Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
Document and Entity Information [Abstract] | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2016 |
Amendment Flag | false |
Entity Registrant Name | Dryships Inc. |
Entity Central Index Key | 1,308,858 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Entity Common Stock Shares Outstanding | 29,811,101 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | Drys |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 0 | $ 0 |
Restricted cash | 6,173 | 15,026 |
Trade accounts receivable, net of allowance for doubtful receivables of $48 and $14 at December 31, 2015 and at June 30, 2016, respectively | 6,944 | 10,059 |
Due from related parties (Note 4) | 14,359 | 20,637 |
Assets held for sale (Note 6) | 97,515 | 216,026 |
Financial instruments (Note 11) | 67 | 0 |
Prepayments and advances | 1,098 | 2,305 |
Other current assets (Note 5) | 6,482 | 5,014 |
Total current assets | 132,638 | 269,067 |
FIXED ASSETS, NET: | ||
Vessels, net (Note 6) | 94,705 | 96,428 |
Total fixed assets, net | 94,705 | 96,428 |
OTHER NON-CURRENT ASSETS: | ||
Investment in affiliate (Note 9) | 0 | 91,410 |
Goodwill (Note 7) | 7,002 | 7,002 |
Financial instruments (Note 11) | 0 | 411 |
Above market acquired time charter contracts (Note 7) | 3,212 | 11,007 |
Other non-current assets (Note 8) | 0 | 727 |
Total other non-current assets | 10,214 | 110,557 |
Total assets | 237,557 | 476,052 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred finance costs (Note 10) | 213,515 | 217,549 |
Liabilities held for sale (Note 6) | 0 | 104,366 |
Accounts payable and other current liabilities | 1,269 | 2,613 |
Accrued liabilities (Note 4) | 7,148 | 4,955 |
Due to related parties (Note 4) | 11,265 | 21,828 |
Deferred revenue | 467 | 725 |
Financial instruments (Note 11) | 486 | 2,604 |
Total current liabilities | 234,150 | 354,640 |
COMMITMENTS AND CONTINGENCIES (Note 14) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock,$0.01 par value;500,000,000 shares authorized at December 31,2015 & June 30,2016; 100,000,000 shares designated as Series A;100,000,000 shares designated as Series B & 10,000 shares designated as Series C;0 shares of Series A issued & outstanding at December 31,2015 & June 30,2016; 4,000,000 & 0 shares of Series B issued & outstanding at December 31,2015 & June 30,2016,respectively & 0 & 4,300 shares of Series C issued & outstanding at December 31,2015 & June 30,2016,respectively (Note 12) | 0 | 40 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized at December 31, 2015 and June 30, 2016; 28,326,566 and 29,811,101 shares issued and outstanding at December 31, 2015 and June 30, 2016, respectively (Note 12) | 298 | 283 |
Treasury stock; $0.01 par value; 1,444,720 shares at December 31, 2015 and June 30, 2016 | (14) | (14) |
Additional paid-in capital | 3,223,071 | 3,224,839 |
Accumulated other comprehensive income | 0 | 233 |
Accumulated deficit | (3,219,948) | (3,103,969) |
Total DryShips Inc. stockholders' equity | 3,407 | 121,412 |
Total liabilities and stockholders' equity | $ 237,557 | $ 476,052 |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets | ||
Allowance for doubtful receivables | $ 14 | $ 48 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 500,000,000 | 500,000,000 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock shares issued | 29,811,101 | 28,326,566 |
Common stock shares outstanding | 29,811,101 | 28,326,566 |
Treasury stock par value | $ 0.01 | $ 0.01 |
Treasury stock, shares | 1,444,720 | 1,444,720 |
Series A Convertible Preferred Stock | ||
Preferred stock shares authorized | 100,000,000 | 100,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series B Convertible Preferred Stock | ||
Preferred stock shares authorized | 100,000,000 | 100,000,000 |
Preferred stock shares issued | 0 | 4,000,000 |
Preferred stock shares outstanding | 0 | 4,000,000 |
Series C Convertible Preferred Stock | ||
Preferred stock shares authorized | 10,000 | 0 |
Preferred stock shares issued | 4,300 | 0 |
Preferred stock shares outstanding | 4,300 | 0 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUES: | ||
Voyage and time charter revenues (including amortization of above market acquired time charters) | $ 25,037 | $ 169,488 |
Service revenue, net | 0 | 725,805 |
Total Revenues (Note 16) | 25,037 | 895,293 |
EXPENSES: | ||
Voyage expenses | 3,998 | 48,605 |
Vessels and drilling units operating expenses | 27,513 | 317,373 |
Depreciation and amortization (Note 6) | 1,723 | 209,536 |
Impairment loss and loss from sale of vessels and vessel owning companies (Note 6) | 40,784 | 140,568 |
Loss on contract cancellation | 0 | 28,241 |
General and administrative expenses (Note 4) | 18,023 | 74,807 |
Other, net | (761) | (2,803) |
Operating income/(loss) | (66,243) | 78,966 |
OTHER INCOME / (EXPENSES): | ||
Interest and finance costs (Note 15) | (5,374) | (146,837) |
Interest income | 28 | 489 |
Loss on interest rate swaps (Note 11) | (709) | (11,448) |
Other, net | (2,152) | (6,435) |
Total other expenses, net | (8,207) | (164,231) |
LOSS BEFORE INCOME TAXES AND EARNINGS OF AFFILIATED COMPANIES | (74,450) | (85,265) |
Loss due to deconsolidation of Ocean Rig (Note 9) | 0 | (1,347,106) |
Income taxes (Note 19) | (19) | (36,931) |
Equity in net earnings/(losses) of Ocean Rig (Note 9) | (41,454) | 8,851 |
NET LOSS | (115,923) | (1,460,451) |
Less: Net income attributable to non-controlling interest | 0 | (39,029) |
NET LOSS ATTRIBUTABLE TO DRYSHIPS INC. | (115,923) | (1,499,480) |
NET LOSS ATTRIBUTABLE TO DRYSHIPS INC. COMMON STOCKHOLDERS (Note 17) | $ (115,979) | $ (1,499,745) |
LOSS PER COMMON SHARE ATTRIBUTABLE TO DRYSHIPS INC. COMMON STOCKHOLDERS BASIC AND DILUTED (Note 17) | $ (4.33) | $ (56.4) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES, BASIC AND DILUTED (Note 17) | 26,758,843 | 26,593,240 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Consolidated Statements of Comprehensive Loss | ||
Net loss | $ (115,923) | $ (1,460,451) |
Other comprehensive income: | ||
Reclassification of realized losses associated with capitalized interest to the Unaudited Interim Condensed Consolidated Statement of Operations, net (Note 11) | 110 | 258 |
Actuarial gains | 0 | 42 |
Total other comprehensive income | 110 | 300 |
Total comprehensive loss | (115,813) | (1,460,151) |
Less: comprehensive income attributable to non-controlling interests | 0 | (39,144) |
Comprehensive loss attributable to DryShips Inc. | $ (115,813) | $ (1,499,295) |
Unaudited Interim Condensed Co6
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Consolidated Statements Of Cash Flows | ||
Net Cash Provided by/(Used in) Operating Activities | $ (12,802) | $ 209,908 |
Cash Flows Provided by/(Used in) Investing Activities: | ||
Cash decrease due to deconsolidation of Ocean Rig | 0 | (621,615) |
Proceeds from sale of Ocean Rig shares | 49,911 | 0 |
Fixed assets additions | 0 | (505,670) |
Sale of fixed assets | (12,760) | 49,000 |
Short term investments | 0 | 74 |
Decrease in restricted cash | 8,853 | 51,717 |
Net Cash Provided by/(Used in) Investing Activities | 46,004 | (1,026,494) |
Cash Flows Provided by/(Used in) Financing Activities: | ||
Proceeds from short and long-term debt | 28,000 | 462,000 |
Principal payments and repayments of long-term debt | (66,128) | (173,214) |
Conversion of preferred shares | (15) | 0 |
Proceeds from preferred stock issuance | 4,941 | 0 |
Dividends paid | 0 | (20,526) |
Payment of financing costs, net | 0 | (6,362) |
Net Cash Provided by/(Used in) Financing Activities | (33,202) | 261,898 |
Net decrease in cash and cash equivalents | 0 | (554,688) |
Cash and cash equivalents at beginning of the period | 0 | 566,242 |
Cash and cash equivalents at end of the period | $ 0 | $ 11,554 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information: | 1. Basis of Presentation and General Information: The accompanying unaudited interim condensed consolidated financial statements include the accounts of DryShips Inc. and its subsidiaries (collectively, the "Company" or "DryShips"). DryShips was formed on September 9, 2004, under the laws of the Republic of the Marshall Islands. The Company is a provider of international seaborne dry cargo and offshore support services and until June 8, 2015, also provided drilling services through Ocean Rig UDW Inc. (''Ocean Rig''). The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America ("U.S. GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2015, filed with the SEC on April 27, 2016. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and include the accounts and operating results of Dryships, its wholly-owned subsidiaries and its affiliate. From June 8, 2015 through April 4, 2016, Ocean Rig was considered as an affiliated entity and not as a controlled subsidiary of the Company. As a result, Ocean Rig was accounted for under the equity method and its assets and liabilities were not consolidated in the Company's balance sheet. On April 5, 2016, the Company sold all of its shares in Ocean Rig, to a subsidiary of Ocean Rig and as of this date, the Company no longer holds any equity interest in Ocean Rig. Accordingly, additional disclosures for Ocean Rig have not been included, in the accompanying interim condensed consolidated financial statements. In the opinion of management, these unaudited interim condensed consolidated financial statements, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2016, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2016. On March 11, 2016, the Company effected a 25:1 reverse stock split on its issued and outstanding common stock. In connection with the reverse stock split seven fractional shares were issued. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to this reverse stock split retroactively, for all periods presented. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies: | 2. Significant Accounting Policies: A discussion of the Company's significant accounting policies can be found in the Company's consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2015, filed with the SEC on April 27, 2016 (the "Consolidated Financial Statements for the year ended December 31, 2015"). There have been no material changes to these policies in the six-month period ended June 30, 2016, other than the adoption of the accounting standard update discussed below. Consolidation: Recent Accounting pronouncements In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"), which clarifies the implementation guidance on principal versus agent considerations. The Amendments in ASU 2016-8 affect the guidance in the ASU 2014-09, which is not yet effective. ASU 2016-08 is effective for fiscal years beginning after December 15, 2017, and interim reporting periods within those years. Early application is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation - Improvements to Employee Share-Based Payment Accounting (Topic 718)" ("ASU 2016-09"), which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, all excess income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. Other accounting pronouncements recently issued but not yet adopted include ASU 2016 - 01 “Financial Instruments - Overall”, ASU 2016 - 02 “Leases (Topic 842)”, ASU 2016 - 03 “Intangibles - Goodwill and other”, ASU 2016 - 07 “Investments - Equity method and Joint Ventures, ASU 2016 -10 “Revenue from contracts with customers” and ASU 2016 - 12 “Revenue from contracts with customers”. The Company is evaluating the above pronouncements. The adoption of these pronouncements is not expected to have a material impact on the Company's consolidated financial statements. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Text Block [Abstract] | |
Going Concern: | 3. Going Concern: As of June 30, 2016, the Company was in breach of certain financial covenants, while five bank facilities have matured and the Company has not made the final balloon installments nor any other payments to date. Accordingly the respective lenders have declared an event of default. For the remaining bank facilities, the Company has elected to suspend principal repayments and interest payments. These events of default may result in the lenders requiring immediate repayment of the loans. As a result of this and of the cross default provisions contained in all bank loan agreements, the Company has classified the bank loans amounting to $213,667 as current liabilities (Note 10). As of June 30, 2016, the Company reported a working capital deficit of $101,512. Given the prolonged market downturn in the drybulk segment and the continued depressed outlook on freight rates and vessels' market values, cash expected to be generated from operations or proceeds from the sale of vessels, assuming that current market charter hire rates would prevail in the twelve-month period ending June 30, 2017, will not be sufficient to cover the Company's working capital deficit. