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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData