Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 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 | Non-accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Entity Common Stock Shares Outstanding | 4,614,133 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Trading Symbol | Drys |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 76,414 | $ 0 |
Restricted cash (Note 2) | 350 | 15,026 |
Trade accounts receivable, net of allowance for doubtful receivables of $48 and $11 at December 31, 2015 and 2016, respectively | 7,528 | 10,059 |
Due from related parties (Note 4) | 6,674 | 20,637 |
Assets held for sale (Note 7) | 0 | 216,026 |
Above-market acquired time charter contracts (Note 8) | 1,500 | 0 |
Prepayments and advances | 1,158 | 2,305 |
Other current assets (Note 5) | 4,546 | 5,014 |
Total current assets | 98,170 | 269,067 |
FIXED ASSETS, NET: | ||
Vessels, net (Note 7) | 95,550 | 96,428 |
Total fixed assets, net | 95,550 | 96,428 |
OTHER NON-CURRENT ASSETS: | ||
Investment in affiliate (Note 10) | 0 | 91,410 |
Restricted cash, non current (Note 2) | 10 | 0 |
Goodwill (Note 2c and 8) | 0 | 7,002 |
Financial instruments (Note 12) | 0 | 411 |
Above-market acquired time charter contracts (Note 8) | 0 | 11,007 |
Other non-current assets (Note 9) | 0 | 727 |
Total other non-current assets | 10 | 110,557 |
Total assets | 193,730 | 476,052 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred finance costs (Note 11) | 16,811 | 217,549 |
Liabilities held for sale (Note 7) | 0 | 104,366 |
Accounts payable and other current liabilities | 1,179 | 2,613 |
Accrued liabilities (Note 4) | 3,709 | 4,955 |
Due to related parties (Note 4) | 5,033 | 21,828 |
Deferred revenue | 607 | 725 |
Financial instruments (Note 12) | 0 | 2,604 |
Total current liabilities | 27,339 | 354,640 |
NON-CURRENT LIABILITIES | ||
Due to related parties, non-current portion (Note 4 and 11) | 116,617 | 0 |
Total non-current liabilities | 116,617 | 0 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 13) | 0 | 0 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized at December 31, 2015 and 2016; 59,014 shares (472,109 before the 1-for-8 reverse stock split) and 4,617,142 shares (36,937,133 before the 1-for-8 reverse stock split ) issued and outstanding at December 31, 2015 and 2016, respectively (Note 13) | 46 | 1 |
Treasury stock; $0.01 par value; 3,009 shares (24,078 shares before the 1-for-8 reverse stock split) at December 31, 2015 and 2016 (Note 13) | 0 | 0 |
Additional paid-in capital (Note 13) | 3,360,078 | 3,225,147 |
Accumulated other comprehensive income (Note 16) | 0 | 233 |
Accumulated deficit | (3,310,350) | (3,103,969) |
Total equity | 49,774 | 121,412 |
Total liabilities and stockholders' equity | $ 193,730 | $ 476,052 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Consolidated Balance Sheets | ||
Allowance for doubtful receivables | $ 11 | $ 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 | 4,617,142 | 59,014 |
Common stock shares outstanding | 4,617,142 | 59,014 |
Treasury stock par value | $ 0.01 | $ 0.01 |
Treasury stock, shares | 3,009 | 3,009 |
Before the reverse stock split | ||
Common stock shares issued | 36,937,133 | 472,109 |
Common stock shares outstanding | 36,937,133 | 472,109 |
Treasury stock, shares | 24,078 | 24,078 |
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 | 8,333 |
Preferred stock shares outstanding | 0 | 8,333 |
Series B Convertible Preferred Stock | Before the reverse stock split | ||
Preferred stock shares issued | 0 | 66,667 |
Preferred stock shares outstanding | 0 | 66,667 |
Series C Convertible Preferred Stock | ||
Preferred stock shares authorized | 10,000 | 0 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series D Convertible Preferred Stock | ||
Preferred stock shares authorized | 3,500,000 | 0 |
Preferred stock shares issued | 29,166 | 0 |
Preferred stock shares outstanding | 29,166 | 0 |
Series D Convertible Preferred Stock | Before the reverse stock split | ||
Preferred stock shares issued | 233,333 | 0 |
Preferred stock shares outstanding | 233,333 | 0 |
Series E-1 Convertible Preferred Stock | ||
Preferred stock shares authorized | 50,000 | 0 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series E-2 Convertible Preferred Stock | ||
Preferred stock shares authorized | 50,000 | 0 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Voyage and time charter revenues (including amortization of above market acquired time charters) | $ 51,934 | $ 244,020 | $ 368,447 |
Service revenues, net | 0 | 725,805 | 1,817,077 |
Total Revenues (Notes 2, 4 and 18) | 51,934 | 969,825 | 2,185,524 |
OPERATING EXPENSES/(INCOME): | |||
Voyage expenses (Notes 2 and 4) | 9,209 | 65,286 | 117,165 |
Vessels and drilling units operating expenses | 45,563 | 371,074 | 844,260 |
Depreciation and amortization (Notes 7) | 3,466 | 227,652 | 449,792 |
Loss on contract cancellation (Note 6 and 15.2) | 0 | 28,241 | 1,307 |
Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other (Notes 4, 7 and 12) | 106,343 | 1,057,116 | 38,148 |
Impairment on goodwill (Notes 2c and 8) | 7,002 | 0 | 0 |
General and administrative expenses (Note 4) | 39,708 | 104,912 | 193,686 |
Legal settlements and other, net (Note 15.1) | (258) | (2,948) | (2,013) |
Operating income/(loss) | (159,099) | (881,508) | 543,179 |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs (Notes 4 and 17) | (8,857) | (172,132) | (411,021) |
Gain on debt restructuring (Note 11) | 10,477 | 0 | 0 |
Interest income | 81 | 527 | 12,146 |
Gain/(Loss) on interest rate swaps (Note 12) | 403 | (11,601) | (15,528) |
Other, net (Note 12) | (199) | (9,275) | 7,067 |
Total other income/(expenses), net | 1,905 | (192,481) | (407,336) |
INCOME/(LOSS) BEFORE INCOME TAXES AND EARNINGS OF AFFILIATED COMPANIES | (157,194) | (1,073,989) | 135,843 |
Loss due to deconsolidation of Ocean Rig (Note 10 and 12) | 0 | (1,347,106) | 0 |
Income taxes (Note 20) | (38) | (37,119) | (77,823) |
Equity in net losses of Ocean Rig (Note 10) | (41,454) | (349,872) | 0 |
NET INCOME/(LOSS) | (198,686) | (2,808,086) | 58,020 |
Less: Net income attributable to non-controlling interests | 0 | (38,975) | (105,532) |
NET LOSS ATTRIBUTABLE TO DRYSHIPS INC. | (198,686) | (2,847,061) | (47,512) |
NET LOSS ATTRIBUTABLE TO DRYSHIPS INC. COMMON STOCKHOLDERS (Note 19) | $ (206,381) | $ (2,847,631) | $ (48,209) |
LOSS PER COMMON SHARE ATTRIBUTABLE TO DRYSHIPS INC. COMMON STOCKHOLDERS, BASIC AND DILUTED (Note 19) | $ (464.76) | $ (51,389.22) | $ (1,268.56) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES, BASIC AND DILUTED (Note 19) | 444,056 | 55,413 | 38,003 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Comprehensive Loss | |||
Net income/(loss) | $ (198,686) | $ (2,808,086) | $ 58,020 |
Other comprehensive income/ (loss): | |||
Reclassification of realized losses associated with capitalized interest to Consolidated Statement of Operations, net | 110 | 466 | 550 |
Actuarial gains/(losses) | 0 | 50 | (1,518) |
Other comprehensive income/(loss) | 110 | 516 | (968) |
Comprehensive income/(loss) | (198,576) | (2,807,570) | 57,052 |
Less: comprehensive income attributable to non-controlling interests | 0 | (39,090) | (105,137) |
Comprehensive loss attributable to DryShips Inc. | $ (198,576) | $ (2,846,660) | $ (48,085) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Preferred stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total DryShips Stockholders Equity | Non controlling interests |
BALANCE value, at Dec. 31, 2013 | $ 3,831,698 | $ 1 | $ 2,828,817 | $ (6,062) | $ (209,120) | $ 2,613,636 | $ 1,218,062 | ||
BALANCE shares, at Dec. 31, 2013 | 36,055 | (1,750) | |||||||
Net income/ (loss) | 58,020 | (47,512) | (47,512) | 105,532 | |||||
Issuance of common stock, value (Note 13) | 422,375 | 422,375 | 422,375 | ||||||
Issuance of common stock, shares (Note 13) | 22,684 | ||||||||
Issuance of non-vested shares, shares | 100 | ||||||||
Issuance of treasury stock, shares | (1,258) | ||||||||
Issuance of subsidiary shares to non-controlling interest | (1,267) | (4,758) | 13 | (4,745) | 3,478 | ||||
Other comprehensive income | (968) | (573) | (573) | (395) | |||||
Amortization of stock based compensation | 11,093 | 9,640 | 9,640 | 1,453 | |||||
Dividends paid | (30,563) | (30,563) | |||||||
BALANCE value, at Dec. 31, 2014 | 4,290,388 | $ 1 | 3,256,074 | (6,622) | (256,632) | 2,992,821 | 1,297,567 | ||
BALANCE shares, at Dec. 31, 2014 | 58,839 | (3,008) | |||||||
Net income/ (loss) | (2,808,086) | (2,847,061) | (2,847,061) | 38,975 | |||||
Issuance of common stock, value (Note 13) | (228) | (228) | (228) | ||||||
Issuance of preferred stock, value (Note 13) | 10,000 | 10,000 | 10,000 | ||||||
Issuance of preferred stock, shares (Note 13) | 8,333 | ||||||||
Issuance of non-vested shares, shares | 175 | ||||||||
Conversion of stock, shares converted (Note 13) | (1) | ||||||||
Issuance of subsidiary shares to non-controlling interest | 1,266 | (49,444) | 169 | (49,275) | 50,541 | ||||
