DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a
diversified owner of ocean going cargo vessels, today announced its
unaudited financial and operating results for the quarter ended
December 31, 2017.
Fourth Quarter 2017 Financial
Highlights
- For the fourth quarter of 2017, the Company reported a net
income of $11.5 million, or $0.11 basic and diluted earnings per
share. Included in the fourth quarter of 2017 results are the
following:
- Net income associated with “mark-to-market” accounting of the
Company’s 49.0% ownership in Heidmar Holdings LLC, a global tanker
pool operator, of $9.7 million, or $0.09 per share.
- Gain on the sale of the Company’s 2001 built Panamax vessel,
the Ecola, to an unaffiliated buyer, of $4.4 million, or $0.04 per
share.
Excluding the above, the Company’s net results would have amounted
to a net loss of $2.6 million, or $0.02 per share.
- The Company reported Adjusted EBITDA of $9.9 million for the
fourth quarter of 2017. (1)
(1) Adjusted EBITDA is a non-GAAP measure; please see later in
this press release for reconciliation to net income/(loss).
Updated Key Information as of February 26,
2018
- Cash and cash equivalents: approximately $41.0 million (or
$0.39 per share)
- Book value of vessels: approximately $821.7 million (or $7.88
per share)
- Debt outstanding balance: approximately $237.0 million (or
$2.27 per share)
- Number of Shares Outstanding: 104,274,708
Recent Developments
- Drawdown of previously announced
New Secured Credit Facility On January 26, 2018, the
previously announced $90.0 million secured credit facility with a
commercial lender was fully drawdown. The $90.0 million secured
credit facility is secured by the Company’s four tanker vessels,
has a tenor of five years, bears an interest rate of LIBOR plus
margin, is repayable in quarterly installments and has customary
financial covenants.
- New Secured Credit Facility On
January 29, 2018, the Company signed the previously announced $35.0
million secured credit facility with a commercial lender. The $35.0
million secured credit facility is secured by three of the
Company’s drybulk carriers, has a tenor of six years, bears an
interest rate of LIBOR plus margin, is repayable in quarterly
installments and has customary financial covenants. The Company’s
expects to drawdown the full amount of the facility during March
2018.
- Repayment of the Credit Facility
with Sierra Investments Inc. On February 1, 2018, the Company
repaid in full the outstanding balance of approximately $73.8
million under the credit facility with Sierra Investments Inc., an
entity that may be deemed to be affiliated with Mr. George
Economou, the Company’s Chairman and Chief Executive Officer.
- Firm Commitment for a New Secured
Credit Facility On February 5, 2018, the Company received a
firm commitment for a senior secured credit facility of up to $30.0
million from a major European commercial lender. The facility is
expected to be secured by two of the Company’s drybulk vessels,
have a tenor of six years, bear an interest rate of LIBOR plus
margin, be repayable in quarterly installments and have customary
financial covenants. The facility remains subject to definitive
documentation.
Fleet List
The table below describes the Company’s fleet as of February 27,
2018:
|
Year |
|
Gross rate |
Redelivery |
|
|
Built |
DWT |
Per day |
Earliest |
Latest |
Drybulk
fleet |
|
|
|
|
|
|
|
|
|
|
|
Panamax: |
|
|
|
|
|
Bargara |
2002 |
74,832 |
Spot |
N/A |
N/A |
Capitola |
2001 |
74,816 |
Spot |
N/A |
N/A |
Catalina |
2005 |
74,432 |
Spot |
N/A |
N/A |
Levanto |
2001 |
73,925 |
Spot |
N/A |
N/A |
Ligari |
2004 |
75,583 |
Spot |
N/A |
N/A |
Maganari |
2001 |
75,941 |
Spot |
N/A |
N/A |
Majorca |
2005 |
