owners for a sales price
of $24.6 million. The Company expects to realize a gain of $17.8 million to
be recognized in the second quarter of 2007.
On May 9, 2007, the MV Delray, a 1994 built 70,029 dwt Panamax drybulk
carrier was delivered to her new owners for a sales price of $36.7 million.
The Company expects to realize a gain of $8.0 million to be recognized in
the second quarter of 2007.
Vessel Acquisitions - To be Delivered
On November 23, 2006, the Company agreed to acquire the MV Ecola, a 1997
built second-hand 73,931 dwt Panamax drybulk carrier, delivery of which is
expected during the third quarter of 2007, for a purchase price of $39.7
million.
On January 18, 2007, the Company agreed to acquire the MV Menorca, a 1997
built second-hand 71,685 dwt Panamax drybulk carrier, delivery of which is
expected during the second quarter of 2007, for a purchase price of $41.0
million.
On March 23, 2007, the Company agreed to acquire the MV Heinrich
Oldendorff, a 2001 built second-hand 73,925 dwt Panamax drybulk carrier,
delivery of which is expected during the second quarter of 2007, for a
purchase price of $49.0 million. Upon delivery to DryShips the vessel will
commence a bareboat charter back to the seller for a period between 11 to
13 months at a daily bareboat charter rate of $28,000.
On March 26, 2007, the Company agreed to acquire the MV Majorca, a 2005
built second-hand 74,477 dwt Panamax drybulk carrier, delivery of which is
expected during the second quarter of 2007, for a purchase price of $53.5
million.
On April 11, 2007, the Company agreed to acquire the MV Capitola, a 2001
built second-hand 74,832 dwt Panamax drybulk carrier, delivery of which is
expected during the second quarter of 2007 for a purchase price of $49.0
million.
Vessel Disposals - To be Delivered
On March 2, 2007 the Company entered into an agreement to sell the MV
Alona, a 2002 built, 48,640 dwt Handymax drybulk carrier for a sales price
of $39.5 million with delivery to the new owners scheduled to take place
during the second quarter of 2007. The Company expects to realize a gain
of approximately $7.5 million which will be recognized in the second
quarter of 2007.
On March 13, 2007, the Company entered into an agreement to sell the MV
Lanikai, a 1988 built, 68,676 dwt Panamax drybulk carrier for a sales price
of $26.1 million with delivery to the new owners scheduled to take place
between the second and third quarter of 2007. The Company expects to
realize a gain of approximately $9.0 million.
On March 26, 2007, the Company entered into an agreement to sell the MV
Hille Oldendorff, a 2005 built 55,566 dwt Supramax drybulk carrier for a
sales price of $50.5 million with delivery to the new owners scheduled to
take place during the second quarter of 2007. The Company expects to
realize a gain of approximately $12.8 million.
On March 26, 2007 the Company entered into an agreement to sell the MV
Mostoles, a 1981 built 75,395 dwt Panamax drybulk carrier for sales price
of $13.3 million with delivery to the new owners scheduled to take place
during the second quarter of 2007. The Company expects to realize a gain of
approximately $10.8 million.
Gains on Vessel Disposals
In fiscal year 2006, DryShips recognized an aggregate gain on vessel
disposals of $8.6 million or $0.24 per share. In the first quarter of 2007
the Company recognized an aggregate gain on vessel disposals of $30.5
million or $ 0.86 per share. For the remainder of 2007 the Company expects
to recognize capital gain of $73.5 million or $2.07 per share.
In total, since the beginning of its fleet renewal program in the fourth
quarter of 2006, DryShips expects a total gain on vessel disposals of
approximately $112.6 million or $ 3.17 per share.
When all these acquisitions and disposals are concluded, DryShips's fleet
will include 36 drybulk carriers comprising 5 Capesize, 28 Panamax, 1
Handymax and 2 newbuilding Panamax vessels, with a combined deadweight
tonnage of approximately 3.0 million, and an average age of 8.5 years.
Fleet Employment Developments
The Company has entered the MV Samsara, a 1996 built 150,393 dwt Capesize
vessel, into a time charter for a period of between 7 and 9 months that
commenced in February 2007 at a daily rate of $55,500.