Acquisition of Nautilus Offshore Services Inc. | 222 | (276) | (54) | 54 | |||||
Other comprehensive income | 516 | 401 | 401 | 115 | |||||
Amortization of stock based compensation | 9,364 | 8,523 | 8,523 | 841 | |||||
Deconsolidation of Ocean Rig | (1,361,282) | 6,285 | 6,285 | (1,367,567) | |||||
Dividends paid | (20,526) | $ (20,526) | |||||||
BALANCE value, at Dec. 31, 2015 | 121,412 | $ 1 | 3,225,147 | 233 | (3,103,969) | 121,412 | |||
BALANCE shares, at Dec. 31, 2015 | 59,014 | 8,333 | (3,009) | ||||||
Net income/ (loss) | (198,686) | (198,686) | (198,686) | ||||||
Issuance of common stock, value (Note 13) | 14,434 | $ 4 | 14,430 | 14,434 | |||||
Issuance of common stock, shares (Note 13) | 433,485 | ||||||||
Issuance of preferred stock, value (Note 13) | 117,981 | 117,981 | 117,981 | ||||||
Issuance of preferred stock, shares (Note 13) | 41,688 | ||||||||
Conversion of stock, amount issued (Note 13) | 41 | $ 41 | 41 | ||||||
Conversion of stock, shares issued (Note 13) | 4,124,643 | ||||||||
Conversion of stock, shares converted (Note 13) | (12,522) | ||||||||
Exchange of Revolving Facility with preferred shares, value (Note 4) | (8,750) | (8,750) | (8,750) | ||||||
Exchange of Revolving Facility with preferred shares, shares (Note 4) | (8,333) | ||||||||
Sale of investment in Ocean Rig (Note 4) | (343) | (343) | (343) | ||||||
Other comprehensive income | 110 | $ 110 | 110 | ||||||
Amortization of stock based compensation | 3,770 | 3,770 | 3,770 | ||||||
Loss from common control transaction | (195) | (195) | (195) | ||||||
Dividends paid | 7,695 | (7,695) | |||||||
BALANCE value, at Dec. 31, 2016 | $ 49,774 | $ 46 | $ 3,360,078 | $ (3,310,350) | $ 49,774 | ||||
BALANCE shares, at Dec. 31, 2016 | 4,617,142 | 29,166 | (3,009) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ (198,686) | $ (2,808,086) | $ 58,020 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 3,466 | 227,652 | 449,792 |
Amortization and write off of deferred financing fees | 736 | 26,712 | 53,063 |
Amortization of convertible senior notes debt discount | 0 | 0 | 45,261 |
Amortization of fair value of acquired time charters and drilling contracts | 4,346 | 2,840 | 7,443 |
Impairment loss and loss from sale of vessels and vessel owning companies | 106,343 | 1,057,116 | 38,148 |
Impairment on goodwill | 7,002 | 0 | 0 |
Loss on contract cancellation | 0 | 0 | 1,307 |
Net proceeds from sale in ownerships of subsidiary | 0 | 1,266 | 0 |
Equity in net losses of affiliated company | 41,454 | 349,872 | 0 |
Loss on change of control | 0 | 1,347,106 | 0 |
Forfeiture of advances for vessel acquisitions | 0 | 0 | 13,933 |
Amortization of stock based compensation | 3,580 | 7,806 | 11,093 |
Gain on debt restructuring | (8,652) | 0 | 0 |
Change in fair value of derivatives | (2,193) | (10,848) | (29,304) |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | 2,531 | (12,997) | (82,667) |
Due from related parties | 10,875 | 19,141 | 12,089 |
Other current and non-current assets | 3,002 | 54,448 | 38,219 |
Accounts payable and other current and non-current liabilities | (1,434) | (25,263) | (25,489) |
Accrued liabilities | (206) | (39,590) | (41,436) |
Due to related parties | 2,598 | (10,261) | 819 |
Deferred revenue | (118) | 28,833 | (75,183) |
Net Cash Provided by/(Used in) Operating Activities | (25,356) | 215,747 | 475,108 |
Cash Flows from Investing Activities: | |||
Investment in affiliates | 49,911 | 0 | 0 |
Cash decrease due to deconsolidation of Ocean Rig | 0 | (621,615) | 0 |
Acquisition of Nautilus, net of cash acquired | 0 | (78,203) | 0 |
Short term investments | 0 | 74 | 368 |
Fixed assets additions | 0 | (505,670) | (806,561) |
Net proceeds from sale of vessels and vessel owning companies | 5,141 | 673,850 | 0 |
(Increase)/Decrease in restricted cash | 14,666 | 65,866 | 51,476 |
Net Cash Provided by/(Used in) Investing Activities | 69,718 | (465,698) | (754,717) |
Cash Flows from Financing Activities: | |||
Proceeds from short and long-term credit facilities, term loans and senior notes | 28,000 | 492,000 | 2,617,100 |
Principal payments and repayments of long-term debt and senior notes | (119,758) | (782,366) | (2,008,826) |
Payments of convertible notes | 0 | 0 | (700,000) |
Net proceeds from stock issuance | 123,810 | 0 | 421,911 |
Dividends paid | 0 | (20,526) | (30,563) |
Payment of financing costs, net | 0 | (5,399) | (48,913) |
Net Cash Provided by/(Used in) Financing Activities | 32,052 | (316,291) | 250,709 |
Net increase/ (decrease) in cash and cash equivalents | 76,414 | (566,242) | (28,900) |
Cash and cash equivalents at beginning of year | 0 | 566,242 | 595,142 |
Cash and cash equivalents at end of year | 76,414 | 0 | 566,242 |
Cash paid during the year for: | |||
Interest, net of amount capitalized | 5,516 | 135,954 | 267,554 |
Income taxes | 58 | 20,830 | 60,374 |
Non cash financing activities: | |||
Repayment of credit loan facilities (Note 4 and 11) | 151,510 | 0 | 0 |
Conversion of loan into Preferred Stock (Note 4) | (8,750) | (10,000) | 0 |
Exchange of Preferred Stock into loan (Note 4) | 8,750 | 0 | 0 |
Interest write off due to debt restructuring | $ 2,111 | $ 0 | $ 0 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information: | 1. Basis of Presentation and General Information: The accompanying 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 diversified owner of ocean going cargo vessels and through June 8, 2015, also provided drilling services through Ocean Rig UDW Inc. ("Ocean Rig") (Note 2). Customers individually accounting for more than 10% of the Company's voyage revenues and drilling revenues during the years ended December 31, 2014, 2015 and 2016, were as follows: Year ended December 31, 2014 2015 2016 Customer A - Drilling segment 12% 12% - Customer B - Drilling segment 15% 14% - Customer C - Drilling segment - 11% - Customer D - Drilling segment 12% 10% - Customer E - Drilling segment 10% 10% - Customer F - Drilling segment 25% 10% - Customer G - Offshore support segment - - 37% On March 11, 2016, the Company effected a 1-for-25 reverse stock split on its issued and outstanding common stock. In connection with the reverse stock split seven fractional shares were cashed out. Furthermore, on August 15, 2016, the Company effected a 1-for-4 reverse stock split on its issued common stock. In connection with the reverse stock split five fractional shares were cashed out. On November 1, 2016, the Company effected a 1-for-15 reverse stock split on its issued common stock. In connection with the reverse stock split nine fractional shares were cashed out. Finally, on January 23, 2017, the Company effected a 1-for-8 reverse stock split on its issued and outstanding common stock. In connection with the reverse stock split four fractional shares were cashed out. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to these reverse stock splits retroactively, for all periods presented. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies: | 2. Significant Accounting policies: (a) Principles of consolidation: From June 8, 2015 through April 5, 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 as of December 31, 2015 and 2016. On April 5, 2016, the Company sold all of its shares in Ocean Rig, to a subsidiary of Ocean Rig and as of that 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 consolidated financial statements. All intercompany balances and transactions have been eliminated on consolidation. (b) Business combinations: The purchase price is equivalent to the fair value of the consideration transferred and liabilities incurred, including liabilities related to contingent consideration. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of the purchase price over the net fair value of assets acquired and liabilities assumed. When the fair value of net assets acquired exceeds the fair value of consideration transferred plus any non-controlling interest in the acquiree, the excess is recognized as a gain. (c) Goodwill: (d) Use of estimates: (e) Comprehensive income/(loss): During 2013, the Company adopted the requirements of Accounting Standard Update ("ASU") 2013-02, "Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". The objective of this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in the financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. (f) Cash and cash equivalents: (g) Restricted cash: (h) Trade accounts receivable net: (i) Short-term investments: (j) Concentration of credit risk: The Company is exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, the Company limits its exposure by diversifying among counter parties. The Company's major customers were oil companies, which reduced its credit risk. When considered necessary, additional arrangements are put in place to minimize credit risk, such as letters of credit or other forms of payment guarantees. