Divesting bulk fleet brings big loss for DryShips

Greek carrier DryShips is currently divesting its entire dry bulk fleet in an attempt to salvage what is left, and this costs the company millions of dollars in the third quarter, according to the interim report.

Photo: /ritzau/AP/Richard Dew/

It is an uphill battle for the collapsed, Greek carrier DryShips which is listed on the NYSE and in which billionaire shipowner George Economou is trying to keep the company afloat with several different tactics. In the third quarter, DryShips suffered a net loss of USD 820 million according to the interim report released Tuesday.

The big loss is due to the divestment of the carrier's dry bulk fleet which has triggered impairments and losses totaling USD 797.5 million. This has brought new life to the strategy of completely pulling out of dry bulk. DryShips initiated a major sale of the dry bulk fleet this summer where the founder and CEO George Economou himself bought 17 vessels with his private company Cardiff Marine.

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