DryShips Inc (DRYS) saw its loss narrow to $77.52 million, or $54.16 a share for the quarter ended Dec. 31, 2016. Dryships (DRYS) saw its loss narrow to $77.52 million in the quarter ended compared with $527.62 million, a year ago. Revenue during the quarter plunged 45.96 percent to $12.84 million from $23.77 million in the previous year period.
Operating loss for the quarter was $86.35 million, compared with an operating loss of $135.28 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $13.87 million compared to negative $14.78 million in the prior year second quarter.
George Economou, chairman and chief executive officer of the Company, commented: “We are pleased to have put 2016 behind us. Having now restored our balance sheet and successfully raised over $300 million in new equity in the last 12 months, DryShips is in a unique position to opportunistically acquire vessels at prices close to historic lows.”
Debt comes down significantly
DryShips Inc has recorded a decline in total debt over the last one year. It stood at $133.43 million as on Dec. 31, 2016, down 43.69 percent or $103.51 million from $236.94 million on Dec. 31, 2015. Dryships has recorded a decline in short-term debt over the last one year. It stood at $133.43 million as on Dec. 31, 2016, down 43.69 percent or $103.51 million from $236.94 million on Dec. 31, 2015.
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