posto i dati di del 1 trimestre 2006: parrebbe avere un pe intorno a 3,72, e sopratutto parlano di aver assicurato il 25% delle navi a prezzi prestabiliti, rimane da capire se sono prezzi buoni o meno ma io francamente nn capisco il valore del prezzo per singola nave....
rimane il fatto comunque che nonsotante la discesa dei prezzi sembra essersi difesa benino, per caso qualcuno ha i dati del baltic index? grazie
http://biz.yahoo.com/iw/060605/0133390.html ----
First Quarter 2006 Highlights
-- First Quarter 2006 Net Income was $18.1 million with Earnings Per
Share basic and diluted of $0.60.
-- Record First Quarter EBITDA of $37.0 million(1).
-- Entered into a term loan and short term credit facility for an amount
of up to $624.5 million with HSH Nordbank to refinance existing
indebtedness of $526.9 million as at December 31, 2005 and to provide
financing for new vessel acquisitions. Of this amount, $553.3 million was
utilized for the refinancing of existing debt and the purchase of the Hille
Oldendorff and $26.5 million for the acquisition of the Maganari. Moreover,
the Company's debt principal payments have been reduced by more than half
for the next three quarters of 2006 as compared to the refinanced credit
facilities.
-- Entered into agreements to acquire two additional vessels (Hille
Oldendorff and Maganari) with fixed rate period employment for $76.2
million and expanded the fleet to 29 vessels with an aggregate carrying
capacity of approximately 2.4 million dwt.
-- Declared and paid its fourth consecutive quarterly dividend of $ 0.20
per share.
ADVERTISEMENT
George Economou, the Company's Chairman and Chief Executive Officer, commented:
"We are delighted to have finished another successful and profitable quarter resulting in a record first quarter EBITDA of $37.0 million. We believe that the new credit facility will provide us with the necessary financial flexibility to meet all of the Company's obligations regardless of market scenarios while at the same time maintaining our ability to pursue accretive opportunities as they arise.
The latest vessel acquisitions are a prime example of our proven track record of growing the Company. Management strongly believes in the Company's future and has not sold a single share since the IPO. Moreover, the new credit facility and the subordinated loans provided for the financing of part of the purchase price of the Hille Oldendorff and the Maganari by affiliates is a clear demonstration of the support given to the Company by our affiliates and our new lenders."
(1) Please see below for a reconciliation of EBITDA to Net cash provided by Operating activities.
First Quarter 2006 Results
For the first quarter ended March 31, 2006, Net Revenues (Voyage revenues less voyage expenses) amounted to $ 50.8 million as compared to $27.4 million for the first quarter ended March 31, 2005 and Operating Income was $ 24.1 million as compared to $19.6 million as of March 31, 2005. Net Income for the first quarter of 2006 was $18.1 million as compared to $19.1 million in the quarter ended March 31, 2005 and Earnings Per Share (EPS) calculated on 30,350,000 weighted average basic and diluted shares outstanding were $0.60 as compared to $0.80 in the quarter ended March 31, 2005 calculated on 23,871,667 weighted average basic and diluted shares outstanding. EBITDA(2) for the first quarter of 2006 was $37.0 million as compared to $22.9 million in the quarter ended March 31, 2005.
An average of 27 vessels were owned and operated during the first quarter of 2006, earning an average Time Charter Equivalent, or TCE, rate of $21,325 per day as compared to an average of 8.6 vessels owned and operated during the first quarter of 2005 earning an average TCE rate of $35,453 per day.
RECENT ACTIVITIES
-- In April we declared and paid our quarterly cash dividend of $0.20
per common share.
-- In April we took delivery of the Hille Oldendorff and in May the
Maganari.
-- We entered into agreements to employ seven vessels, previously trading
in the spot market, under fixed rate charters for periods ranging from
July 2006 to February 2007, bringing the total number of vessels with
fixed rate period charter, as of May 31, 2006, to fourteen.
-- With the recent acquisitions and new fixed rate period employment, the
Company has now booked 26% of its revenue days for the last three
quarters of 2006 for a total of $57.0 million in fixed revenue.
New Credit Facility
On March 22, 2006 DryShips accepted a new credit facility with HSH Nordbank acting as Lead Arranger and Agent while HSH Nordbank and Bank of Scotland acted as joint underwriters.
(2) Please see below for a reconciliation of EBITDA to Net cash provided by Operating activities.
The new facility provides for an amount of up to $624.5 million in total of which $553.3 million is to be used for the purpose of refinancing existing indebtedness with a term of 10 years maturing in May 2016 and up to $71.25 million for the acquisition of new vessels.
