DryShips, Inc., is provider of ocean transportation services for drybulk & petroleum cargoes through its ownership & operation of drybulk carrier vessels & oil tankers. It also provides offshore drilling services.
Genco Shipping (GNK) has filed for bankruptcy, Bloomberg reports, as weakness in charter rates for its dry-bulk cargo ships made it difficult for the company to pay its creditors; shares have been halted since the open.
GNK reportedly listed assets of $2.4B and debt of $1.5B in a Chapter 11 filing.
DryShips (DRYS) falls 6.8% AH (giving up most of the 7.3% in gains notched during regular trading) after announcing that subsidiary Ocean Rig UDW intends to resume sales under its $200M at-the-market share issuance program through Evercore.
To date, DryShips has issued 6.9M shares under the program resulting in gross proceeds of $24.1M.