74,477 |
Spot |
N/A |
N/A |
Marbella |
2000 |
72,561 |
Spot |
N/A |
N/A |
Mendocino |
2002 |
76,623 |
Spot |
N/A |
N/A |
Rapallo |
2009 |
75,123 |
Spot |
N/A |
N/A |
Raraka |
2012 |
76,037 |
Spot |
N/A |
N/A |
Redondo |
2000 |
74,716 |
Spot |
N/A |
N/A |
|
|
|
|
|
|
Newcastlemax: |
|
|
|
|
|
Bacon |
2013 |
205,170 |
T/C Index Linked |
Aug-18 |
Jan-19 |
Judd |
2015 |
205,796 |
$9,350 |
Feb-18 |
Apr-18 |
Marini |
2014 |
205,854 |
T/C Index Linked |
Dec-18 |
Feb-19 |
Morandi |
2013 |
205,854 |
T/C Index Linked |
Feb-18 |
May-18 |
|
|
|
|
|
|
Kamsarmax: |
|
|
|
|
|
Castellani |
2014 |
82,129 |
Spot |
N/A |
N/A |
Kelly |
2017 |
81,300 |
Spot |
N/A |
N/A |
Matisse |
2014 |
81,128 |
Spot |
N/A |
N/A |
Nasaka |
2014 |
81,918 |
Spot |
N/A |
N/A |
Valadon |
2014 |
81,198 |
Spot |
N/A |
N/A |
|
|
|
|
Tanker
fleet |
|
|
|
|
|
|
|
|
|
|
|
Very Large
Crude Carrier: |
|
|
|
|
|
Shiraga |
2011 |
320,105 |
Spot |
N/A |
N/A |
|
|
|
|
|
|
Suezmax: |
|
|
|
|
|
Samsara |
2017 |
159,855 |
$18,000 Base rate plus profit share |
Mar.-22 |
May-25 |
|
|
|
|
|
|
Aframax: |
|
|
|
|
|
Balla |
2017 |
113,293 |
Spot |
N/A |
N/A |
Stamos |
2012 |
115,666 |
Spot |
N/A |
N/A |
|
|
|
|
|
|
Gas Carrier
fleet |
|
|
|
|
|
|
|
|
|
|
|
Very Large Gas
Carriers: |
|
|
|
|
|
Anderida |
2017 |
51,850 |
$30,000 |
Jun.-22 |
Jun.-25 |
Aisling |
2017 |
51,850 |
$30,000 |
Sep.-22 |
Sep.-25 |
Mont Fort |
2017 |
51,850 |
$28,833 |
Nov.-27 |
Nov.-27 |
Mont Gelé |
2018 |
51,850 |
$28,833 |
Jan.-28 |
Jan.-28 |
|
|
|
|
|
|
Offshore Supply
fleet |
|
|
|
|
|
|
|
|
|
|
|
Platform Supply
Vessels: |
|
|
|
|
|
Crescendo |
2012 |
1,457 |
Laid up |
N/A |
N/A |
Colorado |
2012 |
1,430 |
Laid up |
N/A |
N/A |
Oil Spill
Recovery Vessels: |
|
|
|
|
|
Indigo |
2013 |
1,401 |
Laid up |
N/A |
N/A |
Jacaranda |
2012 |
1,360 |
Laid up |
N/A |
N/A |
Emblem |
2012 |
1,363 |
Laid up |
N/A |
N/A |
Jubilee |
2012 |
1,317 |
Laid up |
N/A |
N/A |
|
|
|
|
|
|
Drybulk, Tanker and Gas Carrier Segments Summary
Operating Data (unaudited) (Dollars in thousands, except
average daily results)
Drybulk |
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
Average number of vessels(1) |
15.2 |
|
22.0 |
|
19.4 |
|
18.1 |
Total voyage days for
vessels(2) |
1,221 |
|
1,952 |
|
6,404 |
|
6,534 |
Total calendar days for
vessels(3) |
1,394 |
|
2,022 |
|
7,116 |
|
6,604 |
Fleet
utilization(4) |
87.6% |
|
96.5% |
|
90.0% |
|
98.9% |
Time charter
equivalent(5) |
$5,444 |
|
$11,410 |
|
$3,658 |
|
$8,544 |
Vessel operating
expenses (daily)(6) |
$4,772 |
|
$6,385 |
|
$4,826 |
|
$6,061 |
|
|
|
|
|
|
|
|
Tanker |
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
Average number of vessels(1) |
- |
|
4.0 |
|
- |
|
2.5 |
Total voyage days for
vessels(2) |
- |
|
368 |
|
- |
|
911 |
Total calendar days for
vessels(3) |
- |
|
368 |
|
- |
|
911 |
Fleet
utilization(4) |
- |
|
100% |
|
- |
|
100% |
Time charter
equivalent(5) |
- |
|
$17,003 |
|
- |
|
$13,216 |
Vessel operating
expenses (daily)(6) |
- |
|
$7,745 |
|
- |
|
$9,693 |
|
|
|
|
|
|
|
|
Gas
Carrier |
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
Average number of vessels(1) |
- |
|
2.6 |
|
- |
|
1.0 |
Total voyage days for
vessels(2) |
- |
|
241 |
|
- |
|
355 |
Total calendar days for
vessels(3) |
- |
|
241 |
|
- |
|
355 |
Fleet
utilization(4) |
- |
|
100% |
|
- |
|
100% |
Time charter
equivalent(5) |
- |
|
$28,058 |
|
- |
|
$27,994 |
Vessel operating
expenses (daily)(6) |
- |
|
$13,220 |
|
- |
|
$16,183 |
|
|
|
|
|
|
|
|
(1) Average number of vessels is the number of
vessels that constituted the Company’s fleet for the relevant
period, as measured by the sum of the number of days each vessel
was a part of the Company’s fleet during the period divided by the
number of calendar days in that period.