On April 5, 2006, the Company drew down $553.3 million for the refinancing of existing debt together with the financing for the Hille Oldendorff.
Total principal repayments under the new facility are $36.0 million for the remainder (9 months) of 2006, followed by $55.5 million in 2007, $49.0 million in 2008, $45.5 million in 2009 and $42.0 million in 2010 thru 2015 and $115.3 million in 2016.
Capitalization
Debt to total capitalization (debt, net of deferred financing fees and stockholders' equity) at March 31, 2006 was 57.88% and net debt (total debt less cash and cash equivalents and restricted cash) to total capitalization was 56.48%.
As of May 31, 2006 the Company had a total liquidity of approximately $84.45 million consisting of $39.7 million in cash and cash equivalents (including restricted cash) and an undrawn balance of $44.75 million available under the new credit facility.
Fleet Expansion
During the first quarter of 2006, DryShips announced two accretive acquisitions that expanded the fleet to a total of 29 vessels with a total carrying capacity of approximately 2.4 million dwt, while at the same time enhancing the predictability and stability of the Company's earnings as both vessels were acquired with period employment.
In March 2006, DryShips exercised its purchase option for the Hille Oldendorff, a 2005 built, 55,566 dwt, handymax drybulk carrier, which was delivered on April 19, 2006. The vessel was purchased for a total price of $40.76 million with a bareboat charter attached at $19,745 per day, net of commissions, until March 2007. The seller was an affiliated company of DryShips that acquired the vessel in late October 2005 from an unaffiliated company. The vessel was partly financed by a short-term unsecured fully subordinated loan provided by an affiliated company for an amount of $3.25 million that carries a fixed interest rate of 6.55% p.a. until not later than March 2007.
In April 2006, DryShips entered into an agreement to acquire the Maganari, a 2001 built second-hand 75,941 dwt Panamax drybulk carrier, which was delivered on May 15, 2006. The vessel was purchased for a total price of $35.4 million with a time charter attached at a daily rate of $29,000 until February 2007 and thereafter at a daily rate of $18,400 until February 2008. The seller was an unaffiliated company. The vessel was partly financed with a $8.84 million short term unsecured fully subordinated bridge loan provided by an affiliated company that carries and interest of $100,000 per month pro-rata until December 31 2006.
Dividend Payment
In April 2006, DryShips declared and paid its quarterly dividend of $0.20 per common share. This was the fourth consecutive dividend payment since the Company went public in 2005. Since that time, DryShips has paid a total of $0.80 per share in dividends.
Fleet Data
(Dollars in thousands, except per share data and
Average Daily Results - unaudited) 3 Months Ended 3 Months Ended
March 31, 2006 March 31, 2005
Average number of vessels (1) 27.00 8.6
Total voyage days for fleet (2) 2,381 774
Total calendar days for fleet (3) 2,430 774
Fleet Ultilization (4) 98.0% 100.0%
Time charter equivalent (5) 21,325 35,453
Capesize 33,768 74,244
Panamax 19,698 30,927
Handymax 15,063 15,288
Vessel operating expenses (6) 4,330 5,120
Management fees 594 709
General and administrative expenses (7) 402 938
Total vessel operating expenses (8) 5,326 6,767
(1) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
(2) Total voyage days for fleet are the total days the vessels were in our possession for the relevant period net of off hire days associated with major repairs, drydockings or special or intermediate surveys.
(3) Calendar days are the total days the vessels were in our possession for the relevant period including off hire days associated with major repairs, drydockings or special or intermediate surveys.
(4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
(5) Time charter equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing voyage revenues (net of voyage expenses) by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, as well as commissions. TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods.
(6) Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.
(7) Daily general and administrative expense is calculated by dividing general and administrative expense by fleet calendar days for the relevant time period.
(8) Total vessel operating expenses, or TVOE is a measurement of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses, management fees and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
Fleet Employment
We actively and strategically employ our vessels in the spot charter market (under charters that generally last for periods of 10 days to four months), under period time charters (which can last up to several years) and in drybulk carrier pools.
Total TCE revenue increased during the first quarter of 2006 compared to the first quarter of 2005, primarily as a result of an increase in the average number of vessels operated, from an average of 8.6 vessels in the first quarter of 2005 to 27 vessels in the first quarter of 2006 offset by a decline in the average daily TCE rate from $35,453 in the first quarter of 2005 to $21,325 in the first quarter of 2006.
Vessel operating expenses increased to $10.5 million for the first quarter of 2006 compared to $4.0 million for the first quarter of 2005. The increase is attributable to the increase in the number of vessels operated from an average of 8.6 vessels for the first quarter of 2005 to 27 vessels for the first quarter of 2006, offset by a lower daily vessel operating expenses decreasing from $5,194 per day for the first quarter of 2005 to $4,330 per day for the first quarter of 2006. This decrease is primarily a result of a younger fleet and no deliveries in the first quarter of 2006, whereas 11 vessels were delivered to the Company during the first quarter of 2005. Generally the delivery of vessels entails additional associated costs.