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern, for a reasonable period of time. In this respect, the Company, in an effort to deleverage its balance sheet and improve its liquidity position, sold all its tankers and 19 bulkers or bulker owning entities, while the remaining drybulk vessels, are classified as held for sale and are carried at fair value (Note 6). In addition, in October 2015, the Company acquired Nautilus Offshore Services Inc., owner of six modern offshore support vessels to diversify the Company's asset base and enhance its cash flow generating ability (Note 7). Furthermore, on June 8, 2016, the Company, entered into a Securities Purchase Agreement with an institutional investor for the sale of 5,000 newly designated Series C Convertible Preferred Shares, warrants to purchase 5,000 Series C Convertible Preferred Shares and 148,998 common shares. The total net proceeds from the offering, after deducting offering fees and expenses, were approximately $5,000. The Company may further receive up to an aggregate of $5,000 if all of the warrants are exercised, for total proceeds of $10,000. The Company expects to finance its working capital deficit either with cash on hand, cash generated from operations, proceeds from sale of vessels and vessel owning companies, bank debt and equity offerings, or a combination thereof. In this context the Company has suspended principal repayment and interest payments to preserve cash liquidity and is currently engaged in discussions with its lenders for the restructuring of its debt facilities. The unaudited interim condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Accordingly, the unaudited interim condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties: | 4. Transactions with Related Parties: The amounts included in the accompanying consolidated balance sheets and unaudited interim condensed consolidated statements of operations are as follows: December 31, 2015 June 30, 2016 Balance Sheet Due from related parties $ 20,637 $ 14,359 Accrued liabilities 1,059 769 Due to related parties $ 21,828 $ 11,265 Six-month period ended June 30, Statement of Operations 2015 2016 Time charter & Service revenues - commission fees $ 7,366 $ 1,800 Voyage expenses (3,759 ) (199 ) General and administrative expenses (28,915 ) (13,475 ) Commissions for assets sold - (700 ) Interest and finance costs $ (816 ) $ (818 ) (Per day and per quarter information in the note below is expressed in United States Dollars/Euros) TMS Bulkers Ltd. - TMS Tankers Ltd.: TMS Bulkers provides comprehensive drybulk ship management services, including technical supervision, such as repairs, maintenance and inspections, safety and quality, crewing and training as well as supply provisioning. TMS Bulkers' commercial management services include operations, chartering, sale and purchase, post-fixture administration, accounting, freight invoicing and insurance. Each new vessel management agreement provides for a fixed management fee, the same fee as was charged by Cardiff under the Company's previous management agreements effective from September 1, 2010, of Euro 1,500 ($1,655 based on the Euro/U.S. Dollar exchange rate at June 30, 2016) per vessel per day, which is payable in equal monthly installments in advance and can be adjusted each year to the Greek Consumer Price Index for the previous year by not less than 3% and not more than 5%. Effective January 1, 2012, the fixed management fee was adjusted by 3% to Euro 1,545 ($1,715 based on the Euro/U.S. Dollar exchange rate at June 30, 2016). Effective January 1, 2015, the fixed management fee was adjusted by 3% to Euro 1,591 ($1,766 based on the Euro/U.S. Dollar exchange rate at June 30, 2016). Effective January 1, 2016, the fixed management fee was adjusted by 3% to Euro 1,639 ($1,819 based on the Euro/U.S. Dollar exchange rate at June 30, 2016). If TMS Bulkers is requested to supervise the construction of a newbuilding vessel, in lieu of the management fee, the Company will pay TMS Bulkers an upfront fee equal to 10% of the budgeted supervision cost. For any additional attendance above the budgeted superintendent expenses, the Company will be charged extra at a standard rate of Euro 500 (or $555 based on the Euro/U.S. Dollar exchange rate at June 30, 2016) per day. TMS Tankers provided comprehensive tanker ship management services, including technical supervision, such as repairs, maintenance and inspections, safety and quality, crewing and training as well as supply provisioning. TMS Tankers' commercial management services included operations, sale and purchase, post-fixture administration, accounting, freight invoicing and insurance. Under the management agreements, TMS Tankers was entitled to a daily management fee per vessel of Euro 1,700 ($1,887 based on the Euro/U.S. Dollar exchange rate at June 30, 2016), payable in equal monthly installments in advance and could automatically be adjusted each year to the Greek Consumer Price Index for the previous year by not less than 3% and not more than 5%. Effective January 1, 2012, the fixed management fee was adjusted by 3% to Euro 1,751 ($1,943 based on the Euro/U.S. Dollar exchange rate at June 30, 2016). Effective January 1, 2015, the fixed management fee was adjusted by 3% to Euro 1,804 ($2,002 based on the Euro/U.S. Dollar exchange rate at June 30, 2016). TMS Tankers was entitled to a construction supervisory fee of 10% of the budgeted supervision cost for the vessels under construction, payable up front in lieu of the fixed management fee. Under their respective agreements, the Managers are also entitled to (i) a discretionary incentive fee, (ii) a commission of 1.25% on charter hire agreements that are arranged by the Managers; (iii) a commission of 1% of the purchase price on sales or purchases of vessels in the Company's fleet that are arranged by the Managers and (iv) reimbursement of associated legal expenses. In the event that the management agreements are terminated for any reason other than a default by the Managers or change of control of the vessel owning companies' ownership, the Company will be required to pay the management fee for a further period of three calendar months as from the date of termination. During the six month period ended June 30, 2016, the Company did not incur any such charges. In the event of a change of control of the vessel owning companies' ownership, the Company will be required to pay the Managers a termination payment, representing an amount equal to the estimated remaining fees payable to the Managers under the then current term of the agreement which such payment shall not be less than the fees for a period of 36 months and not more than a period of 48 months. Each management agreement has an initial term of five years and will be automatically renewed for a five-year period and thereafter extended in five-year increments, unless the Company provides notice of termination in the fourth quarter of the year immediately preceding the end of the respective term. Transactions with TMS Bulkers and TMS Tankers in Euros are settled on the basis of the average U.S. Dollar rate on the invoice date. During the six month period ended June 30, 2016, operating expenses amounted to $6,792, owed to TMS Bulkers, TMS Tankers and TMS Offshore were not paid by the Company but were set off against working capital owed by TMS Bulkers to the Company, according to the respective management agreements. TMS Offshore Services Ltd.: each year to the Greek Consumer Price Index for the previous year by not less than 3% and not more than 5%. Cardiff Drilling Inc Ocean Rig Management Inc. ("Ocean Rig Management"), a wholly-owned subsidiary of Ocean Rig, entered into a Global Services Agreement with Cardiff Drilling Inc. ("Cardiff Drilling") a company controlled by Mr. George Economou, the Company's Chairman, President and Chief Executive Officer, pursuant to which Ocean Rig Management engaged Cardiff Drilling to act as consultant on matters of chartering and sale and purchase transactions for the offshore drilling units operated by Ocean Rig. Under the Global Services Agreement, Cardiff Drilling, or its subcontractor, (i) provides consulting services related to the identification, sourcing, negotiation and arrangement of new employment for offshore assets of Ocean Rig and its subsidiaries; (ii) identifies, sources, negotiates and arranges the sale or purchase of the offshore assets of Ocean Rig and its subsidiaries. In consideration of such services, Ocean Rig will pay Cardiff Drilling a fee of 1.0% in connection with employment arrangements, 0.75% in connection with sale and purchase activities and will also reimburse associated legal expenses. Costs from the Global Services Agreement are expensed in the unaudited interim condensed consolidated statements of operations or capitalized as being a directly attributable cost to the construction, as applicable. The consultancy agreement has a term of five years and may be terminated (i) at the end of its term unless extended by mutual agreement of the parties; and, (ii) at any time by the mutual agreement of the parties. Cardiff Marine Inc George Economou On December 30, 2015, the Company elected to convert $10,000 of the outstanding principal amount of the Secured Revolving Credit Facility (''Revolving Credit Facility'') entered with Sifnos Shareholders Inc. a company controlled by Mr. Economou, on October 21, 2015, as amended, into 4,000,000 Series B Preferred Shares of the Company, which have been adjusted following a reverse stock split ratio of 25 to 1. Each preferred share had five votes and were to be mandatorily converted into common shares of the Company on a one to one basis within three months after the issuance thereof on a date selected by the Company. On March 24, 2016, the Company entered into an agreement to increase the Revolving Credit Facility. As part of the transaction the Company also entered into a Preferred Stock Exchange Agreement to exchange the 4,000,000 Series B Preferred Shares held by the lender for $8,750. The Company subsequently cancelled the Series B Preferred Stock previously held by the lender effective March 24, 2016. Other: On February 15, 2016, the Company announced that the previously disclosed sale of the vessel owning companies of its Capesize vessels, Fakarava, Rangiroa Negonego Fabiana Services S.A.: Azara Services S.A.: Basset Holdings Inc.: Effective June 1, 2012, Ocean Rig entered through one of its wholly owned subsidiaries into a consultancy agreement with Basset, for the provision of the services of Ocean Rig's Executive Vice President. The agreement has an initial term of five years and may be renewed or extended for one-year successive terms with the consent of both parties. Under the terms of the agreement, Ocean Rig is obligated to pay an annual remuneration to Basset. Basset is also entitled to cash or equity-based bonuses to be awarded at the Ocean Rig's sole discretion. Ocean Rig may terminate the agreement for cause, as defined in the agreement, in which case Basset will not be entitled to further payments of any kind. Upon termination of the agreement without cause, or in the event the agreement is terminated within three months of a change of control, as defined in the agreement, Ocean Rig will be obligated to pay a lump sum amount. Basset may terminate the agreement without cause upon three months written notice. In addition, Basset may terminate the agreement for good reason and in such event, Ocean Rig will be obligated to pay a lump sum amount. Basset is also the owner of 114,286 shares of Ocean Rig's common stock, as of June 30, 2016. Steel Wheel Investments Limited: Cardiff Tankers Inc Vivid Finance Limited: credit facilities, interest rate swap agreements, foreign currency contracts and forward exchange contracts, (ii) renegotiating existing loan facilities and other debt instruments, and (iii) the raising of equity or debt in the capital markets. In exchange for its services, Vivid is entitled to a fee equal to 0.20% on the total transaction amount. The consultancy agreement has a term of five years and may be terminated (i) at the end of its term unless extended by mutual agreement of the parties; or (ii) at any time by the mutual agreement of the parties. Effective January 1, 2013, the Company amended its agreement with Vivid to limit the scope of the services provided under the agreement to DryShips and its subsidiaries or affiliates, except for Ocean Rig and its subsidiaries. In essence, post-amendment, the consultancy agreement between DryShips and Vivid is in effect for the Company's drybulk and offshore support shipping segments only. Effective January 1, 2013, Ocean Rig Management, a wholly-owned subsidiary of Ocean Rig, entered into a new consultancy agreement with Vivid, on the same terms and conditions as in the consultancy agreement, dated as of September 1, 2010, between DryShips and Vivid, except that under the new agreement, Ocean Rig is obligated to pay directly the fee of 0.20% to Vivid on the total transaction amount in consideration of the services provided by Vivid in respect of Ocean Rig's offshore drilling business, whereas under the consultancy agreement between the Company and Vivid, this fee was paid by the Company. The consultancy agreement has a term of five years and may be terminated (i) at the end of its term unless extended by mutual agreement of the parties and, (ii) at any time by the mutual agreement of the parties. Ocean Rig: On March 29, 2016, the Company entered into 60 day time charter agreements for the offshore support vessels Crescendo and Jubilee with a subsidiary of Ocean Rig, to assist with the stacking of Ocean Rig's drilling units in Las Palmas. On April 5, 2016, the Company sold all of its shares in Ocean Rig, to a subsidiary of Ocean Rig for total cash consideration of approximately $49,911. The sale proceeds were used to partly reduce the outstanding amount under the Revolving Credit Facility provided to the Company by an entity controlled by the Company's Chairman, President and Chief Executive Officer, Mr. George Economou and for general corporate purposes. In addition, the Company reached an agreement under the secured revolving credit facility with Sifnos Shareholders Inc. whereby the lender agreed to, among other things release its lien over the Ocean Rig shares. This transaction was approved by the disinterested members of the Company's Board of Directors on the basis of a fairness opinion. As of April 5, 2016, the Company no longer holds any equity interest in Ocean Rig. Sifnos Shareholders Inc.: Each share of Series B Preferred Stock had the right to vote with the common shares on all matters on which the common shares were entitled to vote as a single class and the shares of Series B Preferred Stock had five votes per share. The shares of Series B Preferred Stock were to be mandatorily converted into common shares of DryShips on a one to one basis within three months after the issuance thereof or any earlier date selected by the Company in its sole discretion. On March 24, 2016, the Company entered into an agreement to increase the Revolving Credit Facility. The Revolving Credit Facility was amended to increase the maximum available amount by $10,000 to $70,000, to give the Company an option to extend the maturity of the facility by 12 months to October 21, 2019 and to cancel the option of the lender to convert the outstanding Revolving Credit Facility to the Company's common stock. Additionally, subject to the lender's prior written consent, the Company has the right to convert $8,750 of the outstanding balance of the Revolving Credit Facility into 3,500,000 preferred shares of the Company, which have a voting power of 5:1 (vis-Ã -vis common stock) and will mandatorily convert into common stock on a 1:1 basis within 3 months after such conversion. As part of the transaction the Company also entered into a Preferred Stock Exchange Agreement to exchange the 4,000,000 Series B Preferred Shares held by the lender for $8,750. The Company subsequently cancelled the Series B Preferred Stock previously held by the lender effective March 24, 2016. On March 29, 2016, the Company drew down the amount of $28,000 under the secured revolving credit facility. On April 5, 2016, the Company sold all of its shares in Ocean Rig, to a subsidiary of Ocean Rig for total cash consideration of approximately $49,911 and used $45,000 from the proceeds, to partly reduce the outstanding amount under the Revolving Credit Facility. In addition, the Company reached an agreement under the Revolving Credit Facility whereby the lender agreed to, among other things (i) release its lien over the Ocean Rig shares and, (ii) waive any events of default, subject to a similar agreement being reached with the rest of the lenders to the Company, in exchange for a 40% loan to value maximum loan limit, being introduced under this facility. In addition, the interest rate under the loan was reduced to 4% plus LIBOR. Further to the above, the outstanding balance under the Secured Revolving Credit facility as of June 30, 2016, was $11,750 and the respective deferred finance costs amounted to $499. Dividends On February 24, 2015, Ocean Rigs' Board of Directors declared its fourth quarterly cash dividend with respect to the quarter ended December 31, 2014, of $0.19 per common share, to Ocean Rig shareholders of record as of March 10, 2015. The dividend was paid in March 2015. On May 6, 2015, Ocean Rig's Board of Directors declared its fifth quarterly cash dividend with respect to the quarter ended March 31, 2015, of $0.19 per common share, to Ocean Rig shareholders of record as of May 22, 2015. The dividend was paid in May 2015. On July 29, 2015, Ocean Rig's Board of Directors decided to suspend its quarterly dividend until market conditions improve. |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2016 | |
