Dry-bulk carrier operator DryShips Inc. (DRYS), Wednesday said its first-quarter loss widened from last year, hurt mainly by lower charter rates, increase in operating costs and an hefty impairment charge. Revenue for the period grew 29 percent.
DryShips' revenues for the quarter grew to $319.7 million from $247.5 million last year. Analysts estimated revenues of $309.2 million for the quarter
Dry-bulk business time charter equivalent rate, a measure of the average daily revenue performance of a vessel on a per voyage basis, plunged to $11,396 from $22,060 a year ago. Tanker business' time charter equivalent rate dropped to $12,792 from $15,916.
Dry-bulk fleet utilization, the percentage of time that vessels were available for revenue-generating voyage days, improved to 100 percent from 99 percent.
Total vessels drilling rigs and drillships operating costs rose to $144.9 million from $106.9 million last year.
The Athens, Greece-based marine transporter and offshore driller's loss widened to $116.6 million or $0.30 per share from $47.5 million or $0.12 per share last year.
First-quarter 2013 results included losses on the sale of four new building dry-bulk vessels of $75.3 million.
Excluding special items, DryShips' net loss for the quarter was $41.3 million or $0.10 per share. Analysts polled by Thomson Reuters expected a loss of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.
DRYS closed Wednesday's trading at $2.09, down $0.16 or 7.11%, on the Nasdaq. The stock further lost $0.08 or 3.83%, in after hours trade.
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