The Company has entered the MV Netadola, a 1993 built 149,475 dwt Capesize
vessel, into a time charter for a period of approximately between 7 and 9
months that commenced in February 2007 at a daily rate of $52,500.
The Company has entered the MV Ligari, a 2004 built 75,583 dwt Panamax
vessel, into a time charter for a period of between 7 and 9 months that
commenced in February 2007 at a daily rate of $31,550.
The Company has entered the MV Mendocino, a 2002 built 76,623 dwt Panamax
vessel, into a time charter for a period of between 7 and 9 months that
commenced in March 2007 at a daily rate of $37,500.
The Company has entered the MV Alona, a 2002 built 48,640 dwt Handymax
vessel, into a time charter for a period of between 50 and 70 days that
commenced in March 2007 at a daily rate of $28,700
The Company has entered the MV Ocean Crystal, a 1999 built 73,688 dwt
Panamax vessel, into a time charter for a period of approximately between 6
to 8 months that commenced in March 2007 at a daily rate of $40,000.
The Company has entered the MV Alameda, a 2001 built 170,662 dwt Capesize
vessel, into a time charter for a period of approximately between 9 to 11
months that commenced in April 2007 at a daily rate of $73,000.
The Company has entered the MV Waikiki, a 1995 built 75,473 dwt Panamax
vessel, into a time charter for a period of approximately between 9 to 11
months that commenced in April 2007 at a daily rate of $36,750.
The Company has entered the MV Matira, a 1994 built 45,863 dwt Handysize
vessel, into a time charter for a period of approximately between 6 to 8
months that commenced in April 2007 at a daily rate of $32,300.
The Company has entered the MV La Jolla, a 1997 built 72,126 dwt Panamax
vessel, into a time charter for a period of between 5 and 7 months that
commenced in April 2007 at a daily rate of $46,000.
The Company has entered the MV Lanzarote, a 1996 built 73,008 dwt Panamax
vessel, into a time charter for a period of between 5 and 7 months that
commenced in April 2007 at a daily rate of $43,750.
These time charters are expected to contribute between approximately $96.8
million and $124.3 million in time charter revenue over the course of their
respective charters, during 2007. The lower figure corresponds to the
minimum charter duration, and the higher figure corresponds to the maximum
charter duration.
Taking into consideration the above charters about 56% of the total vessel
operating days for remaining three quarters of 2007 remain unfixed.
Capital Expenditures
The Company expects to incur the following capital expenditures associated
with vessel drydockings:
Second Third Fourth
quarter quarter quarter
2007 2007 2007 2008
---------- ---------- ---------- ----------
Number of vessels 1 1 1 6
---------- ---------- ---------- ----------
Expected cost in USD millions 0.4 0.4 0.3 4.8
---------- ---------- ---------- ----------
Off-hire days 16 16 15 123
---------- ---------- ---------- ----------
Such costs are capitalized and amortized until the vessels' next drydock.
The actual days and expenses in connection with vessel drydockings will
vary based on the shipyard schedule, weather, condition of the vessel and
other factors.
In addition the Company expects to incur expenses for peripheral supplies
and other repair works while the vessels will be in drydock which will be
included in Vessel Operating Expenses for the respective quarter.
Dividend Payment
In April 2007, DryShips declared and paid its eighth consecutive quarterly
cash dividend of $0.20 per common share. Since the Company's IPO in
February 2005, DryShips has paid total dividends of $1.60 per common share
As of May 29, 2007, the Company has a total of 35,490,097 shares of common
stock outstanding.
Fleet Data
First Quarter 2007
Total TCE revenue increased during the first quarter of 2007 compared to
the first quarter of 2006, primarily as a result of an increase in the
average number of vessels operated, from an average of 27.0 vessels in the
first quarter of 2006 to 32.1 vessels in the first quarter of 2007, and an
increase in the daily average TCE rate in the first quarter of 2007 to
$28,930 from $21,324 in the first quarter of 2006.
Vessel operating expenses increased to $13.8 million for the first quarter
of 2007 compared to $10.5 million for the first quarter of 2006. The
increase is mainly attributable to the increase in the number of vessels
operated from an average of 27.0 vessels for the first quarter of 2006 to
32.1 vessels for the first quarter of 2007.