Other Assets [Abstract] | |
Other Current Assets: | 5. Other Current Assets The amount of other current assets shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2015 June 30, 2016 Inventories $ 3,531 $ 4,635 Insurance claims (Note 14) 941 1,080 Other 542 767 $ 5,014 $ 6,482 |
Vessels, net
Vessels, net | 6 Months Ended |
Jun. 30, 2016 | |
Vessels, net [Abstract] | |
Vessels: | 6. Vessels, net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Cost Accumulated Depreciation Net Book Value Balance, December 31, 2015 $ 97,100 $ (672) $ 96,428 Depreciation - (1,723 ) (1,723 ) Balance, June 30, 2016 $ 97,100 $ (2,395) $ 94,705 Vessel cost of $97,100 at December 31, 2015, represents the fair value of Nautilus Offshore Services Inc. vessels at the acquisition date (Note 7). As of June 30, 2016, all of the Company's Drybulk vessels have been pledged as collateral to secure the Company's long-term debt (Note 10). On March 30, 2015, the Board of Directors of the Company approved the entering into sales agreements with entities controlled by the Company's Chairman, President and Chief Executive Officer, Mr. George Economou, to sell its four Suezmax tankers, Vilamoura, Lipari, Petalidi and Bordeira Belmar, Calida, Alicante, Mareta, Saga and Daytona, Petalidi Bordeira, Lipari, Belmar, Saga, Mareta, Vilamoura, Calida, Daytona and Alicante, The impairment review performed for the six month period ended June 30, 2015, indicated that one of the Company's vessels, with a carrying amount of $95,937 should be written down to its fair value as determined based on the valuations of the independent valuators, resulting in an impairment charge of $83,937, which was included in the accompanying consolidated statement of operations for the six month period ended June 30, 2015 (Note 11). On September 9, 2015, the Company entered into sales agreements with entities controlled by Mr. George Economou, the Company's Chairman, President and Chief Executive officer, for the sale of the vessel owning companies of 14 vessels (ten Capesize bulk carriers': Rangiroa, Negonego, Fakarava, Raiatea, Mystic, Robusto, Cohiba, Montecristo, Flecha and Partagas Woolloomooloo, Saldanha, Topeka Helena Manasota, Alameda Capri On September 17, 2015 and October 13, 2015, the shares of the vessel owning company of the vessel Mystic Raiatea, Robusto, Cohiba, Montecristo, Flecha, Partagas, Woolloomooloo, Saldanha, Topeka Helena Capri, Manasota Alameda The Company classified the assets and liabilities of the remaining three vessel owning companies as "held for sale" on December 31, 2015, as all criteria required for their classification as " held for sale" were met. In addition, on September 30, 2015, the Company classified all the remaining vessels in its fleet, comprised of 20 Panamax and two Supramax bulk carriers, as held for sale, as all criteria required for their classification were met. On November 2, 2015, the Company concluded two Memoranda of Agreement to sell its two Supramax vessels, Byron Galveston On February 15, 2016, the Company announced that the previously disclosed sale of the vessel owning companies of its Capesize vessels, Fakarava, Rangiroa Negonego Fakarava, Rangiroa Negonego During the six month period ended June 30, 2016, a charge of $18,266 was recognized as "Impairment loss and loss from sale of vessels and vessel owning companies", due to the reduction of the vessels' held for sale carrying amount to their fair value less cost to sell. As of June 30, 2016, the market indications for the vessels' held for sale values were not altered from March 31, 2016, therefore no further impairment charge was recognized. The amounts of "Assets held for sale" and "Liabilities held for sale" in the accompanying consolidated balance sheet as at December 31, 2015 and June 30, 2016, are analyzed as follows: Total assets December 31, 2015 June 30, 2016 Cash and cash equivalents $ 12 $ - Restricted cash 4,920 - Accounts receivable trade, net 7 - Due from related parties - TMS Bulkers Ltd. (Note 4) 2,492 - Inventories 384 - Prepayments and advances 15 - Insurance claims 97 - Vessels held for sale 208,099 97,515 Total assets held for sale $ 216,026 $ 97,515 Total liabilities Bank debt $ 103,680 $ - Accounts payable 1 - Accrued liabilities 271 - Deferred revenues 414 - Total liabilities held for sale $ 104,366 $ - As of June 30, 2016, substantially all of the Company's net income, except for equity in losses in Ocean Rig and income from the offshore support segment relates to vessels sold or held for sale. According to ASU 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment", the sale of the Company's vessels and vessel owning companies does not represent a strategic shift, hence no presentation of discontinued operations is required. |
Acquisition of Nautilus Offshor
Acquisition of Nautilus Offshore Services Inc. | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Nautilus Offshore Services Inc.: | 7. Acquisition of Nautilus Offshore Services Inc.: On October 21, 2015, the Company entered into an agreement to acquire Mezzanine Financing Investment III Ltd. ("Mezzanine") and Oil and Gas Ships Investor Limited (Oil and Gas), which owned in aggregate, directly or indirectly, 97.44% of the issued and outstanding share capital of Nautilus Offshore Services Inc. ("Nautilus"), for a purchase price of $87,000 plus the assumption of approximately $33 million of net debt. As part of the acquisition cost, the Company also paid $3,568 for the working capital of Nautilus as at September 30, 2015, as agreed between the parties. In addition, on November 24, 2015, Mezzanine, entered into an agreement with VRG AS, which owned the remaining 2.56% issued and outstanding share capital of Nautilus, and acquired its equity stake. Nautilus indirectly through its subsidiaries owns six Offshore Supply Vessels of which four are Oil Spill Recovery Vessels (OSRVs) and two are Platform Supply Vessels (PSVs), all of which were on time charter to Petroleo Brasileiro S.A. (Petrobras) until certain dates through 2017, at the day of acquisition. The vessels are managed by TMS Offshore Services, an entity controlled by the Company's Chairman, President and Chief Executive Officer, Mr. George Economou. (Note 4) The acquisition of Nautilus will allow the Company to expand and diversify its fleet. The acquisition of the common shares of Nautilus was accounted for under the acquisition method of accounting. The Company began consolidating Nautilus from October 21, 2015 (the date of acquisition), as of which date the results of operations of Nautilus were included in the consolidated statement of operations and on which the fair value of the non-controlling interest amounted to $1,500. The purchase price allocation is as follows: Assets: Current assets $ 22,609 Vessels 97,100 Goodwill 7,002 Above-market acquired time charters 12,474 Other non-current assets 5,562 Total assets acquired 144,747 Liabilities: Total current liabilities 12,691 Total non-current liabilities 39,988 Total liabilities assumed 52,679 Fair value of non - controlling interests 1,500 Net assets acquired $ 90,568 Consideration paid 87,000 Working capital adjustment 3,568 Total consideration 90,568 Goodwill included in the offshore support segment constitutes a premium paid by the Company over the fair value of the net assets of Nautilus, which is attributable to anticipated benefits from Nautilus's position to take advantage of the fundamentals of the offshore support market. The carrying amounts of all receivables and payables acquired approximated their fair values at the acquisition date. The carrying amount of vessels of $99,370 was reduced by a fair value adjustment of $2,270 as of the acquisition date. In connection with the acquisition, the Company acquired time charter contracts with Petrobras for the future time-chartered services of Nautilus, until certain dates through 2017. These contracts include fixed day rates that are above day rates available as of the acquisition date. After determining the aggregate fair values of these time-chartered contracts as of the acquisition date, the Company recorded the respective contract fair values on the consolidated balance sheet as non-current assets under "Fair value of above market acquired time charters". These will be amortized into revenues using the straight-line method over the respective contract periods (based on the respective contracts). On February 15, 2016, March 3, 2016 and April 11, 2016, the Company announced that Petrobras has given notice of termination of the contracts for the vessels Crescendo, Jubilee Indigo Crescendo, Jubilee Indigo All above fair values were based upon available market data using management estimates and assumptions. The respective fairness opinion was prepared by a third party expert, based on management estimates and assumptions, making use of available market data and taking into consideration third party valuations of fleet acquired, performed on a charter free basis. The amount amortized and written-off as of June 30, 2016, amounted to $7,795 and is included to voyage and time charter revenue in the accompanying condensed consolidated statement of operations for the six month ended June 30, 2016. Amortization Schedule Balance Amortization and write off Remaining 2016 2017 Above-market acquired time charters $ 11,007 $ 7,795 $ 1,712 $ 1,500 |
Other Non-Current Assets
Other Non-Current Assets | 6 Months Ended |
Jun. 30, 2016 | |
Other Non-Current Assets [Abstract] | |
Other Non-Current Assets: | 8. Other Non-Current Assets: The amounts included in the accompanying consolidated balance sheets are as follows: December 31, 2015 June 30, 2016 Security deposits for derivatives $ 727 $ - Total $ 727 $ - As of December 31, 2015, $727 security deposits for derivatives for the vessels Belmar, Calida, Lipari Petalidi |
Investment in Affiliates
Investment in Affiliates | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in an Affiliate: | 9. Investment in Affiliates: On June 8, 2015, following an equity offering of Ocean Rig, the Company lost its controlling financial interest and deconsolidated Ocean Rig from its financial statements. From that date onwards, Ocean Rig was considered as an affiliated entity and not as a controlled subsidiary of the Company and the investment in Ocean Rig was accounted for under the equity method due to the Company's significant influence over Ocean Rig. On June 8, 2015, the Company calculated a loss due to deconsolidation of $1,347,106. As at December 31, 2015, the Company's investment in Ocean Rig had a carrying value of $401,878, while the market value of the investment was $91,410. Based on the relevant guidance provided by U.S.GAAP, the Company concluded that the investment in Ocean Rig was impaired and that the impairment was other than temporary. Therefore the investment in Ocean Rig was written down to its fair value and a loss of $310,468 was recognized during 2015. As at March 31, 2016, the Company's investment in Ocean Rig had a carrying value of $208,176, while the market value of the investment was $45,985. Based on the relevant guidance provided by U.S.GAAP, the Company concluded that the investment in Ocean Rig was impaired and that the impairment was other than temporary. Therefore the investment in Ocean Rig was written down to its fair value and a loss of $162,191 was recognized and included in the accompanying condensed consolidated statement of operations for the six month period ended June 30, 2016. On April 5, 2016, the Company sold all of its shares in Ocean Rig, to a subsidiary of Ocean Rig for total cash consideration of approximately $49,911 and recognized a gain of $792 as a result of the above transaction, including $343 relating to accumulated other comprehensive income and is included in the accompanying condensed consolidated statement of operations for the six month period ended June 30, 2016. As of April 5, 2016, the Company no longer holds any equity interest in Ocean Rig. The Company's equity in the losses and capital transactions of Ocean Rig was 40.4% up to April 5, 2016, is shown in the accompanying condensed consolidated statements of operations for the six month period ended June 30, 2016, as "Equity in net losses of affiliated company" and amount to a loss of $41,454. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2016 | |