Depreciation and amortization increased to $13.8 million in the first quarter of 2006 compared to $2.5 million in the first quarter of 2005. This was a direct result of the increase in the Company's fleet from an average of 8.6 vessels in the first quarter of 2005 to an average of 27 vessels in the first quarter of 2006.
Management fees increased to $1.4 million in the first quarter of 2006 compared to $0.5 million in the first quarter of 2005 as a direct result of the increase in the number of fleet calendar days from 774 in the first quarter of 2005 to 2,430 in the first quarter of 2006 due to the growth of the fleet.
General and administrative expense increased marginally from $0.7 million in the first quarter of 2005 to $1.0 million in the first quarter of 2006.
DryShips Inc. Fleet
As at March 31, 2006, our fleet consisted of 27 vessels.
During the three month period ended March 31, 2006, the Company operated the following types of vessels:
Capesize Panamax Handymax Total
Average number of
vessels during period 4.00 21.00 2.00 27.00
Number of vessels at end
of period 4.00 21.00 2.00 27.00
Dwt at end of period 657,256 1,512,456 94,503 2,264,215
DWT as percentage of total
fleet 29.03% 66.80% 4.17% 100.00%
Average age at end of period 10.05 11.81 8.00 11.33
Financial Statements
The following are DryShips Inc.'s Unaudited Condensed Income Statements for the three-month periods ended March 31, 2006 and March 31, 2005:
(Dollars in thousands, except per
share data and Average Daily 3 Months Ended 3 Months Ended
Results - unaudited) March 31, 2006 March 31, 2005
-------------- --------------
Unaudited Unaudited
INCOME STATEMENT DATA
Voyage revenues $54,809 $29,449
Voyage expenses 4,033 2,008
Vessels operating expenses 10,522 3,963
Depreciation and amortization 13,766 2,536
Management fees 1,444 549
Foreign currency losses 0 32
General and administrative 979 726
Operating Income 24,065 19,635
Interest and finance costs, net (6,104) (522)
Other, net 102 (3)
NET INCOME $18,063 $19,110
Basic and fully diluted earnings per share $0.60 $0.80
Weighted average basic and diluted shares
outstanding 30,350,000 23,871,667
The following are DryShips Inc.'s Condensed Balance Sheets as at March 31, 2006 (unaudited) and December 31, 2005 (audited):
(Dollars in thousands) As at As at
March 31, 2006 December 31, 2005
-------------- -----------------
BALANCE SHEET DATA Unaudited Audited
Cash and cash equivalents 7,891 5,184
Other current assets 16,993 13,593
Vessels,net 851,687 864,733
Other non current assets 26,161 27,049
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TOTAL ASSETS 902,732 910,559
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Current portion of long-term debt 107,726 107,738
Other current liabilities 27,097 28,007
Long-term debt, net of current portion 398,684 417,615
Other non-current liabilities 726 698
Total Liabilities 534,233 554,058
Total Stockholders' Equity 368,499 356,501
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TOTAL LIABILITIES AND STOCKHOLDERS' 902,732 910,559
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Sui mercati azionari prevale l’avversione al rischio, dopo i toni restrittivi della Fed che in settimana ha segnalato tassi più elevati e per più tempo. Mercoledì scorso la banca centrale americana ha deciso di mantenere i tassi invariati ma al tempo stesso le nuove proiezioni indicano che la maggior parte dei funzionari è favorevole ad un nuovo rialzo entro fine anno. Giovedì si è riunita la Bank of England che non ha toccato i tassi e c’è chi parla della fine del ciclo restrittivo. Al termine della riunione, i tassi sono rimasti invariati al 5,25%, interrompendo così la striscia di 14 strette consecutive. Venerdì, invece, è stato il turno della Bank of Japan che ha mantenuto i tassi negativi e ha lasciato inalterata la politica monetaria, confermando la visione secondo cui l’inflazione sta decelerando. Per continuare a leggere visita il 
sul fatto che DRYS sia molto sottovalutata non ci sono dubbi....0,86 $ di utili per azione solo nell'ultimo quarto e 3,85 $ se consideriamo un'anno intero...praticamente ha un p/e di 2,75...un po bassino 
a meta' dell'anno scorso se guardi il grafico i prezzi sono passati da 80.000 a 20.000 $ nel giro di poco più di due mesi...direi che c'è una certa volatilita' 
in caso di ribassi...