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DryShips starts first VLGC time charter with an oil major

Published 06/30/2017, 05:19 PM
© Reuters.  DryShips starts first VLGC time charter with an oil major
DRYS
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  • DryShips (NASDAQ:DRYS) sank another 25% in today's trade even after announcing the beginning of its first very large gas carrier five-year firm time charter with an unnamed oil major.
  • The company expects a total gross backlog associated with the time charter of as much as $92.7M, when including options to extend the firm employment period by up to three years.
  • DRYS +4.7% AH following the latest Kalani Investments update, which shows three-month sales of more than 14.8M shares at an average $8.94/share for an aggregate gross purchase price of $132.4M.
  • But following six reverse stock splits in a year, DRYS continued its inexorable plunge today to a new intraday low of $1.26; its market cap now totals $5.43M vs. a split-adjusted all-time high $212M, Bespoke says.
  • Now read: DryShips: Bulls Angry About Their CEO


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