ShippingWatch

Shipowner pulled large sums from struggling listed carrier

A review performed by Alphabulk of the annual reports published since the IPO of now-struggling dry bulk carrier Dryships shows that the carrier's Greek primary stakeholder, unlike other investors, has made a solid profit on the carrier.

Photo: /ritzau/AP/Richard Dew/

There was significant trust in Greek shipowner George Economou among investors when he took his dry bulk carrier public in New York back in 2005. Today most of the Dryships shareholders have lost their money, a share in Dryships is virtually worthless, though this process seems to have been a lucrative business for George Economou.

Shortly ahead of the IPO in 2005, George Economou pulled USD 69 million from the company in special proceeds for himself, and over the subsequent 10 years, up until June 2015, the carrier has paid USD 206 million in so-called management fees to companies tied to George Economou.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Extreme container rates can push shippers into bankruptcy

Extreme container freight rates might lead to a string of bankruptcies for companies without transport deals, says shipping analyst Lars Jensen in an analysis to Shippingwatch. Particularly smaller fashion brands are under pressure, according to trade organization.

Containers piling up at Port of Felixstowe

Efficiency is dropping at UK container port Felixstowe while containers are piling up, according to Vesselsvalue. Some carriers are now opting to divert their vessels away from the port.

Further reading

Related articles

Trial banner

Latest news

See all jobs