Depreciation and amortization increased to $16.9 million in the first
quarter of 2007 compared to $13.8 million in the first quarter of 2006.
This was a direct result of the increase in the Company's fleet from an
average of 27.0 vessels in the first quarter of 2006 to an average of 32.1
vessels in the first quarter of 2007.
Management fees increased to $2.2 million in the first quarter of 2007
compared to $1.4 million in the first quarter of 2006 as a direct result of
the increase in the number of fleet calendar days from 2,430 in the first
quarter of 2006 to 2,887 in the first quarter of 2007 due to the growth of
the fleet.
General and administrative expenses increased to $1.9 million in the first
quarter of 2007 from $1.0 million in the first quarter of 2006 mainly due
to the growth of the fleet.
First Quarter 2007
(Dollars in thousands, except Three Months ended Three Months Ended
Average Daily Results - unaudited) March 31, 2007 March 31, 2006
---------------- ----------------
Average number of vessels (1) 32.1 27
Total voyage days for fleet (2) 2,813 2,381
Total calendar days for fleet (3) 2,887 2,430
Fleet Utilization (4) 97.4% 98.0%
Time charter equivalent (5) 28,930 21,324
Capesize 39,605 33,768
Panamax 27,825 19,698
Handymax 21,605 15,063
Vessel operating expenses (daily) (6) 4,776 4,318
Management fees (daily) 760 594
General and administrative expenses
(daily) (7) 654 399
Total vessel operating expenses (daily)
(8) 6,190 5,311
(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 owned
by us for the relevant period net of off hire days associated with major
repairs, drydockings or special or intermediate surveys.
(3) Calendar days are the total days the vessels were owned by us for the
relevant period including off hire days associated with major repairs,
drydockings or special or intermediate surveys.
(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 therelevant 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.
(7) Daily general and administrative expense is calculated by dividing
general and administrative expense by fleet calendar days for the relevant
time period
(8) Total vessel operating expenses, or TVOE, is a measurement of our total
expenses associated with operating our vessels. TVOE is the sum of vessel
operating expenses, management fees and general and administrative
expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days
for the relevant time period.
TCE Rates:
The following table reflects the calculation of our TCE rates for the
periods then ended:
(Dollars in thousands) Three Months Ended Three Months Ended
March 31, 2007 March 31, 2006
------------------- -------------------
Voyage revenues 86,650 54,809
Voyage expenses (5,270) (4,036)
------------------- -------------------
Time Charter equivalent revenues 81,380 50,773
=================== ===================
Total voyage days for fleet 2,813 2,381
Time charter equivalent (TCE)
rate 28,930 21,324
DryShips Inc. Fleet
As at March 31, 2007, the Company's fleet excluding newbuildings consisted
of 32 vessels.
During the three month period ended March 31, 2007, the Company operated
the following types of vessels:
Capesize Panamax Handymax Total
--------- --------- --------- ---------
Average number of vessels
during period 4.51 24.57 3.00 32.08
Number of vessels at end of
period 5.00 24.00 3.00 32.00
Dwt at end of period 808,649 1,750,473 150,069 2,709,191
DWT as percentage of total
fleet 29.85% 64.61% 5.54% 100.00%
Financial Statements
Income Statement
The following are DryShips Inc.'s Condensed Income Statements for the three
month periods ended March 31, 2007 and March 31, 2006:
(Dollars in thousands, except per
share data and Three Months Ended Three Months Ended
Average Daily Results - unaudited) March 31, 2007 March 31, 2006
----------------- -----------------
Unaudited Unaudited
INCOME STATEMENT DATA
Voyage revenues $ 86,650 $ 54,809
Voyage expenses 5,270 4,036
Vessel operating expenses 13,789 10,492
Depreciation and amortization 16,854 13,766