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its trade accounts receivable. The Company makes advances for the construction of assets to the yards. The ownership of the assets is transferred from the yard to the Company at delivery. The credit risk of the advances was, to a large extent, reduced through refund guarantees issued by financial institutions. (k) Advances for vessels and drilling units under construction: (l) Capitalized interest: (m) Insurance claims: (n) Inventories: (o) Foreign currency translation: (p) Fixed assets, net: (i) Drybulk, tanker carrier and offshore support vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the useful life, increase the earning capacity or improve the efficiency or safety of the vessels. The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value. Vessel's residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton. In general, management estimates the useful life of the Company's drybulk and tanker carrier vessels to be 25 years and offshore support vessels 30 years, from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. (ii) Drilling units were stated at historical cost less accumulated depreciation. Such costs included the cost of adding or replacing parts of drilling unit machinery and equipment when the cost was incurred, if the recognition criteria were met. The recognition criteria require that the cost incurred extends the useful life of a drilling unit. The carrying amounts of those parts that were replaced were written off and the cost of the new parts was capitalized. Depreciation was calculated on a straight-line basis over the useful life of the assets after considering the estimated residual value as follows: bare deck 30 years and other asset parts 5 to 15 years for the drilling units. The residual values of the drilling rigs and drillships were estimated at $35,000 and $50,000, respectively, for the year ended December 31, 2015. (q) Long lived assets held for sale: If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a long-lived asset previously classified as held for sale, the asset shall be reclassified as held and used. A long-lived asset that is reclassified shall be measured individually at the lower of its carrying amount before the asset or disposal group was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset or disposal group been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell. When the Company concludes a Memorandum of Agreement for the disposal of a vessel which has yet to complete a time charter, it is considered that the held for sale criteria discussed in guidance are not met until the time charter has been completed as the vessel is not available for immediate sale. As a result, such vessels are not classified as held for sale. When the Company concludes a Memorandum of Agreement for the disposal of a vessel which has no time charter to complete or a contract that is transferable to a buyer, it is considered that the held for sale criteria discussed in the guidance are met. As a result such vessels are classified as held for sale. Furthermore, in the period a long-lived asset meets the held for sale criteria, a loss is recognized for any reduction of the long-lived asset's carrying amount to its fair value less cost to sell. No such adjustments were identified for the year ended December 31, 2014. For the years ended December 31, 2015 and 2016, the Company recognized such charges amounting to $967,144 and $13,395 (including a gain of $1,851 due to the reclassification of the Drybulk vessels as held and used, effective December 31, 2016), respectively, included in "Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations. (Notes 7 and 12) (r) Impairment of long-lived assets: sales and purchases, business plans and overall market conditions. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the Company determines undiscounted projected net operating cash flows for each vessel and compares them to their carrying value. The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days. The Company estimates the daily time charter equivalent for the unfixed days of drybulk vessels based on the most recent ten year historical average for similar vessels and utilizing available market data for time charter and spot market rates and forward freight agreements and for offshore support vessels based on available market data, over the remaining estimated life of the vessel, net of brokerage commissions, expected outflows for vessels' maintenance and operating expenses (including planned drydocking and special survey expenditures), assuming an average annual inflation rate based on the global consumer price index (“CPI”) changes and fleet utilization of 99% decreasing by 5% every five years after the first ten years. The salvage value used in the impairment test is estimated to be $250 per light weight ton (LWT) for vessels, in accordance with the Company's vessels' depreciation policy. If the Company's estimate of undiscounted future cash flows for any vessel, is lower than its respective carrying value, the carrying value is written down, by recording a charge to operations, to its' respective fair market value if the fair market value is lower than the vessel's carrying value. The Company's analysis for the year ended December 31, 2016, also involved sensitivity tests on the time charter rates and fleet utilization (being the most sensitive inputs to variances), allowing for variances ranging from 97.5% to 92.5% depending on vessel type on time charter rates. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. Charter rates may remain at depressed levels for some time which could adversely affect the Company's revenue and profitability, and future assessments of vessel impairment. As a result of the impairment review for the year ended December 31, 2014, the Company determined that the carrying amount of one of its drybulk vessels was not recoverable and, therefore, a charge of $38,148 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations. In addition, the impairment review performed during 2015 and prior to the entering into the agreements for the sale of the Company's vessels and vessel owning companies, indicated that the carrying amount of one of its drybulk vessels was not recoverable and, therefore, a charge of $83,937 was recognized and included in "Impairment loss gain/loss from sale of vessels and vessel owning companies and other ", in the accompanying consolidated statement of operations. Also, the impairment review for the year ended December 31, 2016, indicated that the carrying amount of the offshore support vessels' was not recoverable and, therefore, a charge of $65,712 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations. (Note 7) (s) Dry-docking costs: (t) Class costs: (u) Deferred financing costs: (v) Convertible senior notes: (w) Revenue and related expenses: (i) Drybulk carrier, tanker and offshore support vessels: Time and bareboat charters: Voyage charters: Pooling arrangements: Voyage related and vessel operating costs: Deferred voyage revenue: (ii) Drilling units: Revenues: (a) Well contracts: (b) Term contracts: (x) Earnings/(loss) per common share: (y) Segment reporting: (z) Financial instruments: (i) Hedge accounting: The Company was party to interest swap agreements where it received a floating interest rate and paid a fixed interest rate for a certain period. All of the Company's interest swap agreements were either matured or terminated during the year ended December 31, 2016. Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of "Accumulated other comprehensive income/(loss)" in equity, while any ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated statement of operations. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as financial income or expense. (ii) Other derivatives: (aa) Fair value measurements: (ab) Stock-based compensation: (ac) Income taxes: (ad) Commitments and contingencies: (ae) Investments in Affiliates: At each reporting date, the Company performs an assessment in order to identify and account for any other than temporary impairment in its investment in affiliates. Specifically, the Company assesses factors indicating that a decline in the value of an investment is other-than-temporary and that a write-down of the carrying amount is required and concludes whether the impairment is other than temporary and then measures and recognizes the respective impairment charge as the difference between the carrying amount and the fair value of the equity investment. 