Long-term Debt [Abstract] | |
Long-term Debt: | 10. Long-term Debt: The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2015 June 30, 2016 Secured Credit Facilities - Drybulk Segment 218,185 213,667 Less: Deferred financing costs (636 ) (152 ) Total debt 217,549 213,515 Less: Current portion (217,549 ) (213,515 ) Long-term portion $ - $ - Term bank loans and credit facilities The bank loans are payable in U.S. Dollars in quarterly and semi-annual installments with balloon payments due at maturity until March 2020. Interest rates on the outstanding loans as at June 30, 2016, are based on LIBOR plus a margin. On March 31, 2016, the shares of the shareholders of the vessel owning companies of the vessels Rangiroa, Fakarava Negonego The aggregate available undrawn amounts under the Company's facilities at December 31, 2015 and June 30, 2016, were $30,000 and $58,250, respectively. The weighted-average interest rates on the above outstanding debt were 5.95% for the six-month period ended June 30, 2015 and 3.41% for the six-month period ended June 30, 2016. The above loans are secured by a first priority mortgage over the Company's vessels, corporate guarantees, first priority assignments of all freights, earnings, insurances and requisition compensation and pledges of the shares of capital stock of certain of the Company's subsidiaries. The loans contain covenants that restrict, without the bank's prior consent, changes in management and ownership of the vessels, the incurrence of additional indebtedness and mortgages of vessels and changes in the general nature of the Company's business. The loans also contain certain financial covenants relating to the Company's financial position, operating performance and liquidity, including maintaining working capital above a certain level. The Company's secured credit facilities impose operating and negative covenants on the Company and its subsidiaries. These covenants may limit DryShips' subsidiaries' ability to, among other things, without the relevant lenders' prior consent (i) incur additional indebtedness, (ii) change the flag, class or management of the vessel mortgaged under such facility, (iii) create or permit to exist liens on their assets, (iv) make loans, (v) make investments or capital expenditures, and (vi) undergo a change in ownership or control. As of June 30, 2016, the Company was in breach of certain financial covenants while five bank facilities have matured and the Company has not made the final balloon installments nor any other payments to date. Accordingly, the respective lenders have declared an event of default. For the remaining bank facilities, the Company has elected to suspend principal repayments and interest payments. These events of default may result in the lenders requiring immediate repayment of the loans. As a result of this and of the cross default provisions contained in all of the Company's bank loan agreements, and in accordance with guidance related to the classification of obligations that are callable by the creditor, the Company has classified all of the amounts outstanding under its bank loans that were in breach as of June 30, 2016, amounting to $213,667, as current at June 30, 2016. Total interest incurred on long-term debt and amortization of debt issuance costs, including capitalized interest, for the six-month periods ended June 30, 2015 and 2016, amounted to $153,632, and $4,976, respectively. These amounts net of capitalized interest are included in "Interest and finance costs" in the accompanying unaudited interim condensed consolidated statements of operations. The annual principal payments required to be made after June 30, 2016, including balloon payments, totaling $213,667, are as follows: Due through June 30, 2017 $ 213,667 Total principal payments 213,667 Less: Deferred financing costs (152 ) Total debt $ 213,515 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements: | 11. Financial Instruments and Fair Value Measurements: ASC 815, "Derivatives and Hedging" requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The Company recognizes all derivative instruments as either assets or liabilities at fair value on its consolidated balance sheets. The Company enters into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to its variable interest rate loans and credit facilities. All of the Company's derivative transactions are entered into for risk management purposes. As of June 30, 2016, the Company had seven interest rate swap agreements outstanding, of $176,882 notional amount, maturing from April 2017 through July 2017. Fair Values of Derivative Instruments in the Balance Sheets: Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2015 Fair value June 30, 2016 Fair value Balance Sheet Location December 31, 2015 Fair value June 30, 2016 Fair value Interest rate swaps Financial instruments-current assets $ - $ 67 Financial instruments-current liabilities $ 2,604 $ 486 Interest rate swaps Financial instruments-non-current assets 411 - Financial instruments-non-current liabilities - - Total derivatives $ 411 $ 67 Total derivatives $ 2,604 $ 486 During the six-month periods ended June 30, 2015 and 2016, the losses transferred from accumulated other comprehensive loss to the unaudited interim condensed consolidated statements of operations were $258 and $110, respectively. Amount of Loss Six-month period ended June 30, Derivatives not designated as hedging instruments Location of Loss Recognized 2015 2016 Interest rate swaps Loss on interest rate swaps $ (11,448 ) $ (709 ) Total $ (11,448 ) $ (709) The carrying amounts of cash and cash equivalents (all of which is restricted at the balance sheet dates), trade accounts receivable, accounts payable, other current assets and liabilities and due to / due from related parties reported in the consolidated balance sheets approximate their respective fair values because of the short term nature of these accounts. Assets and liabilities held for sale are stated at fair value less cost to sell. The fair value of credit facilities is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. Additionally, the Company considers its creditworthiness in determining the fair value of the credit facilities. The carrying value approximates the fair market value for the floating rate loans. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based LIBOR swap yield curves, taking into account current interest rates and the creditworthiness of both the financial instrument counterparty and the Company. The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table summarizes the valuation of assets and liabilities measured at fair value on a recurring basis as of the valuation date. June 30, 2016 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Interest rate swaps - asset position $ 67 $ - $ 67 $ - Interest rate swaps - liability position (486 ) - (486 ) - Total $ (419 ) $ - $ (419 ) $ - The following table summarizes the valuation of assets measured at fair value on a non-recurring basis as of the valuation date. Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Non-Recurring measurements: Vessels held for sale $ - $ 97,515 - Total $ - $ 97,515 $ - In accordance with the provisions of relevant guidance, ten tanker vessels held for sale with a carrying amount of $587,271, were written down to their fair value as determined based on the agreed sale prices, resulting in a charge of $56,631, which was included in "Impairment loss and loss from sale of vessels and vessel owning companies" in the accompanying unaudited interim condensed consolidated statement of operations for the six month period ended June 30, 2015 (Note 6). Furthermore, the impairment review performed for the six month period ended June 30, 2015, indicated that one of the Company's vessels, with a carrying amount of $95,937 should be written down to its fair value as determined based on the valuations of the independent valuators, resulting in an impairment charge of $83,937, which was included in the accompanying unaudited interim condensed consolidated statement of operations for the six month period ended June 30, 2015 (Note 6). During 2016, the sale of the vessel owning companies of the Capesize vessels Fakarava, Rangiroa Negonego |
Common Stock and Additional Pai
Common Stock and Additional Paid-in Capital | 6 Months Ended |
Jun. 30, 2016 | |
Common Stock and Additional Paid-in Capital | |
Common Stock and Additional Paid-in Capital: | 12. Common Stock and Additional Paid-in Capital: Net loss Attributable to DryShips and Transfers to the Non-controlling Interest: The following table represents the effects of any changes in DryShips ownership interest in a subsidiary on the equity attributable to the shareholders of DryShips. Six-month period ended June 30, 2015 2016 Net loss attributable to DryShips Inc. $ (1,499,480) $ (115,923 ) Transfers to the non-controlling interest: Decrease in DryShips Inc. equity for reduction in subsidiary ownership (49,275 ) - Net transfers to the non-controlling interest (49,275 ) - Net loss attributable to DryShips Inc. and transfers to the non-controlling interest $ (1,548,755) $ (115,923 ) Issuance of preferred shares On June 8, 2016, the Company, entered into a Securities Purchase Agreement with an institutional investor for the sale of 5,000 newly designated Series C Convertible Preferred Shares, warrants to purchase 5,000 Series C Convertible Preferred Shares and 148,998 common shares. The securities were issued to the investor through a registered direct offering. The total net proceeds from the offering, after deducting offering fees and expenses, were approximately $5,000. The Company may further receive up to an aggregate of $5,000 if all of the warrants are exercised, for total proceeds of $10,000. The Series C Convertible Preferred Stock accrues cumulative dividends on a monthly basis at an annual rate of 8%. Such accrued dividends are payable in shares of common stock or in cash at the Company's option, or in a combination of cash and common shares. As of June 30, 2016, $700 Series C Convertible Preferred Shares and their respective $56 dividends have been converted to 1,335,537 common shares. On July 6, 2016 and August 3, 2016, the Company issued 33,724 and 8,022 shares of Common stock, respectively, as dividend to the holders of our Series C Convertible Preferred shares. |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2016 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan: | 13. Equity Incentive Plan: A summary of the status of the Company's non-vested shares as of December 31, 2015 and the movement during the six-month period ended June 30, 2016, is presented below. There were no shares granted and no shares forfeited in the six-month period ended June 30, 2016. Number of non-vested shares Weighted average grant date fair value per non-vested shares Balance December 31, 2015 192,001 $ 4.02 Granted - - Vested - - Balance June 30, 2016 192,001 $ 4.02 As of December 31, 2015 and June 30, 2016, there was $5,999 and $4,218, respectively, of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a period of three years. The amounts of $3,328 and $1,781, represent the stock based compensation expense for the six-month periods ended June 30, 2015 and 2016, respectively and are recorded in "General and administrative expenses", in the accompanying unaudited interim condensed consolidated statements of operations. The total fair value of shares vested during the six-month periods ended June 30, 2015 and 2016, was $0. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitment and Contingencies [Abstract] | |
Commitment and Contingencies: | 14. Commitment and Contingencies: 14.1 Legal proceedings Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations, the Company's customers may disagree on amounts due to the Company under the provision of the contracts which are normally settled through negotiations with the customer. Disputed amounts are normally reflected in revenues at such time as the Company reaches agreement with the customer on the amounts due. An investigation was carried out by Chinese authorities in relation with an alleged collision of the vessel Catalina The Company is not a party to any material litigation where claims or counterclaims have been filed against the Company other than routine legal proceedings incidental to its business. 14.2 Contractual charter revenue Future minimum contractual charter revenue, based on vessels committed to non-cancelable, long-term time contracts as of June 30, 2016, amount to $21,451 for the twelve months ending June 30, 2017 and $49 for the twelve months ending June 30, 2018. This amount does not include any assumed off-hire. Under seven of the Company's charter agreements, the charterer had the option to (i) acquire the vessels at fair market value as determined by two independent brokers, at the date that the options were exercised, less $5,000 per vessel or, (ii) to require a cash payout of $5,000 per charter agreement in which case the charter agreement would automatically be terminated on the date of completion of the current voyage. These options were exercisable beginning late March 2015 and throughout the term of the charter agreements which expired through 2020. On June 25, 2015, the Company concluded an agreement with the charterer under which, the charterer agreed to forgo the exercise of the purchase option under the seven charter agreements in exchange for a reduction of $35,000 in overdue receivables, $5,000 cash payment to the Company and write off the remaining $16,471 in overdue receivables as of May 31, 2015, against to "Voyage revenues". Out of the $35,000 the $6,759 has been amortized, while the remaining $28,241 were written off as "Loss on contract cancellation". As part of the transaction, new time charters were agreed for a period of over four years |
Interest and Finance Costs
Interest and Finance Costs | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs: | 15. Interest and Finance Costs: The amounts in the accompanying unaudited interim condensed consolidated statements of operations are analyzed as follows: Six-month period ended June 30, 2015 2016 Interest incurred on long-term debt $ 140,738 $ 3,751 Interest, amortization of financing fees and other on loan from affiliates and related party 816 818 Amortization of financing fees 12,078 517 Discount on receivable from drilling contract 4,048 - Other 1,217 288 Capitalized interest (12,060 ) - Total $ 146,837 $ 5,374 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information | |
