DryShips Q3 profit falls 56%

9 November 2011 (Last Updated November 9th, 2011 18:30)

Marine transportation services provider DryShips (DRYS) has reported a profit of $25m for the third quarter that ended 30 September 2011, compared with profit of $57.65m achieved during the same period last year.

Marine transportation services provider DryShips (DRYS) has reported a profit of $25m for the third quarter that ended 30 September 2011, compared with profit of $57.65m achieved during the same period last year.

The company blamed the 56% loss on interest rate swaps totalling $31.5 million, or $0.09 per share.

Dryships CEO George Economou commented, "The shipping markets remain volatile. We are well positioned to weather the storm with 54% of our 2012 operating days in the drybulk segment under fixed rate charters at an average rate of about
$35,000 a day."

For the drybulk carrier segment, net voyage revenues amounted to $85.5m for the third quarter of 2011, compared with
$108.1 million for the three-month period that ended 30 September 2010 – a 20% decrease.

However, DryShips saw an increase in revenue in Q3 2011 to $226m, up from $110.4m a year ago .

The company also reported a EBITDA of $172.2m in the third quater compared with $168.1m for the same period in 2010.