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 and included in the accompanying consolidated statement of operations for the year ended December 31, 2015. (Note 10) 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 consolidated statement of operations for the year ended December 31, 2016. Affiliates included in the financial statements accounted for under the equity method (i)Ocean Rig and its subsidiaries (ownership interest as of April 4, 2016, was 40.4%). (af) Accounting for transactions under common control: (ag) Troubled Debt Restructurings: The Company, when issuing or otherwise granting an equity interest to a lender or creditor to settle fully a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are charged to expense as incurred. (ah) Recent accounting pronouncements: Going concern: of operations, retained earnings or cash flows in the current or previous interim and annual reporting periods and provided the required notes disclosures (Note 3). Inventory: Leases: Revenue from Contracts with Customers: The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company will adopt the standard in the first quarter of 2018 and preliminarily expects to use the modified retrospective method. Currently, the Company is in the process of evaluating the impact of the standard and of reviewing historical contracts to quantify the impact that the adoption of the standard will have on specific performance obligations. Compensation-Stock Compensation - Improvements to Employee Share-Based Payment Accounting: Financial Instruments: Statement of Cash Flows: |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Going Concern: | 3. Going Concern As of December 31, 2015, the Company reported a working capital deficit of $85,573, mainly due to the classification of bank loans amounting to $218,185, as current liabilities as a result of its non-compliance with certain financial covenants included in the respective agreements and the suspension of principal repayments including balloon installments of matured facilities. Furthermore, $103,680 loan balances in breach were classified as "Liabilities held for sale" due to the sale of the respective vessel owning companies. During the year ended December 31, 2016, the Company, in an effort to deleverage its balance sheet and improve its liquidity position, sold ten bulkers or bulker owning entities (Note 7). The owning companies of the vessels Rangiroa, Fakarava, Negonego, Oregon, Amalfi, Galveston Samatan Coronado, Ocean Crystal Sonoma Sorrento , As of December 31, 2016, the Company was in breach of certain financial covenants regarding its only commercial credit facility and has not made principal repayments and interest payments, but is in settlement discussions with the related commercial lender, while all other commercial credit facilities had been either settled or refinanced as discussed above. As a result of this the Company has classified the respective bank loan amounting to $14,935 as current liability. During the year ended December 31, 2016, the Company, successfully completed two equity offerings of 5,000 newly designated Series C Convertible Preferred Shares and warrants to purchase 5,000 Series C Convertible Preferred Shares with total proceeds from the transaction amounted to $10,000 and 20,000 newly designated Series E-1 Convertible Preferred Shares, warrants to purchase 30,000 Series E-1 Convertible Preferred Shares and warrants to purchase 50,000 newly designated Series E-2 Convertible Preferred Shares, with total gross proceeds from the offering amounting to $100,000. The Company also entered into a Securities Purchase Agreement with an institutional investor to sell up to $200,000 of its common stock which was completed successfully during 2017 and received gross proceeds up to December 31, 2016 under this offering amounting to $15,000. (Note 13) As a result of the above, on December 31, 2016, the Company reported a working capital surplus of $70,831 and had cash and cash equivalents including restricted cash amounted to $76,774. Furthermore, the Company's debt is comprised mainly of its New Revolving Facility which is non-amortizing and has a tenor of 3 years. (Note 4) The Company also expects that it will fund its operations either with cash on hand, cash generated from operations, bank debt and equity offerings, or a combination thereof, in the twelve-month period ending one year after the financial statements' issuance. Therefore, there is no substantial doubt about the Company's ability to continue as a going concern, for a reasonable period of time. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties: | 4. Transactions with Related Parties: The amounts included in the accompanying consolidated balance sheets and consolidated statements of operations are as follows: December 31, 2015 2016 Balance Sheet Due from related parties $ 20,637 $ 6,674 Due from related parties (current) - Total 20,637 6,674 Due to related parties (21,828 ) (5,033 ) Due to related parties (current) - Total $ (21,828) $ (5,033) Due to related parties - (116,617 ) Due to related parties (non - current) - Total $ - $ (116,617) Accrued liabilities $ (1,059) $ (1,082) Year ended December 31, Statement of Operations 2014 2015 2016 Time charter & Service Revenues - commission fees $ 16,870 $ 7,366 $ 1,800 Voyage expenses (6,758 ) (4,521 ) (390 ) General and administrative expenses (85,584 ) (50,498) (32,397 ) Commissions for assets sold - (8,133) (886 ) Gain/(loss) from sale of vessel owning companies, net of commissions - - (22,318 ) Interest and finance costs - (3,679) (1,789 ) (Per day and per quarter information in the note below is expressed in United States Dollars/Euros) TMS Bulkers Ltd. - TMS Tankers Ltd. - TMS Offshore Services 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 vessel management agreement provides for a fixed management fee of Euro 1,500 ($1,577 based on the Euro/U.S. Dollar exchange rate at December 31, 2016) per vessel per day, which is payable in equal monthly installments in advance and could 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 ($1,625 based on the Euro/U.S. Dollar exchange rate at December 31, 2016). Effective January 1, 2015, the fixed management fee was adjusted by 3% to Euro 1,591 ($1,673 based on the Euro/U.S. Dollar exchange rate at December 31, 2016). Effective January 1, 2016, the fixed management fee was adjusted by 3% to Euro 1,639 ($1,723 based on the Euro/U.S. Dollar exchange rate at December 31, 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 $526 based on the Euro/U.S. Dollar exchange rate as of December 31, 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 ($1,788 based on the Euro/U.S. Dollar exchange rate at December 31, 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 ($1,841 based on the Euro/U.S. Dollar exchange rate at December 31, 2016). Effective January 1, 2015, the fixed management fee was adjusted by 3% to Euro 1,804 ($1,897 based on the Euro/U.S. Dollar exchange rate at December 31, 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; and (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 years ended December 31, 2015 and 2016, the Company incurred such charges amounting to $2,609 and $654, respectively, included in "General and administrative expenses" in the accompanying consolidated statement of operations. 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. On October 21, 2015, the Company acquired 97.44% of the issued and outstanding share capital of Nautilus Offshore Services Inc. and on November 24, 2015, acquired the remaining 2.56% which indirectly through its subsidiaries owns six Offshore Support Vessels. (Note 8) The vessels are managed by TMS OffShore Services Ltd. ("TMS Offshore Services"), an entity controlled by the Company's Chairman and CEO, Mr. George Economou. The Company's offshore support vessel-owning subsidiaries, have management agreements with TMS Offshore Services, pursuant to which TMS Offshore Services provides overall technical and crew management to the Company's Platform Supply and Oil Spill Recovery vessels. Under the management agreements, TMS Offshore is entitled to a daily management fee per vessel of Euro 1,061 ($1,116 based on the Euro/U.S. Dollar exchange rate at December 31, 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%. The Company expects to enter into new agreement with TMS Bulkers and TMS Offshore, to streamline the services offered by its managers as of January 1, 2017. In connection with the new agreement that entails an increased scope of services to be provided, including executive management, commercial, accounting, reporting, financing, legal, manning, catering, IT, attendance, insurance, technical and operations services, the Company terminated the consulting agreements with Fabiana Services S.A., Vivid Finance Limited and Basset Holdings Inc., entities controlled by the Company's Chairman and CEO Mr. George Economou and President and Chief Financial Officer Mr. Anthony Kandylidis as of December 31, 2016. The all-in base cost for providing the increased scope of services will be reduced to $1,643/day per vessel that is a 33% reduction from current levels, basis a minimum of 20 vessels, decreasing thereafter to $1,500/day per vessel. The new agreement entitles the managers to an aggregate performance bonus for 2016 amounting to $6,000 as well as a one-time setup fee of $2,000. Under the