Sun, Sep. 11, 9:29 AM
- The world's largest container shipping firm is seeing a short-term rise in freight rates and an inflow of new clients after the collapse of Hanjin Shipping (OTC:HNJSF).
- "There's no doubt that we're seeing a reaction in the rate market," said Klaus Rud Sejling, the executive in charge of Maersk Line's (OTCPK:AMKAF) east-west network. "In the short term, the effect is positive... The question is, what will happen with rates in the longer term."
- Related tickers: SHIP, EGLE, GNK, SINO, DRYS, NM, SBLK, DCIX, BALT, SFL, KEX, SB, SALT, DSX, GOGL, MATX, EURN, NNA
Fri, Sep. 9, 3:57 AM
- Korean Air Lines, the biggest shareholder in Hanjin Shipping (OTC:HNJSF), has delayed a decision on a funding plan for the troubled company for a second time, adding to the uncertainty of around $14B of cargo stranded at sea.
- With Hanjin's future in doubt, carriers have announced they will hike container freight rates by as much as 50% beginning next month as retailers scramble to secure shipping ahead of the peak year-end holiday season.
- Related tickers: SHIP, EGLE, GNK, SINO, DRYS, NM, SBLK, DCIX, BALT, SFL, KEX, SB, SALT, DSX, GOGL, MATX, EURN, NNA, UPS, FDX
- ETFs: XLP, XLY, VDC, XRT, VCR, RTH, RETL, FXG, FXD, RHS, FDIS, FSTA, RCD, PMR, JHMC, JHMS, CNSF, CNDF
Mon, Aug. 8, 6:37 PM
- DryShips (NASDAQ:DRYS) -30.9% AH after reporting a large Q2 loss on an 83% Y/Y decline in revenue; Q2 adjusted EBITDA was negative $10.1M.
- DRYS says it is in discussions with its lenders for the restructuring of its debt facilities, as six of its bank facilities have matured and it has not made the final balloon installment; for the remaining bank facilities, DRYS is suspending principal and interest payments to preserve cash liquidity.
- DRYS also says Executive VP Anthony Kandylidis has assumed the duties of CFO as of today.
- DRYS said Friday that it will undergo a 1-for-4 reverse split effective Aug. 15 after receiving notice from Nasdaq that it failed to maintain the $1 minimum bid price requirement for continued listing.
Mon, Aug. 8, 4:09 PM
Mon, Aug. 1, 10:09 AM
- DryShips (DRYS +14.6%) announced it has received written notification from the Nasdaq Stock Market indicating that it's out of compliance with listing requirements.
- The closing bid price of the company's common stock for 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market.
- DryShips says it will effect a 4-for-1 reverse stock split in order to regain compliance with the minimum bid price requirement.
- The company notes that its business operations are not affected by the receipt of the notification.
- Source: Press Release
Fri, Jul. 1, 5:45 PM
- Rough waters for dry bulk shippers are expected to continue throughout the year, with weak demand from China showing no signs of improving, according to a new study of dry bulk companies from consulting firm AlixPartners.
- Industry revenue fell 18% between 2014 and 2015, and EBITDA plunged 168% to negative $115M from $169M in 2014, according to the study.
- "Virtually every company in the industry is at risk because of uncertainties about overall global economic activity and trade, coupled with reduced demand for iron ore and coal from both China and India,” the study says. “The outlook for the year remains extremely negative.”
- Among relevant tickers: DRYS, DSX, NM, EGLE, GNK, SBLK, SALT
Wed, Jun. 15, 9:38 AM
- DryShips (DRYS +1.5%) announces it closed on the previously announced registered direct offering of 5K Series C convertible preferred shares, warrants to purchase 5K Series C convertible preferred shares, and 148,998 common shares.
- The total net proceeds from the offering came in at approximately $5M. The company may further receive up to an aggregate of $5M more if all of the warrants are exercised.
- Source: Press Release
Wed, Jun. 8, 9:16 AM
Tue, Jun. 7, 12:50 PM
Tue, Jun. 7, 9:13 AM
Mon, Jun. 6, 4:55 PM
- DryShips (NASDAQ:DRYS) -25.8% AH after disclosing it is in breach of financial covenants on three bank facilities and has suspended principal repayments and interest payments for remaining bank facilities.
- DRYS is raising "substantial doubt" of its ability to stay in business after being hurt by the prolonged downturn in commodity prices and low charter rates.
Fri, May 20, 12:48 PM
Thu, May 19, 6:25 PM
- DryShips (NASDAQ:DRYS) -12.2% AH after disclosing along with Q1 results that it will suspend principal and interest payments on certain of its bank facilities.
- DRYS reported a Q1 loss of $0.78/share on $11.8M in revenue, 86% lower than the $492M in the year-ago quarter.
- DRYS says it is in talks with its lenders for the restructuring of its debt facilities; three of the bank facilities have matured and DRYS says it has not made the final balloon installment, and the company is suspending principal and interest payments for the remaining facilities.
Thu, May 19, 4:16 PM
Mon, May 2, 9:13 AM
Fri, Apr. 29, 9:12 AM
- Gainers: PRGN +75%. GNW +16%. P +13%. AMZN +12%. SDRL +11%. EXPE +11%. MNST +11%. ROVI +10%. SNMX +9%. LNKD +7%. CRC +7%. DNR+7%. DRYS +7%. TIVO +6%. LGCY +6%. SHPG +5%. GPL +5%.
- Losers: BIOC -22%. GLNG -17%. EPAY -17%. MOH -15%. SRCL -15%. IMGN -14%. SYNA -11%. AKS -8%. HCLP -8%. ALR -6%. GILD -6%. RXDX -6%.