Segment Information: | 16. Segment Information: The Company has currently two reportable segments from which it derives its revenues: Drybulk and Offshore support segments. The Company had also a Drilling segment until the deconsolidation of Ocean Rig on June 8, 2015 (Note 9) and a tanker segment until the sale of the whole tanker fleet during 2015 (Note 6). The reportable segments reflect the internal organization of the Company and are a strategic business that offers different products and services. The Drybulk business segment consists of transportation and handling of Drybulk cargoes through ownership and trading of vessels. The Offshore support business segment consists of offshore support services to the global offshore energy industry through the operation of a diversified fleet of offshore support vessels. The Drilling business segment consisted of the deepwater drilling rig services of the drilling units through ownership of drilling units. The Tanker business segment consisted of vessels for the transportation of crude and refined petroleum cargoes. The tables below present information about the Company's reportable segments as of and for the six-month periods ended June 30, 2015 and 2016. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company's consolidated financial statements. The Company allocates general and administrative expenses of the parent company to its subsidiaries on a pro rata basis. The Company measures segment performance based on net loss. Summarized financial information concerning each of the Company's reportable segments is as follows: Drybulk Segment Offshore support Segment Tanker Segment Drilling Segment Total Six-month Six-month Six-month Six-month Six-month 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 Revenues from external customers $ 64,609 $ 15,223 $ - $ 9,769 $ 104,879 $ 45 $ 725,805 $ - $ 895,293 $ 25,037 Income tax expense - - - (19 ) - - (36,931 ) - (36,931 ) (19) Net loss (201,210 ) (64,963 ) - (8,391 ) (16,513 ) (1,115 ) (1,242,728) (41,454 ) (1,460,451) (115,923) December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 Total assets $ 250,877 $ 121,941 $ 131,124 $ 114,707 $ 2,641 $ 909 $ 91,410 $ - $ 476,052 $ 237,557 |
Losses per Share
Losses per Share | 6 Months Ended |
Jun. 30, 2016 | |
Losses per Share [Abstract] | |
Losses per Share: | 17. Losses per Share: The Company calculates basic and diluted losses per share as follows: Six-month period ended June 30, 2015 2016 Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net loss attributable to DryShips Inc (1,499,480 ) - - (115,923 ) - - Less: Series C Convertible Preferred stock dividends - - - (56 ) - - Less: Allocation of undistributed earnings to non-vested stock (265 ) - - - - - Basic and diluted LPS Loss attributable to common stockholders $ (1,499,745 ) 26,593,240 $ (56.40 ) $ (115,979) 26,758,843 $ (4.33 ) On June 8, 2016, the Company, entered into a Securities Purchase Agreement with an institutional investor for the sale of 5,000 newly designated Series C Convertible Preferred Shares. The securities were issued to the investor through a registered direct offering. The total net proceeds from the offering, after deducting offering fees and expenses, were approximately $5,000. The Series C Convertible Preferred Stock accrues cumulative dividends on a monthly basis at an annual rate of 8%. Such accrued dividends are payable in shares of common stock or in cash at the Company's option, or in a combination of cash and common shares. For the six-month periods ended June 30, 2015 and 2016, and given that the Company incurred losses, the effect of including any potential common shares in the denominator of diluted per-share computations would have been anti-dilutive and therefore, basic and diluted losses per share are the same. |
Non-controlling Interests
Non-controlling Interests | 6 Months Ended |
Jun. 30, 2016 | |
Non-controlling Interests (Abstract) | |
Non-controlling Interests: | 18. Non-controlling Interests: The following table represents the changes in DryShips non-controlling interests: Six-month period ended June 30, 2015 2016 Balance at the beginning of the period $ 1,297,567 $ - Net income for the period 39,029 - Decrease in DryShips equity for reduction in subsidiary ownership 50,023 - Amortization of stock based compensation 841 - Dividends declared (20,525 ) - Other equity components 518 - Other comprehensive income 115 - Deconsolidation of Ocean Rig (1,367,568) Balance at the end of the period $ - $ - |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |
Income Taxes: | 19. Income Taxes: None of the countries of incorporation of the Company and its subsidiaries impose a tax on international shipping income earned by a "non-resident" corporation thereof. Under the laws of the Republic of the Marshall Islands, Malta and Norway, the countries in which the Company and the Drybulk and offshore support vessels owned by subsidiaries of the Company are registered, the Company's subsidiaries (and their vessels) are subject to registration fees and tonnage taxes, as applicable, which have been included in Vessels' operating expenses in the accompanying unaudited interim condensed consolidated statements of operations. The Republic of the Marshall Islands, Malta and Norway, the jurisdictions where the Company and its ship-owning subsidiaries are incorporated, each grants an "equivalent exemption" to United States corporations with respect to each type of shipping income earned by the Company's ship-owning subsidiaries. Therefore, the ship-owning subsidiaries will be exempt from United States federal income taxation with respect to U.S.-source shipping income if they satisfy the 50% Ownership Test. The Company believes that each of the Company's Republic of the Marshall Islands, Malta and Norway ship-owning subsidiaries will be entitled to exemption from U.S. federal income tax in respect of their U.S. source shipping income. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events | |
Subsequent Events: | 20. Subsequent Events: 20.1 On July 27, 2016, the Company received written notification from The Nasdaq Stock Market ("Nasdaq"), indicating that as the closing bid price of the Company's common stock for the last 30 consecutive business days, was below $1.00 per share, the Company no longer meets the minimum bid price requirement for continued listing on the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until January 23, 2017. The Company has determined to effect a 1-for-4 reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement, effective on or about August 15, 2016. 20.2 On July 27, 2016, the Company's $103.2 million secured term loan facility dated June 20, 2008, with a total outstanding balance of $18,250, became due and payable in full. 20.3 During July and August 2016 and up to August 7, 2016, 3,935 of the Company's Series C Convertible Preferred stock, were converted to 11,383,894 common shares, including the respective dividends. 20.4 Mr. Anthony Kandylidis, Executive Vice President has assumed the duties of interim Chief Financial Officer as of August 8, 2016. |
Significant Accounting Polici27
Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Recent Accounting pronouncements | Consolidation: Recent Accounting pronouncements In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"), which clarifies the implementation guidance on principal versus agent considerations. The Amendments in ASU 2016-8 affect the guidance in the ASU 2014-09, which is not yet effective. ASU 2016-08 is effective for fiscal years beginning after December 15, 2017, and interim reporting periods within those years. Early application is permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation - Improvements to Employee Share-Based Payment Accounting (Topic 718)" ("ASU 2016-09"), which involves several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new standard, all excess income tax benefits and deficiencies are to be recognized as income tax expense or benefit in the income statement and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity should also recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. Excess tax benefits should be classified along with other income tax cash flows as an operating activity. In regards to forfeitures, the entity may make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period, however early adoption is permitted. The Company is currently evaluating the provisions of this guidance and assessing its impact on its consolidated financial statements and notes disclosures. Other accounting pronouncements recently issued but not yet adopted include ASU 2016 - 01 “Financial Instruments - Overall”, ASU 2016 - 02 “Leases (Topic 842)”, ASU 2016 - 03 “Intangibles - Goodwill and other”, ASU 2016 - 07 “Investments - Equity method and Joint Ventures, ASU 2016 -10 “Revenue from contracts with customers” and ASU 2016 - 12 “Revenue from contracts with customers”. The Company is evaluating the above pronouncements. The adoption of these pronouncements is not expected to have a material impact on the Company's consolidated financial statements. |
Transactions with Related Par28
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | December 31, 2015 June 30, 2016 Balance Sheet Due from related parties $ 20,637 $ 14,359 Accrued liabilities 1,059 769 Due to related parties $ 21,828 $ 11,265 Six-month period ended June 30, Statement of Operations 2015 2016 Time charter & Service revenues - commission fees $ 7,366 $ 1,800 Voyage expenses (3,759 ) (199 ) General and administrative expenses (28,915 ) (13,475 ) Commissions for assets sold - (700 ) Interest and finance costs $ (816 ) $ (818 ) |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Assets [Abstract] | |
Other Current Assets | December 31, 2015 June 30, 2016 Inventories $ 3,531 $ 4,635 Insurance claims (Note 14) 941 1,080 Other 542 767 $ 5,014 $ 6,482 |
Vessels, net (Tables)
Vessels, net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Vessels, net [Abstract] | |
Vessels | Cost Accumulated Depreciation Net Book Value Balance, December 31, 2015 $ 97,100 $ (672) $ 96,428 Depreciation - (1,723 ) (1,723 ) Balance, June 30, 2016 $ 97,100 $ (2,395) $ 94,705 |
Assets and Liabilities Held for Sale | Total assets December 31, 2015 June 30, 2016 Cash and cash equivalents $ 12 $ - Restricted cash 4,920 - Accounts receivable trade, net 7 - Due from related parties - TMS Bulkers Ltd. (Note 4) 2,492 - Inventories 384 - Prepayments and advances 15 - Insurance claims 97 - Vessels held for sale 208,099 97,515 Total assets held for sale $ 216,026 $ 97,515 Total liabilities Bank debt $ 103,680 $ - Accounts payable 1 - Accrued liabilities 271 - Deferred revenues 414 - Total liabilities held for sale $ 104,366 $ - |
Acquisition of Nautilus Offsh31
Acquisition of Nautilus Offshore Services Inc. (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Purchase Price Allocation | Assets: Current assets $ 22,609 Vessels 97,100 Goodwill 7,002 Above-market acquired time charters 12,474 Other non-current assets 5,562 Total assets acquired 144,747 Liabilities: Total current liabilities 12,691 Total non-current liabilities 39,988 Total liabilities assumed 52,679 Fair value of non - controlling interests 1,500 Net assets acquired $ 90,568 Consideration paid 87,000 Working capital adjustment 3,568 Total consideration 90,568 |
Amortization Schedule | Amortization Schedule Balance Amortization and write off Remaining 2016 2017 Above-market acquired time charters $ 11,007 $ 7,795 $ 1,712 $ 1,500 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Non-Current Assets [Abstract] | |
Other Non-Current Assets | December 31, 2015 June 30, 2016 Security deposits for derivatives $ 727 $ - Total $ 727 $ - |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-term Debt [Abstract] | |
Long-term Debt | December 31, 2015 June 30, 2016 Secured Credit Facilities - Drybulk Segment 218,185 213,667 Less: Deferred financing costs (636 ) (152 ) Total debt 217,549 213,515 Less: Current portion (217,549 ) (213,515 ) Long-term portion $ - $ - |
Principal Payments | Due through June 30, 2017 $ 213,667 Total principal payments 213,667 Less: Deferred financing costs (152 ) Total debt $ 213,515 |
Financial Instruments and Fai34
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Fair Values of Derivative Instruments in the Consolidated Balance Sheets | Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2015 Fair value June 30, 2016 Fair value Balance Sheet Location December 31, 2015 Fair value June 30, 2016 Fair value Interest rate swaps Financial instruments-current assets $ - $ 67 Financial instruments-current liabilities $ 2,604 $ 486 Interest rate swaps Financial instruments-non-current assets 411 - Financial instruments-non-current liabilities - - Total derivatives $ 411 $ 67 Total derivatives $ 2,604 $ 486 |
Effect of Derivative Instruments on the Consolidated Statements of Operations | Amount of Loss Six-month period ended June 30, Derivatives not designated as hedging instruments Location of Loss Recognized 2015 2016 Interest rate swaps Loss on interest rate swaps $ (11,448 ) $ (709 ) Total $ (11,448 ) $ (709) |
Fair Value, Assets Measured on a Recurring and Non-Recurring Basis | June 30, 2016 Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Interest rate swaps - asset position $ 67 $ - $ 67 $ - Interest rate swaps - liability position (486 ) - (486 ) - Total $ (419 ) $ - $ (419 ) $ - Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Non-Recurring measurements: Vessels held for sale $ - $ 97,515 - Total $ - $ 97,515 $ - |
Common Stock and Additional P35
Common Stock and Additional Paid-in Capital (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Common Stock and Additional Paid-in Capital | |
Net Loss Attributable to Dryships Inc. and Transfers to the Non-controlling Interest | Six-month period ended June 30, 2015 2016 Net loss attributable to DryShips Inc. $ (1,499,480) $ (115,923 ) Transfers to the non-controlling interest: Decrease in DryShips Inc. equity for reduction in subsidiary ownership (49,275 ) - Net transfers to the non-controlling interest (49,275 ) - Net loss attributable to DryShips Inc. and transfers to the non-controlling interest $ (1,548,755) $ (115,923 ) |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity Incentive Plan [Abstract] | |