(2) Total voyage days for fleet are the total
days the vessels were in the Company’s possession for the relevant
period net of dry-docking and laid-up days.
(3) Calendar days are the total number of days
the vessels were in the Company’s possession for the relevant
period including dry-docking days and laid-up days.
(4) Fleet utilization is the percentage of time
that the Company’s vessels were available for revenue generating
voyage days, and is determined by dividing voyage days by fleet
calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a
measure of the average daily revenue performance of a vessel on a
per voyage basis. The Company’s method of calculating TCE is
consistent with industry standards and is determined by dividing
voyage revenues (net of voyage expenses) by voyage days for the
relevant time period. Voyage expenses primarily consist of port,
canal and fuel costs that are unique to a particular voyage and are
paid by the charterer under a time charter contract, as well as
commissions. TCE revenues, a non-U.S. GAAP measure, provides
additional meaningful information in conjunction with revenues from
the Company’s vessels, the most directly comparable U.S. GAAP
measure, because it assists the Company’s management in making
decisions regarding the deployment and use of its vessels and in
evaluating their financial performance. TCE is also a standard
shipping industry performance measure used primarily to compare
period-to-period changes in a shipping company's performance
despite changes in the mix of charter types (i.e., spot charters,
time charters and bareboat charters) under which the vessels may be
employed between the periods. Please see below for a reconciliation
of TCE rates to voyage revenues.
(6) Daily vessel operating expenses, which
includes crew costs, provisions, deck and engine stores,
lubricating oil, insurance, maintenance and repairs is calculated
by dividing vessel operating expenses by fleet calendar days net of
laid-up days for the relevant time period.
Drybulk, Tanker and Gas Carrier Segments Summary
Operating Data (unaudited) - continued (In thousands of
U.S. dollars, except for TCE rate, which is expressed in Dollars,
and voyage days)
Drybulk |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
Voyage revenues |
$ |
8,745 |
|
$ |
25,808 |
|
$ |
30,777 |
|
$ |
65,724 |
|
Voyage expenses |
|
(2,098 |
) |
|
(3,536 |
) |
|
(7,349 |
) |
|
(9,900 |
) |
Time charter equivalent
revenues |
$ |
6,647 |
|
$ |
22,272 |
|
$ |
23,428 |
|
$ |
55,824 |
|
Total voyage days for
fleet |
|
1,221 |
|
|
1,952 |
|
|
6,404 |
|
|
6,534 |
|
Time charter equivalent
(TCE) |
$ |
5,444 |
|
$ |
11,410 |
|
$ |
3,658 |
|
$ |
8,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tanker |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2016 |
|
2017 |
|
|
2016 |
|
2017 |
|
Voyage revenues |
$ |
- |
$ |
9,786 |
|
$ |
- |
$ |
20,858 |
|
Voyage expenses |
|
- |
|
(3,529 |
) |
|
- |
|
(8,818 |
) |
Time charter equivalent
revenues |
$ |
- |
$ |
6,257 |
|
$ |
- |
$ |
12,040 |
|
Total voyage days for
fleet |
|
- |
|
368 |
|
|
- |
|
911 |
|
Time charter equivalent
(TCE) |
$ |
- |
$ |
17,003 |
|
$ |
- |
$ |
13,216 |
|
|
|
|
|
|
|
|
|
|
|
|
Gas
Carrier |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2016 |
|
2017 |
|
|
2016 |
|
2017 |
|
Voyage revenues |
$ |
- |
$ |
7,000 |
|
$ |
- |
$ |
10,316 |
|
Voyage expenses |
|
- |
|
(238 |
) |
|
- |
|
(378 |
) |
Time charter equivalent
revenues |
$ |
- |
$ |
6,762 |
|
$ |
- |
$ |
9,938 |
|
Total voyage days for
fleet |
|
- |
|
241 |
|
|
- |
|
355 |
|
Time charter equivalent
(TCE) |
$ |
- |
$ |
28,058 |
|
$ |
- |
$ |
27,994 |
|
|
|
|
|
|
|
|
|
|
|
|
DryShips Inc.
