DryShips suspends debt repayments on back of $2.84bn loss

DryShips suspends debt repayments on back of $2.84bn loss

George Economou controlled DryShips has suspended debt repayments. The company, which yesterday reported a net loss of $2.84bn for 2015, said it was in discussions with its lenders for the restructuring of its debt facilities.

“Three of these bank facilities have matured and the company has not made the final balloon installment. For the remaining bank facilities, the company has elected to suspend principal repayments to preserve cash liquidity,” DryShips said in a release.

Adding a further $2.8m hole to its earnings, the company also revealed that Petrobras had terminated the charter of a second of its six offshore vessels effective today.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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