Non Vested Shares | Number of non-vested shares Weighted average grant date fair value per non-vested shares Balance December 31, 2015 192,001 $ 4.02 Granted - - Vested - - Balance June 30, 2016 192,001 $ 4.02 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | Six-month period ended June 30, 2015 2016 Interest incurred on long-term debt $ 140,738 $ 3,751 Interest, amortization of financing fees and other on loan from affiliates and related party 816 818 Amortization of financing fees 12,078 517 Discount on receivable from drilling contract 4,048 - Other 1,217 288 Capitalized interest (12,060 ) - Total $ 146,837 $ 5,374 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Information | |
Reporting Information by Segment | Drybulk Segment Offshore support Segment Tanker Segment Drilling Segment Total Six-month Six-month Six-month Six-month Six-month 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 Revenues from external customers $ 64,609 $ 15,223 $ - $ 9,769 $ 104,879 $ 45 $ 725,805 $ - $ 895,293 $ 25,037 Income tax expense - - - (19 ) - - (36,931 ) - (36,931 ) (19) Net loss (201,210 ) (64,963 ) - (8,391 ) (16,513 ) (1,115 ) (1,242,728) (41,454 ) (1,460,451) (115,923) December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 Total assets $ 250,877 $ 121,941 $ 131,124 $ 114,707 $ 2,641 $ 909 $ 91,410 $ - $ 476,052 $ 237,557 |
Losses per Share (Tables)
Losses per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Losses per Share [Abstract] | |
Losses per Share | Six-month period ended June 30, 2015 2016 Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net loss attributable to DryShips Inc (1,499,480 ) - - (115,923 ) - - Less: Series C Convertible Preferred stock dividends - - - (56 ) - - Less: Allocation of undistributed earnings to non-vested stock (265 ) - - - - - Basic and diluted LPS Loss attributable to common stockholders $ (1,499,745 ) 26,593,240 $ (56.40 ) $ (115,979) 26,758,843 $ (4.33 ) |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Non-controlling Interests (Abstract) | |
Non-controlling interests | Six-month period ended June 30, 2015 2016 Balance at the beginning of the period $ 1,297,567 $ - Net income for the period 39,029 - Decrease in DryShips equity for reduction in subsidiary ownership 50,023 - Amortization of stock based compensation 841 - Dividends declared (20,525 ) - Other equity components 518 - Other comprehensive income 115 - Deconsolidation of Ocean Rig (1,367,568) Balance at the end of the period $ - $ - |
Basis of Presentation and Gen41
Basis of Presentation and General Information (Details) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of Presentation and General Information | |
Stockholders' Equity, Reverse Stock Split | 25:1 reverse stock split |
Going Concern (Details)
Going Concern (Details) $ in Thousands | 5 Months Ended | 6 Months Ended | ||
Jun. 08, 2016USD ($)shares | Jun. 30, 2016USD ($)shares | Jun. 30, 2015USD ($) | Dec. 31, 2015shares | |
Loan agreements reclassified as current | $ | $ 213,667 | |||
Working capital deficit | $ | $ (101,512) | |||
Preferred shares | shares | 500,000,000 | 500,000,000 | ||
Common shares | shares | 1,000,000,000 | 1,000,000,000 | ||
Proceeds from the offering of preferred shares | $ | $ 4,941 | $ 0 | ||
Series C Convertible Preferred Stock | ||||
Preferred shares | shares | 10,000 | 0 | ||
Securities Purchase Agreement | ||||
Common shares | shares | 148,998 | |||
Proceeds from the offering of preferred shares | $ | $ 5,000 | |||
Securities Purchase Agreement | Warrants exercised | Maximum | ||||
Proceeds from warrants | $ | 5,000 | |||
Total proceeds | $ | $ 10,000 | |||
Securities Purchase Agreement | Series C Convertible Preferred Stock | ||||
Preferred shares | shares | 5,000 | |||
Securities Purchase Agreement | Series C Convertible Preferred Stock | Warrants | ||||
Preferred shares | shares | 5,000 | |||
Offshore Support Vessels | Nautilus | ||||
Number of vessels | 6 | |||
Sale Agreements | Bulkers and bulker owning entities | ||||
Number of vessels | 19 |
Transactions with Related Par43
Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Due from related parties | $ 14,359 | $ 20,637 |
Accrued liabilities | 7,148 | 4,955 |
Due to related parties | 11,265 | 21,828 |
Related parties | ||
Due from related parties | 14,359 | 20,637 |
Accrued liabilities | 769 | 1,059 |
Due to related parties | $ 11,265 | $ 21,828 |
Transactions with Related Par44
Transactions with Related Parties - Statement of Operations (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Voyage expenses | $ (3,998) | $ (48,605) |
General and administrative expenses | (18,023) | (74,807) |
Interest and finance costs | (818) | (816) |
Related parties | ||
Time charter & Service revenues - commission fees | 1,800 | 7,366 |
Voyage expenses | (199) | (3,759) |
General and administrative expenses | (13,475) | (28,915) |
Commissions for assets sold | (700) | 0 |
Interest and finance costs | $ (818) | $ (816) |
Transactions with Related Par45
Transactions with Related Parties - TMS Bulkers Ltd - TMS Tankers Ltd - TMS Offshore Services Ltd (Details) | 6 Months Ended | 7 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | 16 Months Ended | 36 Months Ended | |||||||||
Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Oct. 21, 2015 | Nov. 24, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2011USD ($) | Dec. 31, 2011EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) | Jan. 01, 2016 | Jan. 01, 2015 | Jan. 01, 2012 | |
Operating expenses | $ 27,513,000 | $ 317,373,000 | ||||||||||||||
Management Agreement | ||||||||||||||||
Management agreement term | 5 years | 5 years | ||||||||||||||
Contract termination or Change of Control | ||||||||||||||||
Management fee extra period | 3 months | 3 months | ||||||||||||||
Minimum | Change of control | ||||||||||||||||
Termination payment period of fees | 36 months | 36 months | ||||||||||||||
Maximum | Change of control | ||||||||||||||||
Termination payment period of fees | 48 months | 48 months | ||||||||||||||
TMS Bulkers Ltd. | ||||||||||||||||
Management fixed fee per vessel per day | $ 1,819 | € 1,639 | $ 1,766 | € 1,591 | $ 1,655 | € 1,500 | $ 1,715 | € 1,545 | ||||||||
Annual management fee adjustment applied | 3.00% | 3.00% | 3.00% | |||||||||||||
Construction supervisory fee | 10.00% | 10.00% | ||||||||||||||
Extra superintendents fee per day | $ 555 | € 500 | ||||||||||||||
TMS Bulkers Ltd. | Minimum | ||||||||||||||||
Annual management fee adjustment | 3.00% | 3.00% | ||||||||||||||
TMS Bulkers Ltd. | Maximum | ||||||||||||||||
Annual management fee adjustment | 5.00% | 5.00% | ||||||||||||||
TMS Tankers Ltd. | ||||||||||||||||
Management fixed fee per vessel per day | $ 2,002 | € 1,804 | $ 1,887 | € 1,700 | $ 1,943 | € 1,751 | ||||||||||
Annual management fee adjustment applied | 3.00% | 3.00% | ||||||||||||||
Construction supervisory fee | 10.00% | 10.00% | ||||||||||||||
Commissions on charter hire agreements | 1.25% | 1.25% | ||||||||||||||
Commission on purchase or sale price of vessels | 1.00% | 1.00% | ||||||||||||||
TMS Tankers Ltd. | Minimum | ||||||||||||||||
Annual management fee adjustment | 3.00% | 3.00% | ||||||||||||||
TMS Tankers Ltd. | Maximum | ||||||||||||||||
Annual management fee adjustment | 5.00% | 5.00% | ||||||||||||||
TMS Bulkers, TMS Tankers and TMS Offshore | ||||||||||||||||
Operating expenses | $ 6,792,000 | |||||||||||||||
TMS Offshore Services Ltd. | ||||||||||||||||
Management fixed fee per vessel per day | $ 1,178 | € 1,061 | ||||||||||||||
TMS Offshore Services Ltd. | Nautilus Offshore Services Inc. | ||||||||||||||||
Percentage of outstanding share capital acquired | 97.44% | 2.56% | ||||||||||||||
TMS Offshore Services Ltd. | Offshore Supply Vessels | ||||||||||||||||
Number of vessels acquired | 6 | 6 | 6 | 6 | ||||||||||||
TMS Offshore Services Ltd. | Minimum | ||||||||||||||||
Annual management fee adjustment | 3.00% | 3.00% | 3.00% | 3.00% | ||||||||||||
TMS Offshore Services Ltd. | Maximum | ||||||||||||||||
Annual management fee adjustment | 5.00% | 5.00% | 5.00% | 5.00% |
Transactions with Related Par46
Transactions with Related Parties - Cardiff Drilling, Economou and Other (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | 42 Months Ended | ||||
Apr. 05, 2016 | Mar. 30, 2016 | Mar. 24, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 30, 2015 | Jun. 30, 2016 | Mar. 30, 2015 | |
Debt Conversion, Amount | $ 8,750 | |||||||
Debt Conversion, Shares Issued | 3,500,000 | |||||||
Stockholders' Equity, Reverse Stock Split | 25:1 reverse stock split | |||||||
Repayments Of Debt | $ 66,128 | $ 173,214 | ||||||
Preferred Stock Exchange Agreement | ||||||||
Value of shares exchanged | $ 8,750 | |||||||
Preferred Stock Exchange Agreement | Series B Convertible Preferred Stock | ||||||||
Number of shares exchanged | 4,000,000 | |||||||
Secured Credit Facility at February 14, 2012 | ||||||||
Cash prepayment | $ 15,000 | |||||||
Repayments Of Debt | $ 12,060 | |||||||
Revolving Credit Facility | ||||||||
Repayments Of Debt | $ 45,000 | |||||||
Suezmax tankers | ||||||||
Number of vessels | 4 | 4 | ||||||
Vessels total sale price | $ 245,000 | |||||||
Aframax tankers | ||||||||
Number of vessels | 6 | 6 | ||||||
Vessels total sale price | $ 291,000 | |||||||
Rangiroa, Negonego and Fakarava | ||||||||
Number of vessels | 3 | 3 | ||||||
Vessels total sale price | $ 70,000 | |||||||
Debt assumed | $ 102,070 | |||||||
Disposal Date | Mar. 31, 2016 | |||||||
Chairman, President and Chief Executive Officer | Revolving Credit Facility | ||||||||
Debt Conversion, Amount | $ 10,000 | |||||||
Debt Conversion, Shares Issued | 4,000,000 | |||||||
Chairman, President and Chief Executive Officer | Upon Conversion of Shares | ||||||||
Percentage Of Shareholder | 16.60% | 16.60% | ||||||
Sifnos Shareholders | Revolving Credit Facility | ||||||||
Debt Conversion, Amount | $ 10,000 | |||||||
Preferred Stock, Voting Rights | 5 votes | |||||||
Preferred Stock, Conversion Basis | On a one to one basis within three months | |||||||
Stockholders' Equity, Reverse Stock Split | reverse stock split ratio of 25 to 1 | |||||||
Sifnos Shareholders | Revolving Credit Facility | Series B Convertible Preferred Stock | ||||||||
Debt Conversion, Shares Issued | 4,000,000 | |||||||
Global Services Agreement between Ocean Rig and Cardiff Drilling | Cardiff Drilling Inc. | Ocean Rig UDW Inc. | ||||||||
Commissions in connection with employment arrangements | 1.00% | |||||||
Commission on purchase or sale price of vessels | 0.75% | |||||||
Consultancy agreement terms in year | 5 years | |||||||
Ten Memoranda of Agreement | Suezmax tankers | ||||||||
Number of vessels | 4 | 4 | ||||||
Ten Memoranda of Agreement | Aframax tankers | ||||||||
Number of vessels | 6 | 6 | ||||||
Sales Agreements | ||||||||
Number of vessel owning companies | 14 | 14 | ||||||
Sales Agreements | Capesize | ||||||||
Number of vessels | 10 | 10 | ||||||
Sales Agreements | Panamax carriers | ||||||||
Number of vessels | 4 | 4 | ||||||
Sales Agreements | Capesize bulk carriers | ||||||||
Number of vessels | 3 | 3 |
Transactions with Related Par47
Transactions with Related Parties - Fabiana Services S.A. and Azara Services S.A. (Details) | 41 Months Ended | 42 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Fabiana Services S.A. | Consultancy Agreement commencing on February 3, 2013 | ||
Related Party Transaction [Line Items] | ||
Consultancy agreement terms in year | 5 years | |
Azara Services S.A. | Consultancy Agreement CEO Services January 2013 | Ocean Rig UDW Inc. | ||
Related Party Transaction [Line Items] | ||
Consultancy agreement terms in year | 5 years |
Transactions with Related Par48
Transactions with Related Parties - Basset, Steel Wheel, Cardiff Tankers, Vivid, GSA (Details) - shares | 6 Months Ended | 18 Months Ended | 28 Months Ended | 42 Months Ended | 48 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2012 | Jun. 30, 2016 | Jun. 30, 2016 | |
Basset Holding Inc. | Consultancy Agreement Effective 1 January 2015 between Company and Basset Holdings | |||||
Consultancy agreement terms in year | 5 years | ||||
Basset Holding Inc. | Consultancy Agreement Effective 1 January 2015 between Company and Basset Holdings | Renewal | |||||
Consultancy agreement terms in year | 1 year | ||||
Basset Holding Inc. | Consultancy Agreement Effective 1 June 2012 between wholly owned Subsidiary of Ocean Rig and Basset | |||||
Consultancy agreement terms in year | 5 years | ||||
Basset Holding Inc. | Consultancy Agreement Effective 1 June 2012 between wholly owned Subsidiary of Ocean Rig and Basset | Renewal | |||||
Consultancy agreement terms in year | 1 year | ||||
Basset Holding Inc. | Consultancy Agreement Effective 1 June 2012 between wholly owned Subsidiary of Ocean Rig and Basset | Ocean Rig UDW Inc. | |||||
Ownership in Ocean Rig | 114,286 | ||||
Steel Wheel Investments | Ocean Rig UDW Inc. | |||||
Ownership in Ocean Rig | 1,570,226 | ||||
Cardiff Tankers Inc. | |||||
Chartering commission | 1.25% | ||||
Vivid Finance Limited | Consultancy Agreement Effective 1 September 2010 between Company and Vivid Finance Limited | |||||
Commission in connection to financing related services | 0.20% | ||||
Consultancy agreement terms in year | 5 years | ||||
Vivid Finance Limited | Consultancy Agreement Effective 1 January 2013 between Company and Vivid | |||||
Commission in connection to financing related services | 0.20% | ||||
Vivid Finance Limited | Consultancy Agreement Effective 1 January 2013 between Ocean Management Inc. and Vivid | |||||
Commission in connection to financing related services | 0.20% | ||||
Consultancy agreement terms in year | 5 years |
Transactions with Related Par49
Transactions with Related Parties - Ocean Rig (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | |||
Feb. 24, 2015 | Apr. 05, 2016 | May 06, 2015 | Jun. 04, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Aug. 13, 2015 | Apr. 04, 2016 | Nov. 18, 2014 | |
Variable rate basis | LIBOR | ||||||||
Cash consideration from sale | $ 49,911 | $ 0 | |||||||
Ocean Rig UDW Inc. | |||||||||