respective agreement, TMS Bulkers and TMS Offshore are also entitled to (i) a discretionary performance fee, (ii) a commission of 1.25% on charter hire agreements that are arranged by TMS Bulkers or TMS Offshore; and (iii) a commission of 1% of the purchase price on sales or purchases of vessels in the Company's fleet that are arranged by TMS Bulkers or TMS Offshore, (iv) a financing and advisory commission of 0.50% and (v) reimbursement of out of pocket and travel expenses. The Company also expects to enter into new agreement with TMS Cardiff Gas and TMS Tankers Ltd. regarding its newly acquired tanker and gas carrier vessels. (Note 21) 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 and CEO, 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) provided consulting services related to the identification, sourcing, negotiation and arrangement of new employment for offshore assets of Ocean Rig and its subsidiaries; and (ii) identified, sourced, negotiated and arranged the sale or purchase of the offshore assets of Ocean Rig and its subsidiaries. In consideration of such services, Ocean Rig would pay Cardiff Drilling a fee of 1.0% in connection with employment arrangements, 0.75% in connection with sale and purchase activities and would also reimburse associated legal expenses. Costs from the Global Services Agreement were expensed in the consolidated statements of operations or capitalized as a component of "Advances for drilling units under construction and related costs" being a directly attributable cost to the construction, as applicable. The consultancy agreement had a term of five years and could 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: have 100,000 votes per share and shall not be convertible into common shares of the Company, Mr. George Economou has control over the actions of the Company. On June 8, 2015, Ocean Rig successfully completed the offering of 28,571,428 shares of its common stock, par value $0.01 per share, at a price of $7.00 per share. As part of the offering, Mr. George Economou, the Company's Chairman and CEO, purchased $10,000, or 1,428,571 shares, of common stock in the offering at the public offering price. Other: On February 15, 2016, the Company announced that the sale of the vessel owning companies of its Capesize vessels, the Fakarava, Rangiroa Negonego On September 16, 2016 and October 26, 2016, the Company also entered into sales agreements with entities controlled by Mr. George Economou, the Company's Chairman and CEO, for the sale of the shares of the owning companies of the Panamax vessel Oregon Amalfi Samatan, 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 Mr. Antony Kandylidis in his capacity as President of Ocean Rig. The agreement had an initial term of five years and could be renewed or extended for one-year successive terms with the consent of both parties. Under the terms of the agreement, Ocean Rig was obliged to pay an annual remuneration to Basset. Basset was also entitled to cash or equity-based bonuses to be awarded at the Ocean Rig's sole discretion. Ocean Rig could terminate the agreement for cause, as defined in the agreement, in which case Basset would not be entitled to further payments of any kind. Upon termination of the agreement without cause, or in the event the agreement was terminated within three months of a change of control, as defined in the agreement, Ocean Rig would be obliged to pay a lump sum amount. Basset could terminate the agreement without cause upon three months written notice. In addition, Basset could terminate the agreement for good reason and in such event, Ocean Rig would be obligated to pay a lump sum amount. Cardiff Tankers Inc Vivid Finance Limited: 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 the Company and Vivid, except that under the new agreement, Ocean Rig was 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 had a term of five years and could 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 UDW Inc.: During the year ended December 31, 2015, the Company incurred interest expense and amortization and write off of financing fees amounting to $3,281 under this loan agreement. On March 29, 2016, the Company entered into 60 day time charter agreements for the offshore support vessels Crescendo Jubilee 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 and Chief Executive Officer, Mr. George Economou and for general corporate purposes. In addition, the Company reached an agreement under the revolving credit facility with Sifnos 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.: On December 30, 2015, the Company exercised its right to convert $10,000 of the outstanding principal amount of the Revolving Credit Facility into 8,333 shares (66,667 before the 1-for-8 reverse stock split) of Series B Convertible Preferred Stock of the Company. Each share of Series B Convertible 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 Convertible Preferred Stock had five votes per share. The shares of Series B Convertible 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 had the right to convert $8,750 of the outstanding balance of the Revolving Credit Facility into 29,166 preferred shares (233,333 before the 1-for-8 reverse stock split) of the Company, with a voting power of 5:1 (vis-à -vis common stock) and would 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 8,333 Series B Convertible Preferred Shares (66,667 before the 1-for-8 reverse stock split) held by the lender for $8,750. The Company subsequently cancelled the Series B Convertible 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 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. On September 9, 2016, the Company entered into an agreement to convert $8,750 of the outstanding balance of the Revolving Credit Facility into 29,166 Series D Preferred shares of the Company (233,333 shares before the 1-for-8 reverse stock split). Each preferred share has 100,000 votes and shall not be convertible into common stock of the Company. Also on September 21, 2016, the Company drew down the amount of $7,825 under the Revolving Credit Facility. On October 31, 2016, the Company sold the shares of the owning companies of three Panamax vessels the Amalfi, Galveston Samatan, On November 30, 2016, Sifnos became the lender of record under two Syndicated Loans previously arranged by HSH Nordbank, with an outstanding balance of an aggregate of $85,066 under the ex-HSH Syndicated Facilities. (Note 11) On December 15, 2016, the Company made a prepayment of $33,510 under the Revolving Credit Facility. On December 30, 2016, the Company entered into a New Senior Secured Revolving Facility (“New Revolving Facility”) with Sifnos for the refinancing of the majority of its outstanding debt. Under the terms of the New Revolving Facility, Sifnos has extended a new loan of up to $200,000 that is secured by all of the Company's present and future assets except for the vessel Raraka Further to the above, the outstanding balance under the New Revolving facility as of December 31, 2016, was $121,000 and the respective deferred finance costs amounted to $4,383. The aggregate available undrawn amount under the Revolving Credit Facility and the New Revolving facility at December 31, 2015 and 2016, respectively was $30,000 and $79,000, respectively. The weighted-average interest rates on the above outstanding facilities were: 8.78% and 7.24% for the years ended December 31, 2015 and 2016, respectively. Dividends: Ocean Rig paid dividends amounting to $30,563, to shareholders other than the Company, during the year ended December 31, 2014. 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. Ocean Rig paid dividends amounting to $20,526, to shareholders other than the Company, during the year ended December 31, 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 | 12 Months Ended |
Dec. 31, 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 2016 Inventories $ 3,531 $ 3,446 Insurance claims (Note 15) 941 1,071 Other 542 29 Other current assets $ 5,014 $ 4,546 |
Advances for Vessels and Drilli
Advances for Vessels and Drilling Units under Construction and Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Advances for Vessels and Drilling Units under Construction and Acquisitions [Abstract] | |
Advances for Vessels and Drilling Units under Construction and Acquisitions: | 6. Advances for Vessels and Drilling Units under Construction and Acquisitions: As of December 31, 2015 and 2016, the movement of the advances for vessels and drilling units under construction and acquisitions are set forth below: December 31, 2015 2016 Balance at beginning of year $ 623,984 $ - Advances for drilling units under construction and related costs 465,650 - Drilling units delivered (728,393 ) - Deconsolidation of Ocean Rig (361,241 ) - Balance at end of year $ - $ - |
Vessels, Drilling Units, Machin
