Major bulk carrier falters on the stock exchange

Greek DryShips, like the carrier's own accountants, is voicing significant doubts on the bulk carrier's survival if the crisis in the dry bulk market continues or gets worse.

Photo: /ritzau/AP/Richard Dew/

Accountants as well as management at Greek dry bulk carrier DryShips, listed on the New York Stock Exchange, are now voicing serious doubts about the company's future and chance of survival in a written 2014 report submitted to the stock exchange Wednesday night.

DryShips, which controls a dry bulk fleet of around 40 vessels, including 21 operating in the spot market, along with 10 tankers, is currently negotiating with the carrier's lenders - the company is currently in non-compliance with several of its financial covenants.

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