Share price per dividend paid | $ 0.19 | $ 0.19 | |||||||
Date of dividend record | Mar. 10, 2015 | May 22, 2015 | |||||||
Date of dividend payment | Mar. 31, 2015 | May 31, 2015 | |||||||
Ocean Rig | |||||||||
Cash consideration from sale | $ 49,911 | ||||||||
Ownership interest in Ocean Rig | 0.00% | 40.40% | |||||||
Ocean Rig | Offshore support vessels Crescendo and Jubilee | |||||||||
Time charter agreements duration | 60 days | ||||||||
Ocean Rig | Loan from Affilliate | |||||||||
Unsecured debt | $ 120,000 | ||||||||
Variable rate basis | LIBOR | ||||||||
Maturity Date Of Loan | May 2,016 | ||||||||
Ocean Rig | $120,000 unsecured facility | Loan from Affilliate | |||||||||
Debt facility amount exchanged | $ 40,000 | ||||||||
Ownership in Ocean Rig | 4,444,444 | ||||||||
Number of Ocean Rig shares pledged as security | 20,555,556 | ||||||||
Ocean Rig | $120,000 Exchangeable Promissory Note | Loan from Affilliate | |||||||||
Debt facility amount exchanged | $ 80,000 | ||||||||
Ownership in Ocean Rig | 17,777,778 | ||||||||
Release of shares pledged as collateral | 2,777,778 |
Transactions with Related Par50
Transactions with Related Parties - Sifnos Shareholders Inc. (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Apr. 05, 2016 | Mar. 29, 2016 | Mar. 24, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Oct. 21, 2015 | Dec. 30, 2015 | Dec. 22, 2015 | Dec. 31, 2015 | |
Amount converted | $ 8,750 | ||||||||
Number of preferred shares converted | 3,500,000 | ||||||||
Cash consideration from sale | $ 49,911 | $ 0 | |||||||
Amount used for repayment of debt | 66,128 | $ 173,214 | |||||||
Deferred finance costs | $ 152 | $ 636 | |||||||
Variable rate basis | LIBOR | ||||||||
Ocean Rig | |||||||||
Cash consideration from sale | $ 49,911 | ||||||||
Preferred Stock Exchange Agreement | |||||||||
Stock Shares Exchanged Value | $ 8,750 | ||||||||
Series B Preferred Stock | Preferred Stock Exchange Agreement | |||||||||
Stock Shares Exchanged | 4,000,000 | ||||||||
Revolving Credit Facility | |||||||||
Principal amount | $ 70,000 | ||||||||
Amount drawn down | $ 28,000 | ||||||||
Amount of increase of maximum borrowing capacity | $ 10,000 | ||||||||
Amount used for repayment of debt | $ 45,000 | ||||||||
Interest rate | 4.00% | ||||||||
Variable rate basis | LIBOR | ||||||||
Revolving Credit Facility | Maximum | |||||||||
Loan To Value Ratio | 40.00% | ||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | |||||||||
Principal amount | $ 60,000 | ||||||||
Loan's tenor | 3 years | ||||||||
Amount converted | $ 10,000 | ||||||||
First priority mortage | One Panamax dry-bulk carrier | ||||||||
Amount drawn down | $ 20,000 | $ 10,000 | |||||||
Preferred Stock, Voting Rights | 5 votes | ||||||||
Preferred Stock converted into Common Stock, Conversion Basis | On a one to one basis within three months | ||||||||
Line of credit facility amount outstanding | $ 11,750 | ||||||||
Deferred finance costs | $ 499 | ||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Series B Preferred Stock | |||||||||
Number of preferred shares converted | 4,000,000 |
Other Current Assets (Table) (D
Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Inventories | $ 4,635 | $ 3,531 |
Insurance claims (Note 14) | 1,080 | 941 |
Other | 767 | 542 |
Other current assets | $ 6,482 | $ 5,014 |
Vessels, net (Table) (Details)
Vessels, net (Table) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Balance, at the beginning of period | $ 96,428 |
Balance, at the end of period | 94,705 |
Cost | Vessels | |
Balance, at the beginning of period | 97,100 |
Balance, at the end of period | 97,100 |
Accumulated Depreciation | Vessels | |
Balance, at the beginning of period | (672) |
Depreciation | (1,723) |
Balance, at the end of period | (2,395) |
Net Book Value | Vessels | |
Balance, at the beginning of period | 96,428 |
Depreciation | (1,723) |
Balance, at the end of period | $ 94,705 |
Vessels, net - Assets and Liabi
Vessels, net - Assets and Liabilities Held for Sale (Tables) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | $ 0 | $ 0 | $ 11,554 | $ 566,242 |
Restricted cash | 6,173 | 15,026 | ||
Accounts receivable trade, net | 6,944 | 10,059 | ||
Due from related parties (Note 4) | 14,359 | 20,637 | ||
Inventories | 4,635 | 3,531 | ||
Prepayments and advances | 1,098 | 2,305 | ||
Insurance claims | 1,080 | 941 | ||
Total assets held for sale | 97,515 | 216,026 | ||
Bank debt | 213,515 | 217,549 | ||
Accounts payable | 1,269 | 2,613 | ||
Accrued liabilities | 7,148 | 4,955 | ||
Deferred revenues | 467 | 725 | ||
Total liabilities held for sale | 0 | 104,366 | ||
Assets held for sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | 0 | 12 | ||
Restricted cash | 0 | 4,920 | ||
Accounts receivable trade, net | 0 | 7 | ||
Inventories | 0 | 384 | ||
Prepayments and advances | 0 | 15 | ||
Insurance claims | 0 | 97 | ||
Vessels held for sale | 97,515 | 208,099 | ||
Total assets held for sale | 97,515 | 216,026 | ||
Assets held for sale | TMS Bulkers Ltd. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Due from related parties (Note 4) | 0 | 2,492 | ||
Liabilities held for sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Bank debt | 0 | 103,680 | ||
Accounts payable | 0 | 1 | ||
Accrued liabilities | 0 | 271 | ||
Deferred revenues | 0 | 414 | ||
Total liabilities held for sale | $ 0 | $ 104,366 |
Vessels, net - Additional infor
Vessels, net - Additional information (Details) $ in Thousands | 4 Months Ended | 6 Months Ended | |||||||||
May 06, 2015USD ($) | Jun. 30, 2016USD ($) | Jul. 08, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 30, 2016USD ($) | Mar. 24, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 02, 2015USD ($) | Sep. 09, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 30, 2015USD ($) | |
Proceeds from sale of vessels - Upfront 20% receipt | $ (12,760) | $ 49,000 | |||||||||
Carrying amount | 94,705 | $ 96,428 | |||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (40,784) | $ (140,568) | |||||||||
Assets held for sale | |||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (18,266) | ||||||||||
Secured Credit Facility at February 14, 2012 | |||||||||||
Cash prepayment | $ 15,000 | ||||||||||
Sales Agreements as of September 9, 2015 | |||||||||||
Number Of Vessel Owning Companies | 14 | ||||||||||
Vilamoura, Lipari, Petalidi and Bordeira | |||||||||||
Number of vessels | 4 | ||||||||||
Vessels total sale price | $ 245,000 | ||||||||||
Vilamoura, Lipari, Petalidi and Bordeira | Ten Memoranda of Agreement as of April 30, 2015 | |||||||||||
Number of vessels | 4 | ||||||||||
Proceeds from sale of vessels - Upfront 20% receipt | $ 49,000 | ||||||||||
Belmar, Calida, Alicante, Mareta, Saga and Daytona | |||||||||||
Number of vessels | 6 | ||||||||||
Vessels total sale price | $ 291,000 | ||||||||||
Belmar, Calida, Alicante, Mareta, Saga and Daytona | Ten Memoranda of Agreement as of April 30, 2015 | |||||||||||
Number of vessels | 6 | ||||||||||
Proceeds from sale of vessels - Upfront 20% receipt | $ 58,200 | ||||||||||
Vilamoura, Lipari, Petalidi, Bordeira, Belmar, Calida, Alicante, Mareta, Saga and Daytona | |||||||||||
Number of vessels | 10 | ||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (56,631) | ||||||||||
Vilamoura, Lipari, Petalidi, Bordeira, Belmar, Calida, Alicante, Mareta, Saga and Daytona | Ten Memoranda of Agreement as of April 30, 2015 | |||||||||||
Number of vessels | 10 | ||||||||||
Vessels total sale price | $ 536,000 | ||||||||||
Petalidi Suezmax tanker | |||||||||||
Disposal Date | Jul. 16, 2015 | ||||||||||
Bordeira Suezmax tanker | |||||||||||
Disposal Date | Jul. 21, 2015 | ||||||||||
Lipari Suezmax tanker | |||||||||||
Disposal Date | Jul. 24, 2015 | ||||||||||
Belmar Aframax tanker | |||||||||||
Disposal Date | Jul. 27, 2015 | ||||||||||
Saga Aframax tanker | |||||||||||
Disposal Date | Aug. 6, 2015 | ||||||||||
Mareta Aframax tanker | |||||||||||
Disposal Date | Aug. 7, 2015 | ||||||||||
Vilamoura Suezmax tanker | |||||||||||
Disposal Date | Aug. 19, 2015 | ||||||||||
Calida Aframax tanker | |||||||||||
Disposal Date | Aug. 25, 2015 | ||||||||||
Daytona Aframax tanker | |||||||||||
Disposal Date | Sep. 10, 2015 | ||||||||||
Alicante Tanker | |||||||||||
Disposal Date | Oct. 29, 2015 | ||||||||||
Capesize | Sales Agreements as of September 9, 2015 | |||||||||||
Number of vessels | 10 | ||||||||||
Panamax carriers | Sales Agreements as of September 9, 2015 | |||||||||||
Number of vessels | 4 | ||||||||||
Capesize bulk carriers | Sales Agreements as of September 9, 2015 | |||||||||||
Number of vessels | 3 | ||||||||||
10 Capesize bulk carriers, 4 Panamax bulk carriers and 3 Capesize bulk carriers | |||||||||||
Vessels total sale price | $ 377,000 | ||||||||||
Line Of Credit | $ 236,716 | ||||||||||
Mystic Capesize bulk carrier | |||||||||||
Disposal Date | Sep. 17, 2015 | ||||||||||
Raiatea, Robusto, Cohiba, Montecristo, Flecha, Partagas, Woolloomooloo, Saldanha, Topeka and Helena | |||||||||||
Number of vessels | 10 | ||||||||||
Disposal Date | Oct. 13, 2015 | ||||||||||
Capri Capesize bulk carrier | |||||||||||
Disposal Date | Sep. 22, 2015 | ||||||||||
Manasota Capesize bulk carrier | |||||||||||
Disposal Date | Oct. 1, 2015 | ||||||||||
Alameda Capesize bulk carrier | |||||||||||
Disposal Date | Dec. 11, 2015 | ||||||||||
Rangiroa, Negonego and Fakarava | |||||||||||
Number of vessels | 3 | ||||||||||
Disposal Date | Mar. 31, 2016 | ||||||||||
Vessels total sale price | $ 70,000 | ||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (23,018) | ||||||||||
Debt assumed | $ 102,070 | ||||||||||
One Vessel | |||||||||||
Carrying amount | 95,937 | ||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (83,937) | ||||||||||
Byron and Galveston Supramax Vessels | |||||||||||
Vessels total sale price | $ 12,300 | ||||||||||
Byron Supramax Vessel | |||||||||||
Disposal Date | Nov. 25, 2015 | ||||||||||
Galveston Supramax Vessel | |||||||||||
Disposal Date | Nov. 30, 2015 |
Acquisition Of Nautilus Offsh55
Acquisition Of Nautilus Offshore Services Inc. - Purchase Price Allocation Schedule (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2016 | |
Assets: | ||
Current assets | $ 22,609 | |
Vessels | 97,100 | |
Goodwill | 7,002 | $ 7,002 |
Above-market acquired time charters | 12,474 | |
Other non-current assets | 5,562 | |
Total assets acquired | 144,747 | |
Liabilities: | ||
Total current liabilities | 12,691 | |
Total non-current liabilities | 39,988 | |
Total liabilities assumed | 52,679 | |
Fair value of non-controlling interests | 1,500 | |
Net assets acquired | 90,568 | |
Consideration paid | 87,000 | |
Working capital adjustment | 3,568 | |
Total consideration | $ 90,568 |
Acquisition of Nautilus Offsh56
Acquisition of Nautilus Offshore Services Inc. - Amortization Schedule (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Above-market acquired time charters | $ 3,212 | $ 11,007 |
Amortization and write off as of June 30, 2016 | 7,795 | |
Remaining 2,016 | 1,712 | |
2,017 | $ 1,500 |
Acquisition Of Nautilus Offsh57
Acquisition Of Nautilus Offshore Services Inc. (Details) $ in Thousands | 6 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jun. 30, 2016USD ($) | Oct. 21, 2015USD ($) | Nov. 24, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015 | |
Carrying amount of vessels | $ 94,705 | $ 96,428 | ||||
Number of time charter | 7 | |||||
Write off of time charter | $ 7,795 | |||||
Nautilus | Offshore Supply Vessels | ||||||
Number of vessels | 6 | |||||
Nautilus | Oil Spill Recovery Vessels | ||||||
Number of vessels | 4 | |||||
Nautilus | Platform Supply Vessels | ||||||
Number of vessels | 2 | |||||
Nautilus | ||||||
Acquisition Net Debt Assumed | $ 33,000 | |||||
Amortization method of time-chartered contracts | straight-line | |||||
Nautilus | Forecasted results | ||||||
Number of time charter | 3 | |||||
Write off of time charter | $ 6,102 | |||||
Nautilus | Vessels | ||||||
Carrying amount of vessels | 99,370 | |||||
Fair value adjustment | $ 2,270 | |||||
Nautilus | Mezzanine and Oil And Gas | ||||||
Ownership percentage to Nautilus | 97.44% | |||||
VRG AS | Mezzanine | ||||||
Ownership percentage to Nautilus | 2.56% |
Other Non-Current Assets (Tab58
Other Non-Current Assets (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
OTHER NON-CURRENT ASSETS: | ||
Security deposits for derivatives | $ 0 | $ 727 |
Total | $ 0 | $ 727 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Security deposits for derivatives | $ 0 | $ 727 |
Belmar, Calida, Lipari and Petalidi vessels | ||
Security deposits for derivatives | $ 727 |
Investment in Affiliates (Detai
Investment in Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 05, 2016 | Jun. 08, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Apr. 04, 2016 | Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Loss due to deconsolidation | $ 0 | $ (1,347,106) | |||||
Carrying value of the investment | 0 | $ 91,410 | |||||
Equity in net losses of affiliated company | 41,454 | (8,851) | |||||
Cash consideration from sale | 49,911 | $ 0 | |||||
Ocean Rig | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Loss due to deconsolidation | $ (1,347,106) | ||||||
Ownership interest in Ocean Rig | 0.00% | 40.40% | |||||
Carrying value of the investment | 401,878 | $ 208,176 | |||||
Market value of the investment | 91,410 | $ 45,985 | |||||
Equity in net losses of affiliated company | $ 41,454 | ||||||
Loss recognized due to impairment | $ 162,191 | $ 310,468 | |||||
Cash consideration from sale | 49,911 | ||||||
Gain on sale | 792 | ||||||
Ocean Rig | Other comprehensive income | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale | $ 343 |
Long-term Debt (Table) (Details
Long-term Debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Less: Deferred financing costs | $ (152) | $ (636) |
Total debt | 213,515 | 217,549 |
Less: Current portion | (213,515) | (217,549) |
Long-term portion | 0 | 0 |
Secured Credit Facilities | Drybulk Segment | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 213,667 | $ 218,185 |
Long-term Debt - Principal Paym
Long-term Debt - Principal Payments (Tables) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Long-term Debt, by Maturity [Abstract] | ||
Due through June 30, 2017 | $ 213,667 | |
Total principal payments | 213,667 | |
Less: Deferred financing costs | (152) | $ (636) |
Total debt | $ 213,515 | $ 217,549 |
Long-term Debt - Term Bank Loan