Vessels, Drilling Units, Machinery and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Vessels, Drilling Units, Machinery and Equipment, net [Abstract] | |
Vessels, Drilling Units, Machinery and Equipment: | 7. Vessels, Drilling Units, Machinery and Equipment: Vessels: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Cost Accumulated Depreciation Net Book Value Balance, December 31, 2014 $ 2,873,951 (732,334 ) 2,141,617 Acquisition of subsidiary 97,100 - 97,100 Vessels transfer to held for sale (208,099 ) - (208,099 ) Vessels disposals (810,810 ) - (810,810 ) Impairment loss (1,855,042 ) 803,962 (1,051,080) Depreciation - (72,300 ) (72,300 ) Balance, December 31, 2015 $ 97,100 (672) $ 96,428 Vessels transferred from held for sale 66,449 - 66,449 Impairment loss (67,999 ) 4,138 (63,861 ) Depreciation - (3,466 ) (3,466 ) Balance, December 31, 2016 $ 95,550 $ - $ 95,550 Vessel cost of $97,100 at December 31, 2015, represents the fair value of Nautilus Offshore Services Inc. vessels at the acquisition date (Note 8). 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 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, On July 8, 2015 and under the terms of the agreements, the purchasers paid $58,200 representing the upfront 20% for the six Aframax tankers to the Company. On July 16, 2015, July 21, 2015, July 24, 2015, July 27, 2015, August 6, 2015, August 7, 2015, August 19, 2015, August 25, 2015, September 10, 2015 and October 29, 2015 the tankers Petalidi Bordeira, Lipari, Belmar, Saga, Mareta, Vilamoura, Calida, Daytona and Alicante, The impairment review performed prior to the entering into the agreements for the sale of the Company's Drybulk vessels and vessel owning companies, 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 a charge of $83,937, which was included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations for the year ended December 31, 2015 (Note 12). On September 9, 2015, the Company entered into sales agreements with entities controlled by Mr. George Economou, the Company's Chairman 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, Rangiroa, Negonego Fakarava) 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 and recognized an additional charge of $422,404, included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other" in the accompanying consolidated statement of operations for the year ended December 31, 2015, as a result of the reduction of the vessels' carrying amount to their fair value less cost to sell. On November 2, 2015, the Company concluded two Memoranda of Agreement to sell its two Supramax vessels, Byron Galveston Finally during the three month period ended December 31, 2015, an additional charge of $113,019 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations, due to the reduction of the vessels' held for sale carrying amount to their fair value less cost to sell (Note 12). On February 15, 2016, the Company announced that the sale of the vessel owning companies of its Capesize vessels, the Fakarava, Rangiroa Negonego Fakarava, Rangiroa Negonego,) On August 22, 2016, the Company concluded a Memorandum of Agreement with an unaffiliated third-party, to sell its Panamax vessel, Coronado On September 16, 2016, the Company entered into a sale agreement with an entity controlled by Mr. George Economou, the Company's Chairman and CEO, for the sale of the shares of the owning company of the Panamax vessel Oregon, On September 27, 2016, October 5, 2016 and October 18, 2016, the Company also concluded Memoranda of Agreement with unaffiliated third-parties for the sale of its Panamax vessels, Ocean Crystal Sonoma Sorrento On November 7, 2016, November 15, 2016 and November 22, 2016, the vessels Ocean Crystal, Sonoma Sorrento, On October 26, 2016, the Company entered into sales agreement with entities controlled by the Company's Chairman and Chief Executive Officer, Mr. George Economou, for the sale of the owning companies of three Panamax vessels the Amalfi, Galveston Samatan, During the year ended December 31, 2016, a charge of $18,266 was also recognized as "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", due to the reduction of the vessels' held for sale carrying amount to their fair value less cost to sell. As of December 30, 2016, and due to the improved financial condition of the Company, the Board of Directors decided that the remaining 13 drybulk vessels previously classified as held for sale will not be sold, effective December 31, 2016. The Company, reclassified its Drybulk fleet as held and used and a gain of $1,851 was recognized and included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other" in the accompanying consolidated statement of operations was recognized. Also, the impairment review for the year ended December 31, 2016, indicated that the carrying amount of the offshore support vessels' was not recoverable and, therefore, a charge of $65,712 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations. The amounts of "Assets held for sale" and "Liabilities held for sale" in the accompanying consolidated balance sheet as at December 31, 2015 and 2016, are analyzed as follows: Total assets December 31, 2015 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 - Total assets held for sale $ 216,026 $ - Total liabilities December 31, 2015 2016 Bank debt $ 103,680 $ - Accounts payable 1 - Accrued liabilities 271 - Deferred revenues 414 - Total liabilities held for sale $ 104,366 $ - During the year ended December 31, 2015 and 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. As of December 31, 2016, the Company, reclassified its Drybulk fleet as held and used. As of December 31, 2016, all of the Company's vessels have been pledged as collateral to secure the outstanding loans (Note 11). 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. Drilling units, machinery and equipment: The amounts of drilling units, machinery and equipment regarding Ocean Rig in the accompanying consolidated balance sheets are analyzed as follows: Cost Accumulated Depreciation Net Book Value Balance, December 31, 2014 $ 7,393,173 $ (1,133,426) $ 6,259,747 Additions 806,353 - 806,353 Depreciation - (154,481 ) (154,481 ) Deconsolidation of Ocean Rig (8,199,526) 1,287,907 (6,911,619) Balance, December 31, 2015 $ - $ - $ - Additions - - - Depreciation - - - Balance December 31, 2016 $ - $ - $ - |
Acquisition of Nautilus Offshor
Acquisition of Nautilus Offshore Services Inc. | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Nautilus Offshore Services Inc.: | 8. 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 Support 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. (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 are included in the accompanying consolidated statement of operations and on which the fair value of the non-controlling interest amounted to $1,500. The purchase price allocation was 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 constituted a premium paid by the Company over the fair value of the net assets of Nautilus, which was 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 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). 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 amortization of the fair value of the above market acquired time charter contracts as of December 31, 2015, amounted to $1,467 and included to "Voyage and time charter revenue", in the accompanying consolidated statement of operations for the year ended December 31, 2015. The amortization and write offs of the fair value of the above market acquired time charter contracts as of December 31, 2016, amounted to $4,346 and $5,161 and are included to "Voyage and time charter revenue" and "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", respectively, in the accompanying consolidated statement of operations for the year ended December 31, 2016. On February 15, 2016, March 3, 2016 and April 11, 2016, the Company announced that Petrobras had given notice of termination of the contracts for the vessels Crescendo, Jubilee Indigo Crescendo, Jubilee Indigo Vega Corona Amortization Schedule Amount Balance Amortization and write offs for the year ended Amortization for the year ending Above-market acquired time charters $ 12,474 $ 11,007 $ 9,507 $ 1,500 The following pro forma consolidated financial information reflects the results of operations for the years ended December 31, 2014 and 2015, as if the acquisition of Nautilus had occurred at the beginning of fiscal 2014 and after giving effect to purchase accounting adjustments and to the accounting changes described above and are mainly in vessels' depreciation and above-market time charters amortization. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of what operating results would have been had the acquisition actually taken place as of the beginning of fiscal 2014. In addition, these results are not intended to be a projection of future results and do not reflect any synergies that might be achieved from the combined operations. December 31, 2014 2015 Pro forma revenues $ 2,233,015 $ 1,011,674 Pro forma operating income/(loss) 554,870 (866,317 ) Pro forma net loss (38,874 ) (2,838,322 ) Pro forma per share amounts: Basic net loss per share $ (127.87 ) $ (6,402.62 ) The amounts of revenues and net losses following the acquisition of Nautilus on October 21, 2015, included in the consolidated statement of operations for the year ended December 31, 2015, were $8,118 and $2,100, respectively. Impairment Charge At December 31, 2016, the Company performed its impairment review for Goodwill. As a result of its impairment testing, the Company determined that the Goodwill associated with its offshore support reporting unit was impaired. Accordingly, the Company recognized an impairment charge for the full carrying amount of the Goodwill associated with this reporting unit in the amount of $7,002, which had no tax effect. The Goodwill balance and changes in the Goodwill is as follows: Balance December 31, 2015 $ 7,002 Goodwill impairment charge (7,002 ) Balance December 31, 2016 $ — |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Other Non-Current Assets [Abstract] | |