Gain on sale of vessels (30,497)
Management fees 2,196 1,444
General and administrative 1,888 969
----------------- -----------------
Operating Income 77,150 24,102
----------------- -----------------
Interest and finance costs, net (10,748) (6,109)
Other, net (1) 121
----------------- -----------------
NET INCOME $ 66,401 $ 18,114
================= =================
Basic and fully diluted earnings per
share $ 1.87 $ 0.60
================= =================
Weighted average basic and diluted
shares outstanding 35,490,097 30,350,000
----------------- -----------------
Balance Sheet
The following are DryShips Inc.'s Balance Sheets as at March 31, 2007 and
December 31, 2006:
As at As at
March 31, December 31,
(Dollars in thousands) 2007 2006
------------ ------------
BALANCE SHEET DATA Unaudited Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 6,088 2,537
Restricted cash 6,471 6,614
Accounts receivables - trade, net 5,784 3,187
Insurance claims 4,689 671
Due from related parties 3,059 3,353
Inventories 2,719 2,571
Financial instruments 786 985
Prepaid charter revenue - 1,335
Prepayments and other 4,869 5,568
Vessel held for sale 29,331 -
------------ ------------
Total current assets 63,796 26,821
------------ ------------
FIXED ASSETS:
Advances for vessels under construction and
acquisitions 46,350 27,380
Vessels-net 1,063,251 1,084,924
------------ ------------
Total fixed assets 1,109,601 1,112,304
------------ ------------
Deferred charges, net 4,799 6,200
Restricted cash 20,000 20,000
Other non current assets 2,727 2,848
------------ ------------
Total assets 1,200,923 1,168,173
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt 125,691 71,412
Accounts payable 9,229 11,423
Due to related parties 15 25,086
Accrued liabilities 6,348 6,326
Deferred revenue 10,018 12,270
Financial instruments 1,320 2,625
Other current liabilities 202 202
------------ ------------
Total current liabilities 152,823 129,344
------------ ------------
Long-term debt, net of current portion 537,331 587,330
------------ ------------
Other non-current liabilities 574 607
------------ ------------
STOCKHOLDERS' EQUITY
Capital stock 355 355
Additional paid-in capital 327,446 327,446
Retained earnings 182,394 123,091
------------ ------------
Total Stockholders' equity 510,195 450,892
------------ ------------
Total liabilities and stockholders' equity 1,200,923 1,168,173
============ ============
EBITDA Reconciliation
DryShips Inc. considers EBITDA to represent net income before interest,
taxes, depreciation and amortization. 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 EBITDA may not be
comparable to that reported by other companies. EBITDA is included herein
because it is a basis upon which the Company assesses its liquidity
position, it is used by our lenders as a measure of our compliance with
certain loan covenants 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 cash from operating activities to
EBITDA:
(Dollars in thousands) Three Months Ended March 31, March 31,
2007 2006
Net cash provided by operating activities 42,609 26,512
Net increase in current assets 5,770 1,245
Net decrease in current liabilities, excluding
current portion of long term debt 1,860 1,382
Gain on Sale of Vessels 30,497 -
Amortization of deferred/prepaid charter revenue 1,299 361
Recognition/Amortization of free lubricants
benefit 33 (40)
Change in fair value of derivatives 1,106 1,705
Net interest expense 10,748 6,109
Amortization of deferred financing costs included
in net interest expense (439) (121)
Payments for dry-docking costs 520 836
----------- -----------
EBITDA 94,003 37,989
=========== ===========
Fleet List
The table below describes in detail our fleet development and current
employment profile as of May 29, 2007:
Gross Rate Redel-
Year Current ivery
Built DWT Type Employment per Day Earliest Latest
Capesize:
Manasota 2004 171,061 Capesize TC $ 55,000 Aug-07 Nov-07
Alameda 2001 170,269 Capesize TC $ 73,000 Jan-08 Mar-08