Long-term Debt - Term Bank Loans and Credit Facilities (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 24, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Aggregate available unused amount | $ 58,250 | $ 30,000 | ||
Variable rate basis | LIBOR | |||
Loan agreements reclassified as current | $ 213,667 | |||
Weighted Average Interest Rate | 3.41% | 5.95% | ||
Interest expense and debt amortization cost | $ 4,976 | $ 153,632 | ||
Rangiroa, Negonego and Fakarava | ||||
Debt Instrument [Line Items] | ||||
Debt assumed | $ 102,070 |
Long-Term Debt - Covenant Descr
Long-Term Debt - Covenant Description and Compliance (Details) - Ocean Rig UDW Inc. | 6 Months Ended |
Jun. 30, 2016 | |
Debt instrument covenant compliance | As of June 30, 2016, the Company was in breach of certain financial covenants while five bank facilities have matured and the Company has not made the final balloon installments nor any other payments to date. Accordingly, the respective lenders have declared an event of default. For the remaining bank facilities, the Company has elected to suspend principal repayments and interest payments. These events of default may result in the lenders requiring immediate repayment of the loans. As a result of this and of the cross default provisions contained in all of the Company's bank loan agreements, and in accordance with guidance related to the classification of obligations that are callable by the creditor, the Company has classified all of the amounts outstanding under its bank loans that were in breach as of June 30, 2016, amounting to $213,667, as current at June 30, 2016. |
Debt instrument covenant description | The loans contain covenants that restrict, without the bank's prior consent, changes in management and ownership of the vessels, the incurrence of additional indebtedness and mortgages of vessels and changes in the general nature of the Company's business. The loans also contain certain financial covenants relating to the Company's financial position, operating performance and liquidity, including maintaining working capital above a certain level. The Company's secured credit facilities impose operating and negative covenants on the Company and its subsidiaries. These covenants may limit DryShips' subsidiaries' ability to, among other things, without the relevant lenders' prior consent (i) incur additional indebtedness, (ii) change the flag, class or management of the vessel mortgaged under such facility, (iii) create or permit to exist liens on their assets, (iv) make loans, (v) make investments or capital expenditures, and (vi) undergo a change in ownership or control. |
Financial Instruments and Fai65
Financial Instruments and Fair Value Measurements - Consolidated Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps, assets | $ 0 | $ 411 |
Interest rate swaps, liabilities | 0 | 2,604 |
Total derivatives assets | 67 | 411 |
Total derivatives liabilities | 486 | 2,604 |
Financial instruments - current assets | ||
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps, assets | 67 | 0 |
Financial instruments - non-current assets | ||
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps, assets | 0 | 411 |
Financial instruments - current liabilities | ||
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps, liabilities | 486 | 2,604 |
Financial instruments - non-current liabilities | ||
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps, liabilities | $ 0 | $ 0 |
Financial Instruments and Fai66
Financial Instruments and Fair Value Measurements - Derivatives not Designated as Hedging Instruments (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps | $ (709) | $ (11,448) |
Not Designated as Hedging Instrument | ||
Derivative Not Designated as Hedging Instruments | ||
Total | (709) | (11,448) |
Loss on interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps | $ (709) | $ (11,448) |
Financial Instruments and Fai67
Financial Instruments and Fair Value Measurements - Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Recurring measurements: | ||
Interest rate swaps - asset position | $ 67 | $ 411 |
Interest rate swaps - liability position | (486) | $ (2,604) |
Recurring measurements | ||
Recurring measurements: | ||
Interest rate swaps - asset position | 67 | |
Interest rate swaps - liability position | (486) | |
Total | (419) | |
Recurring measurements | Significant Other Observable Inputs (Level 2) | ||
Recurring measurements: | ||
Interest rate swaps - asset position | 67 | |
Interest rate swaps - liability position | (486) | |
Total | $ (419) |
Financial Instruments and Fai68
Financial Instruments and Fair Value Measurements - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Non-Recurring measurements: | ||
Vessels held for sale | $ 97,515 | $ 216,026 |
Non-Recurring measurements | Significant Other Observable Inputs (Level 2) | ||
Non-Recurring measurements: | ||
Vessels held for sale | 97,515 | |
Total | $ 97,515 |
Financial Instruments And Fai69
Financial Instruments And Fair Value Measurements - Interest Rate Swaps (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Interest Rate Derivatives [Abstract] | ||
Number of interest rate swaps agreements | 7 | |
Notional amount of derivative asset | $ 176,882 | |
Reclassification of losses on previously designated cash flow hedges associated with capitalized interest to Depreciation and amortization | (110) | $ (258) |
Cash flow hedge realized | ||
Interest Rate Derivatives [Abstract] | ||
Reclassification of losses on previously designated cash flow hedges associated with capitalized interest to Depreciation and amortization | $ (110) | $ (258) |
Financial Instruments and Fai70
Financial Instruments and Fair Value Measurements - Additional Information (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Vessels, net | $ 94,705 | $ 96,428 | |
Impairment loss and loss from sale of vessels and vessel owning companies | (40,784) | $ (140,568) | |
Assets held for sale | |||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (18,266) | ||
One Vessel | |||
Vessels, net | 95,937 | ||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (83,937) | ||
Tankers | |||
Number of vessels | 10 | ||
Vessels Held For Sale Including Impairment | $ 587,271 | ||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (56,631) | ||
Rangiroa, Negonego and Fakarava | |||
Number of vessels | 3 | ||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (23,018) |
Common Stock and Additional P71
Common Stock and Additional Paid-in Capital - Net loss Attributable to DryShips and Transfers to the Non-controlling Interest (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net Loss Attributable To DryShips Inc And Transfers To Noncontrolling Interest [Abstract] | ||
Net loss attributable to DryShips Inc. | $ (115,923) | $ (1,499,480) |
Transfers to the non-controlling interest: | ||
Decrease in Dryships Inc. equity for reduction in subsidiary ownership | 0 | (49,275) |
Net transfers to the non-controlling interest | 0 | (49,275) |
Net loss attributable to DryShips Inc. and transfers to the non-controlling interest | $ (115,923) | $ (1,548,755) |
Common Stock and Additional P72
Common Stock and Additional Paid-in Capital - Issuance of common shares (Details) - USD ($) $ in Thousands | Jul. 06, 2016 | Aug. 07, 2016 | Aug. 03, 2016 | Jun. 08, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Preferred shares | 500,000,000 | 500,000,000 | |||||
Common shares | 1,000,000,000 | 1,000,000,000 | |||||
Proceeds from the offering of preferred shares | $ 4,941 | $ 0 | |||||
Number of shares issued | 1,335,537 | ||||||
Subsequent Event | |||||||
Number of shares issued | 11,383,894 | ||||||
Common stock issued as dividend | 33,724 | 8,022 | |||||
Series C Convertible Preferred Stock | |||||||
Preferred shares | 10,000 | 0 | |||||
Preferred shares annual rate | 8.00% | ||||||
Amount converted | $ 700 | ||||||
Dividends on preferred stock converted | $ 56 | ||||||
Securities Purchase Agreement | |||||||
Common shares | 148,998 | ||||||
Proceeds from the offering of preferred shares | $ 5,000 | ||||||
Securities Purchase Agreement | Warrants exercised | Maximum | |||||||
Proceeds from warrants | 5,000 | ||||||
Total proceeds | $ 10,000 | ||||||
Securities Purchase Agreement | Series C Convertible Preferred Stock | |||||||
Preferred shares | 5,000 | ||||||
Securities Purchase Agreement | Series C Convertible Preferred Stock | Warrants | |||||||
Preferred shares | 5,000 |
Equity Incentive Plan - Non-ves
Equity Incentive Plan - Non-vested shares (Table) (Details) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Number of non-vested shares | |
Number of non vested shares | |
Balance | shares | 192,001 |
Granted | shares | 0 |
Vested | shares | 0 |
Balance | shares | 192,001 |
Weighted average grant date fair value per non-vested shares | |
Weighted average grant date fair value per non vested shares | |
Balance | $ / shares | $ 4.02 |
Granted | $ / shares | 0 |
Vested | $ / shares | 0 |
Balance | $ / shares | $ 4.02 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Unrecognized compensation cost related to non-vested share arrangements granted | $ 4,218 | $ 5,999 | |
Weighted average period of recognition for unrecognised compensation cost | 3 years | ||
Allocated Share-based Compensation Expense | $ 1,781 | $ 3,328 | |
Total fair value of shares vested | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Charter Revenue (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Unbilled Receivables, Not Billable at Balance Sheet Date [Abstract] | |
Twelve months ending June 30, 2017 | $ 21,451 |
Twelve months ending June 30, 2018 | $ 49 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Loss Contingencies [Line Items] | ||
Number Of Charter Agreements | 7 | |
Loss on contract cancellation | $ 0 | $ 28,241 |
Increase/ (Decrease) in contract receivables, net | (35,000) | |
Cash received under charter agreement | 5,000 | |
Allowance for doubtful accounts receivable, write-offs | 16,471 | |
Receivables Amortization Amount | 6,759 | |
Sale Of Vessel | ||
Loss Contingencies [Line Items] | ||
Sales Discounts Vessels | 5,000 | |
Termination Of Contract | ||
Loss Contingencies [Line Items] | ||
Loss on contract cancellation | $ 5,000 | |
Minimum | ||
Loss Contingencies [Line Items] | ||
Time Charter Agreement Duration | 4 years |
Interest and Finance Costs (T77
Interest and Finance Costs (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and Finance Costs [Abstract] | ||
Interest incurred on long-term debt | $ 3,751 | $ 140,738 |
Interest, amortization of financing fees and other on loan from affiliates and related party | 818 | 816 |
Amortization of financing fees | 517 | 12,078 |
Discount on receivable from drilling contract | 0 | 4,048 |
Other | 288 | 1,217 |
Capitalized interest | 0 | (12,060) |
Total | $ 5,374 | $ 146,837 |
Segment Information (Table) (De
Segment Information (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Voyage revenues, net | $ 25,037 | $ 169,488 | |
Service revenues, net | 0 | 725,805 | |
Revenues | 25,037 | 895,293 | |
Income tax expense | (19) | (36,931) | |
Net loss | (115,923) | (1,460,451) | |
Total assets | 237,557 | $ 476,052 | |
Drybulk Segment | |||
Voyage revenues, net | 15,223 | 64,609 | |
Net loss | (64,963) | (201,210) | |
Total assets | 121,941 | 250,877 | |
Offshore Support Segment | |||
Voyage revenues, net | 9,769 | ||
Income tax expense | (19) | ||
Net loss | (8,391) | ||
Total assets | 114,707 | 131,124 | |
Tanker Segment | |||
Voyage revenues, net | 45 | 104,879 | |
Net loss | (1,115) | (16,513) | |
Total assets | 909 | 2,641 | |
Drilling Segment | |||
Service revenues, net | 725,805 | ||
Income tax expense | (36,931) | ||
Net loss | $ (41,454) | $ (1,242,728) | |
Total assets | $ 91,410 |
Losses per share (Table) (Detai
Losses per share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings per Share Reconciliation [Abstract] | ||
Net loss attributable to DryShips Inc | $ (115,923) | $ (1,499,480) |
Less: Series C Convertible Preferred stock dividends | (56) | 0 |
Less: Allocation of undistributed earnings to non-vested stock | 0 | (265) |
Basic and diluted LPS | ||
Loss attributable to common stockholders | $ (115,979) | $ (1,499,745) |
Weighted-average number of outstanding shares (denominator) | 26,758,843 | 26,593,240 |
Amount per share | $ (4.33) | $ (56.4) |
Losses Per Share (Details)
Losses Per Share (Details) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended | ||
Jun. 08, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Preferred shares | 500,000,000 | 500,000,000 | ||
Proceeds from the offering of preferred shares | $ 4,941 | $ 0 | ||
Series C Convertible Preferred Stock | ||||
Preferred shares | 10,000 | 0 | ||
Preferred shares annual rate | 8.00% | |||
Securities Purchase Agreement | ||||
Proceeds from the offering of preferred shares | $ 5,000 | |||
Securities Purchase Agreement | Series C Convertible Preferred Stock | ||||
Preferred shares | 5,000 |
Non-controlling Interests (Ta81
Non-controlling Interests (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Non-controlling interests | ||
Balance at the beginning of the period | $ 0 | $ 1,297,567 |
Net income for the period | 0 | 39,029 |
Decrease in DryShips equity for reduction in subsidiary ownership | 0 | 50,023 |
Amortization of stock based compensation | 0 | 841 |
Dividends declared | 0 | (20,525) |
Other equity components | 0 | 518 |
Other comprehensive income | 0 | 115 |
Deconsolidation of Ocean Rig | 0 | (1,367,568) |
Balance at the end of the period | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Aug. 07, 2016 | Jul. 27, 2016 | Jun. 30, 2016 | |
Reverse Stock Split | 25:1 reverse stock split | ||
Number of shares issued | 1,335,537 | ||
Outstanding balance | $ 213,667 | ||
Loan reclassified as current | $ 213,667 | ||
Subsequent Event | |||
Consecutive business days below minimum enquirement | 30 days | ||
Minimum bid price requirement | $ 1 | ||
Grace period to regain compliance | 180 days | ||
Reverse Stock Split | 1-for-4 reverse stock split | ||
Number of shares issued | 11,383,894 | ||
Subsequent Event | Secured term loan facility at June 20, 2008 | |||
Outstanding balance | $ 18,250 | ||
Principal amount | 103,200 | ||
Loan reclassified as current | $ 18,250 | ||
Subsequent Event | Series C Convertible Preferred Stock | |||
Shares converted | 3,935 |