Financial
StatementsUnaudited Condensed Consolidated
Statements of Operations
(Expressed in Thousands of U.S. Dollars except for share and per
share data) |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
|
Voyage revenues |
$ |
12,844 |
|
$ |
42,593 |
|
$ |
51,934 |
|
$ |
100,716 |
|
|
|
12,844 |
|
|
42,593 |
|
|
51,934 |
|
|
100,716 |
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
Voyage expenses |
|
2,461 |
|
|
7,308 |
|
|
9,209 |
|
|
19,704 |
|
Vessel operating
expenses |
|
9,009 |
|
|
18,973 |
|
|
45,563 |
|
|
59,348 |
|
Depreciation |
|
871 |
|
|
6,334 |
|
|
3,466 |
|
|
14,966 |
|
Vessels impairment,
(gain)/loss on sales and other |
|
64,507 |
|
|
(4,425 |
) |
|
106,343 |
|
|
(4,125 |
) |
Goodwill impairment
charge |
|
7,002 |
|
|
- |
|
|
7,002 |
|
|
- |
|
General and
administrative expenses |
|
14,333 |
|
|
7,334 |
|
|
39,708 |
|
|
30,972 |
|
Other, net |
|
1,014 |
|
|
219 |
|
|
(258 |
) |
|
900 |
|
Operating
income/(loss) |
|
(86,353 |
) |
|
6,850 |
|
|
(159,099 |
) |
|
(21,049 |
) |
OTHER INCOME /
(EXPENSES): |
|
|
|
|
|
|
|
|
Interest and finance
costs, net of interest income |
|
(1,713 |
) |
|
(5,029 |
) |
|
(8,776 |
) |
|
(13,342 |
) |
Gain on debt
restructuring |
|
10,465 |
|
|
- |
|
|
10,477 |
|
|
- |
|
Loss on private
placement |
|
- |
|
|
- |
|
|
- |
|
|
(7,600 |
) |
Other, net |
|
85 |
|
|
(32 |
) |
|
166 |
|
|
(553 |
) |
Total other
expenses, net |
|
8,837 |
|
|
(5,061 |
) |
|
1,867 |
|
|
(21,495 |
) |
Net
income/(loss) |
|
(77,516 |
) |
|
1,789 |
|
|
(157,232 |
) |
|
(42,544 |
) |
Earnings/(losses) on
affiliate |
|
- |
|
|
9,666 |
|
|
(41,454 |
) |
|
9,666 |
|
Net
income/(loss) attributable to DryShips Inc. |
$ |
(77,516 |
) |
$ |
11,455 |
|
$ |
(198,686 |
) |
$ |
(32,878 |
) |
Net income/(loss)
attributable to DryShips Inc. common stockholders |
|
(84,607 |
) |
|
11,455 |
|
|
(206,381 |
) |
|
(30,073 |
) |
Earnings/(Losses) per
common share, basic and diluted |
$ |
(53,078.42 |
) |
$ |
0.11 |
|
$ |
(455,587.20 |
) |
$ |
(0.85 |
) |
Weighted average number
of shares, basic and diluted (1) |
|
1,594 |
|
|
103,088,937 |
|
|
453 |
|
|
35,225,784 |
|
|
|
|
|
|
|
|
|
|
(1) Share and per share data for 2016 give effect to a
cumulative 1-for-980 reverse stock split between April 11, 2017 and
July 21, 2017.
DryShips Inc.
Unaudited Condensed Consolidated Balance
Sheets
(Expressed in Thousands of U.S. Dollars) |
|
December 31, 2016 |
|
|
December 31, 2017 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash,
cash equivalents, including restricted cash (current and
non-current) |
$ |
76,774 |
|
$ |
30,226 |
|
Other
current and non-current assets |
|
21,406 |
|
|
133,379 |
|
Advances for vessels under construction |
|
- |
|
|
31,898 |
|
Vessels, net |
|
95,550 |
|
|
749,088 |
|
Total assets |
|
193,730 |
|
|
944,591 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
debt |
|
133,428 |
|
|
216,969 |
|
Total
other liabilities |
|
10,528 |
|
|
10,920 |
|
Total
stockholders’ equity |
|
49,774 |
|
|
716,702 |
|
Total liabilities and stockholders’ equity |
$ |
193,730 |
|
$ |
944,591 |
|
|
|
|
|
|
|
Adjusted EBITDA Reconciliation
Adjusted EBITDA represents earnings before
interest, taxes, depreciation and amortization, vessel and
investment impairments and certain other non-cash items as
described below and gains or losses on interest rate swaps.
