DryShips turns a profit in second quarter

For the second quarter of 2018, DryShips has reported a net income of US$3.6 million.

In the same period last year, DryShips reported a net loss of US$15.64 million

Vessel dry-docking costs amounted to US$3.3 million for the quarter.

During the quarter, Dryships generated US$5.1 million on the sale of the 2001-built Panamax vessel, Maganari, to an unaffiliated buyer.

Excluding the above, the company’s net results would have amounted to a net income of $1.8 million.

Dryships reported an adjusted EBITDA of US$13.3 million for the second quarter of 2018.

On July 18 and July 24, 2018, DryShips’ Panamax vessels Redondo and Marbella, respectively, were delivered to their new owners according to the terms of the previously announced memoranda of agreement with unaffiliated buyers.