Other Non-Current Assets: | 9. Other non-current assets: The amounts included in the accompanying consolidated balance sheets are as follows: December 31, 2015 2016 Security deposits for derivatives $ 727 $ - $ 727 $ - As of December 31, 2015, $727 of security deposits for derivatives for the vessels Belmar, Calida, Lipari Petalidi |
Investment in an Affiliate
Investment in an Affiliate | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in an Affiliate: | 10. Investment in an Affiliate: On June 8, 2015, following an equity offering of Ocean Rig, the Company's ownership decreased to 47.2% and accordingly, 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, based on the equity method, the Company recorded an investment in Ocean Rig of $514,047, which represented the fair value of the common stock that was held by the Company on such date, with a closing market price of $6.96 per share. The Company calculated a loss due to deconsolidation of $1,347,106, which was calculated as the fair value of the Company's equity method investment in Ocean Rig less the Company's 47.2% interest in Ocean Rig's net assets on June 8, 2015. On August 13, 2015, following the repayment of the outstanding balance of $80,000 owed to Ocean Rig under the $120,000 Note and the transfer of 17,777,778 shares of Ocean Rig previously owned by the Company to Ocean Rig as full payment of the outstanding balance, the Company's interest in Ocean Rig decreased to 40.4%. The Company's equity in the losses and capital transactions of Ocean Rig is shown in the accompanying consolidated statements of income for the year ended December 31, 2015, as "Equity in net losses of affiliated company" and amounted to $349,872, including $310,468 of impairment in Ocean Rig investment. 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 and included in the accompanying consolidated statement of operations for the year ended December 31, 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 consolidated statement of operations for the year ended December 31, 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 which is included in the accompanying consolidated statement of operations for the year ended December 31, 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 and is shown in the accompanying consolidated statement of operations for the year ended December 31, 2016, as "Equity in net losses of affiliated company" amounting to a loss of $41,454. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt [Abstract] | |
Long-term Debt: | 11. Long-term Debt: The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2015 2016 Secured Credit Facilities- Drybulk Segment $ 218,185 $ 16,935 Less: Deferred financing costs (636 ) (124 ) Total debt 217,549 16,811 Less: Current portion (217,549 ) (16,811 ) Long-term portion $ - $ - Term bank loans and credit facilities The bank loans are payable in U.S. Dollars in quarterly installments with balloon payments due at maturity until March 2020. Interest rates on the outstanding loans as at December 31, 2016, are based on LIBOR plus a margin. On March 31, 2016, the shares of the owning companies of the vessels Rangiroa, Fakarava Negonego On September 9, 2016, following the delivery of the vessel Coronado On September 21, 2016, the shares of the owning company of the vessel Oregon, On October 31, 2016, the shares of the owning companies of the vessels Amalfi, Galveston Samatan On November 7, 2016 and November 15, 2016 the Company delivered the vessels Ocean Crystal Sonoma On November 18, 2016, the Company reached an agreement for the settlement of its outstanding obligation under a loan agreement dated June 20, 2008, with the respective lender. Under the terms of the agreement, the lending bank agreed to a write-off of almost half of the outstanding principal and interest due. A gain of $8,366 was recognized as part of the transaction included in “Gain on debt restructuring” in the accompanying consolidated statement of operations for the year ended December 31, 2016. On November 18, 2016, the Company repaid $8,200 of principal, as per agreement and will have to pay an additional amount of $2,000 over the next 9 months against a full and final settlement of all of its obligations under the credit documents. On November 30, 2016, Sifnos became the lender of record under two Syndicated Loans previously arranged by HSH Nordbank, with outstanding balance of an aggregate of $85,066 under the ex-HSH Syndicated Facilities. As part of the transaction $1,825 of overdue interest under the ex-HSH Syndicated facilities was written off. The aggregate available undrawn amount under the Company's facilities at December 31, 2015 and 2016 was $0. The weighted-average interest rates on the above outstanding debt were: 6.60%, 4.98% and 3.15% for the years ended December 31, 2014, 2015 and 2016, respectively. The table below presents the movement for bank loans throughout 2016: Loan Loan agreement date Original Amount December 31, 2015 New Loans/Interest capitalized Repayments/Transfers/Write offs December 31, 2016 Secured Credit Facility October 5, 2007 $ 90,000 $ 43,700 — (43,700 ) $ — Secured Credit Facility June 20, 2008 103,200 18,250 316 (16,566 ) 2,000 Secured Credit Facility November 16, 2007 47,000 12,500 — (12,500 ) — Secured Credit Facility March 13, 2008 130,000 27,567 — (27,567 ) — Secured Credit Facility March 31, 2006 753,637 101,572 — (101,572 ) — Secured Credit Facility March 19, 2012 19,065 14,596 438 (99) 14,935 $ 218,185 754 (202,004) $ 16,935 The Company's secured credit facility dated March 19, 2012 as well as the New Revolving Facility (Note 4), 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 mortgaging 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 December 31, 2016, the Company was in breach of certain financial covenants regarding its secured credit facility dated March 19, 2012 and has not made principal repayments and interest payments under this agreement. However, the Company is in settlement discussions with the related commercial lender, while all other commercial credit facilities had been either settled or refinanced as discussed above. As a result of this non-compliance and in accordance with guidance related to the classification of obligations that are callable by the creditor, the Company has classified the respective bank loan amounting to $14,935, as current liability, at December 31, 2016. Total interest incurred on long-term debt and amortization of debt issuance costs, including capitalized interest, for the years ended December 31 2014, 2015 and 2016, amounted to $367,996, $177,537 and $8,299, respectively. These amounts net of capitalized interest are included in "Interest and finance costs" in the accompanying consolidated statement of operations. The annual principal payments required to be made after December 31, 2016, including balloon payments, totaling $16,935 due through December 31, 2017 are as follows: 2017 $ 16,935 Total principal payments 16,935 Less: Financing fees (124 ) Total debt $ 16,811 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements: | 12. 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 balance sheet. 