One of the perhaps most vulnerable shipping companies on Wall Street among analysts, Greek-based Dryships - which is also balancing on the edge of a forced delisting - achieved a net deficit of USD 59.2 million in the first quarter 2015. The majority of the great loss stems from an impairment of USD 56.6 million on 10 tankers, according to Dryships' interim report released after the exchange closed on Monday.
In addition to a fleet of almost 40 dry bulk vessels, the company also owns and operates 13 drilling rig vessels (Ocean Rig) and a number of product tankers. Dryships announced in March that the company had plans to divest the entire tanker fleet for a total price of USD 536 million. According to the Greek major shareholder and CEO George Economou - who is also the buyer of the tankers - this would trigger a net sum USD 275 million in liquidities as a shield against the extreme decline in the dry bulk market.
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