Adjusted EBITDA does not represent and should not be considered as
an alternative to net income or cash flow from operations, as
determined by United States generally accepted accounting
principles (“U.S. GAAP”), and the Company’s calculation of adjusted
EBITDA may not be comparable to that reported by other companies.
Adjusted EBITDA is included herein because it is a basis upon which
the Company measures its operations. Adjusted EBITDA is also used
by the Company’s lenders as a credit metric and the Company
believes that it presents useful information to investors regarding
a company's ability to service and/or incur indebtedness.
The following table reconciles net income/(loss) to Adjusted
EBITDA:
(Dollars in
thousands) |
|
Three Months Ended December 31, 2016 |
|
Three Months Ended December 31, 2017 |
|
Year Ended December 31, 2016 |
|
Year Ended December 31, 2017 |
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to DryShips Inc |
$ |
(77,516 |
) |
$ |
11,455 |
|
$ |
(198,686 |
) |
$ |
(32,878 |
) |
|
|
|
|
|
|
|
|
|
Add: Net interest
expense |
|
1,713 |
|
|
5,029 |
|
|
8,776 |
|
|
13,342 |
|
Add: Depreciation |
|
871 |
|
|
6,334 |
|
|
3,466 |
|
|
14,966 |
|
Add: Dry-dockings and
class survey costs |
|
- |
|
|
1,113 |
|
|
181 |
|
|
1,113 |
|
Add: Impairments
losses/(gain) on sales and other |
|
64,507 |
|
|
(4,425 |
) |
|
106,343 |
|
|
(4,125 |
) |
Add: Goodwill
impairment charge |
|
7,002 |
|
|
- |
|
|
7,002 |
|
|
- |
|
Add: Loss on private
placement |
|
- |
|
|
- |
|
|
- |
|
|
7,600 |
|
Add: Gain on debt
restructuring |
|
(10,465 |
) |
|
- |
|
|
(10,477 |
) |
|
- |
|
Add: Income taxes |
|
17 |
|
|
71 |
|
|
38 |
|
|
152 |
|
Add: Gain on interest
rate swaps |
|
- |
|
|
- |
|
|
(403 |
) |
|
- |
|
Add: (Earnings)/losses
of affiliate |
|
- |
|
|
(9,666 |
) |
|
41,454 |
|
|
(9,666 |
) |
Adjusted EBITDA |
$ |
(13,871 |
) |
$ |
9,911 |
|
$ |
(42,306 |
) |
$ |
(9,496 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
About DryShips Inc.
The Company is a diversified owner of ocean
going cargo vessels that operate worldwide. The Company owns a
fleet of 35 vessels comprising of (i) 12 Panamax drybulk vessels;
(ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk
vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers;
(vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers; and (viii)
6 offshore support vessels, including 2 platform supply and 4 oil
spill recovery vessels.
DryShips’ common stock is listed on the NASDAQ Capital Market
where it trades under the symbol “DRYS.”
Visit the Company’s website at www.dryships.com
Forward-Looking Statement
Matters discussed in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with such safe
harbor legislation.
Forward-looking statements reflect the Company’s
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The forward-looking statements in this release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management’s examination of historical operating trends, data
contained in the Company’s records and other data available from
third parties. Although the Company believes that these assumptions
were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the Company’s
control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in the Company’s view,
could cause actual results to differ materially from those
discussed in the forward-looking statements include the factors
related to spin-off of the Company’s gas business, the strength of
world economies and currencies, general market conditions,
including changes in charter rates, utilization of vessels and
vessel values, failure of a seller or shipyard to deliver one or
more vessels, failure of a buyer to accept delivery of a vessel,
the Company’s inability to procure acquisition financing, default
by one or more charterers of the Company’s ships, changes in demand
for drybulk, oil or natural gas commodities, changes in demand that
may affect attitudes of time charterers, scheduled and unscheduled
drydockings, changes in the Company’s voyage and operating
expenses, including bunker prices, dry-docking and insurance costs,
changes in governmental rules and regulations, changes in the
Company’s relationships with the lenders under its debt agreements,
potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of
shipping routes due to accidents, international hostilities and
political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by DryShips Inc. with the Securities and Exchange
Commission, including the Company’s most recently filed Annual
Report on Form 20-F, as amended.
Investor Relations / Media:
Nicolas BornozisCapital Link, Inc. (New
York)Tel. 212-661-7566E-mail: dryships@capitallink.com
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