Samsara 1996 150,393 Capesize TC $ 55,500 Sep-07 Nov-07
Netadola 1993 149,475 Capesize TC $ 52,500 Sep-07 Nov-07
Brisbane 1995 151,066 Capesize Spot $ 83,500 Prompt Prompt
9.0 792,264 5
Panamax:
Ligari 2004 75,583 Panamax TC $ 31,550 Sep-07 Nov-07
Padre 2004 73,601 Panamax TC $ 30,000 Sep-07 Nov-07
Maganari 2001 75,941 Panamax TC $ 18,400 Apr-08 Jul-08
Coronado 2000 75,706 Panamax TC $ 18,500 Prompt Jun-07
Ocean Crystal 1999 73,688 Panamax TC $ 40,000 Sep-07 Nov-07
Xanadu 1999 72,270 Panamax TC $ 18,500 Prompt Jun-07
Lanzarote 1996 73,008 Panamax TC $ 43,750 Sep-07 Nov-07
Iguana 1996 70,349 Panamax TC $ 28,000 Sep-07 Nov-07
Formentera 1996 70,002 Panamax TC $ 18,000 Prompt Jul-07
Waikiki 1995 75,473 Panamax TC $ 36,750 Jan-08 Mar-08
Mendocino 2002 76,623 Panamax TC $ 37,500 Oct-07 Dec-07
La Jolla 1997 72,126 Panamax TC $ 46,000 Oct-07 Dec-07
Sonoma 2001 74,786 Panamax Baumarine $ 42,911
Toro 1995 73,034 Panamax Baumarine $ 41,362
Lacerta 1994 71,862 Panamax Baumarine $ 41,668
Lanikai 1988 68,676 Panamax Baumarine $ 38,378
Tonga 1984 66,798 Panamax Baumarine $ 33,897
Mostoles 1981 75,395 Panamax Spot $ 41,500 Prompt Prompt
Primera 1998 72,495 Panamax Spot $ 40,500 Prompt Prompt
Redondo 2000 74,716 Panamax Spot $ 31,250 Prompt Prompt
Marbella 2000 72,561 Panamax Spot $ 35,500 Prompt Prompt
Bargara 2002 74,832 Panamax Spot $ 47,150 Prompt Prompt
Catalina 2005 74,432 Panamax Spot $ 44,750 Prompt Prompt
Solana 1995 75,100 Panamax Spot $ 40,100 Prompt Prompt
Paragon 1995 71,259 Panamax Spot $ 44,800 Prompt Prompt
9.8 1,830,316 25
Handymax:
Alona 2002 48,640 Handymax TC $ 28,700 Prompt Jun-07
Matira 1994 45,863 Handymax TC $ 32,300 Oct-07 Dec-07
Hille Oldendorff 2005 55,566 Handymax BB $ 20,020 Prompt Jun-07
6.3 150,069 3
Newbuildings:
TBN 2009 75,000 Panamax
TBN 2010 75,000 Panamax
150,000 2
Total Fleet 9.4 2,922,649 35
1. For spot vessels the TCE rate is for the current voyage
2. For vessels trading in the Baumarine pool the TCE rate is the Pool's
estimate for earnings in the month of May
3. The MV Maganari has been fixed in direct continuation at $18,400 per day
for 12 months
4. The MV Hille Oldendorff is employed under a bareboat charter
5. The quoted rates are not indications of future earnings and the Company
gives no assurance or guarantee of future rates.
Conference Call and Webcast: May 30, 2007, at 9 a.m. EDT
DryShips' management team will host a conference call on Wednesday, May 30,
2007, at 9 a.m., Eastern Daylight Saving Time (EDT) to discuss the
Company's financial results for the first quarter 2007.
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."
In case of any problem with the above numbers, please dial 1(866) 223 0615
(from the US), 0(800) 694-1503 (from the UK) or +(44) 1452 586-513 (from
outside the US). Quote "DryShips."
A replay of the conference call will be available until June 6th, 2007.
The United States replay number is 1(866) 247 4222; the international
replay number is (0(800) 953-1533; from the UK or (+44) 1452-550 000 and
the access code required for the replay is: 2133051#.
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 international provider of drybulk carriers.
Headquartered in Athens, Greece, DryShips owns and operates a fleet of 35
drybulk carriers comprising 5 Capesize, 25 Panamax, 3 Handymax and 2
newbuilding Panamax vessels, with a combined deadweight tonnage of
approximately 2.9 million.
DryShips Inc.'s common stock is listed on NASDAQ Global Market where it
trades under the symbol "DRYS."
Visit our 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 DryShips Inc. believes 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, DryShips Inc. 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 DryShips Inc.'s 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) Please see later in this release for a reconciliation of EBITDA to net
cash provided by Operating activities.
Contact Information: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. (New York) Tel. 212-661-7566 E-mail: nbornozis@capitallink.com