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. The Company has entered in the past into forward freight agreements ("FFA") and foreign currency forward contracts in order to manage risks associated with fluctuations in charter rates and foreign currencies, respectively. All of the Company's derivative transactions are entered into for risk management purposes. Interest rate swaps, cap and floor agreements: Accumulated other comprehensive loss included realized losses on cash flow hedges associated with interest capitalized during prior years under "Advances for vessels and drilling units under construction and acquisitions" amounting to $16,463, which according to ASC 815-30-35 is being reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. As a result, during the years ended December 31, 2014, 2015 and 2016, the amounts of $550, $466 and $110, respectively were reclassified into the consolidated statement of operations. The fair value of the interest rate swap agreements equates to the amount that would be paid by the Company if the agreements were transferred to a third party at the reporting date, taking into account current interest rates and creditworthiness of both the financial instrument counterparty and the Company. The change in the fair value of such interest rate swap agreements which do not qualify for hedge accounting for the years ended December 31, 2014, 2015 and 2016, amounted to gains of $29,304, $10,848 and $2,193, respectively and are included in "Gain/ (Loss) on interest rate swaps" in the accompanying consolidated statement of operations. As of December 31, 2015 and 2016, security deposits of $727 for derivatives for the vessels Belmar, Calida, Lipari Petalidi Tabular disclosure of financial instruments is as follows: 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 December 31, 2016 Fair value Balance Sheet Location December 31, 2015 Fair value December 31, 2016 Fair value Interest rate swaps Financial instruments-current assets $ - $ - Financial instruments- current liabilities $ 2,604 $ - Interest rate swaps Financial instruments- non-current assets 411 - Financial instruments- non-current liabilities - - Total derivatives not designated as hedging instruments $ 411 $ - $ 2,604 $ - Total derivatives $ 411 $ - Total derivatives $ 2,604 $ - Amount of Gain/(Loss) Derivatives not designated as hedging instruments Location of Gain or (Loss) Recognized Year Ended December 31, 2014 Year Ended December 31, 2015 Year Ended December 31, 2016 Interest rate swaps Gain/(Loss) on interest rate swaps $ (15,528 ) $ (11,601 ) $ 403 Total $ (15,528) $ (11,601) $ 403 The carrying amounts of cash and cash equivalents, restricted cash, 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. December 31, 2015 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 $ 411 $ - $ 411 $ - Interest rate swaps - liability position $ (2,604 ) $ - $ (2,604 ) $ - Total $ (2,193 ) $ - $ (2,193 ) $ - December 31, 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 $ - $ - $ - $ - Interest rate swaps - liability position $ - $ - $ - $ - Total $ - $ - $ - $ - 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: Investment in affiliate (Note 10) $ 514,047 $ - $ - Vessels held for sale - 208,099 - Total $ 514,047 $ 208,099 $ - On June 8, 2015, the Company recognized a loss due to the deconsolidation of Ocean Rig of $1,347,106, which was calculated as the fair value of the Company's equity method investment in Ocean Rig less the Company's 47.2% interest in Ocean Rig's net assets on June 8, 2015 (Note 10). 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, gain/loss from sale of vessels and vessel owning companies and other" in the accompanying consolidated statement of operations for the year ended December 31, 2015 (Note 7). The impairment review performed prior to the entering into the agreements for the sale of the Company's vessels and vessel owning companies, indicated also 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 a charge of $83,937, which was included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other" in the accompanying consolidated statement of operations for the year ended December 31, 2015 (Note 7). Following the sale agreements for the sale of 14 vessel owning companies and three vessels, (Note 7) the associated 17 vessels held for sale with a carrying amount of $748,320, were written down to their fair values as determined based on the agreed sale prices resulting in a charge of $375,090, included in "Impairment loss gain/loss from sale of vessels and vessel owning companies and other" in the accompanying consolidated statement of operations for the year ended December 31, 2015. Furthermore due to their classification as held for sale (Note 7), 22 vessels, were written down to their fair value as determined based on the valuations of the independent valuators, resulting in a charge of $422,404, which was included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other" in the accompanying consolidated statement of operations for the year ended December 31, 2015. Following the sale agreements for two Supramax vessels (Note 7), the vessels, which had an aggregate carrying value of $17,820, were written down to their fair values as determined based on the agreed sale prices resulting in a charge of $6,035, included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other" in the accompanying consolidated statement of operations for the year ended December 31, 2015. Finally during the three month period ended December 31, 2015, an additional charge of $113,019 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations, due to the reduction of the vessels' held for sale carrying amount to their fair value less cost to sell. (Notes 7) Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Non-Recurring measurements: Long-lived assets held and used $ - $ 95,550 $ - Total $ - $ 95,550 $ - During 2016, the sale of the owning companies of the Capesize vessels' Fakarava, Rangiroa Negonego Coronado An additional charge of $18,266 was also recognized as "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", due to the reduction of the vessels' held for sale carrying amount to their fair value less cost to sell, as of March 31, 2016. Due to the sale of the vessels, Ocean Crystal Sonoma Sorrento, On December 30, 2016, the Company's Board of Directors resolved that the 13 drybulk vessels of the Company's fleet, that were previously classified as held for sale, will not be sold, effective December 31, 2016. Therefore, the vessels were reclassified as held and used and a gain of $1,851 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other" based on the respective US GAAP guidance, due to their measurement at their fair values as at December 31, 2016, as determined based on valuations of the independent valuators. Also, the impairment review for the year ended December 31, 2016, indicated that the carrying amount of the offshore support vessels' was not recoverable and, therefore, a charge of $65,712 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations. (Note 7) |
Common Stock and Additional Pai
Common Stock and Additional Paid-in Capital | 12 Months Ended |
Dec. 31, 2016 | |
Common Stock and Additional Paid-in Capital | |
Common Stock and Additional Paid-in Capital: | 13. Common Stock and Additional Paid-in Capital: Net Loss Attributable to Dryships Inc. 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. Year Ended December 31, 2014 2015 2016 Net loss attributable to Dryships Inc. $ (47,512 ) $ (2,847,061) $ (198,686 ) Transfers to the non-controlling interest: Decrease in Dryships Inc. equity for reduction in subsidiary ownership (4,758 ) (49,444) - Net transfers to the non-controlling interest (4,758 ) (49,444) - Net loss attributable to Dryships Inc. and transfers to/from the non-controlling interest $ (52,270) $ (2,896,505) $ (198,686) Issuance of common shares On October 29, 2014, the Company successfully completed the offering of 20,833 of its common stock (166,667 before the 1-for-8 reverse stock split), par value $0.01 per share, at a price of $1.40 per share (share price before reverse stock splits). As part of the offering, George Economou, the Company's Chairman and Chief Executive Officer, has purchased $80,000, or 4,762 shares (38,095 before the 1-for-8 reverse stock split), of common stock in the offering at the public offering price. The Company used the net proceeds of approximately $332,852 from the offering to repurchase a portion of its $700,000 principal amount of indebtedness under the 5.0% Convertible Senior Notes matured on December 1, 2014. On February 22, 2016, the Reverse Stock Split Committee of the Company resolved to effect a 1-for-25 reverse stock split of its common shares. The reverse stock split occurred, and the Company's common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on March 11, 2016. On July 29, 2016, the Board of Directors of the Company also determined to effect a 1-for-4 reverse stock split of its common shares. The reverse stock split occurred, and the Company's common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on August 15, 2016. On October 27, 2016, the Reverse Stock Split Committee of the Company determined to effect a 1-for-15 reverse stock split of its common shares. The reverse stock split occurred, and the Company's common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on November 1, 2016. On January 18, 2017, the Company determined to effect a 1-for-8 reverse stock split of its common shares. The reverse stock split occurred, and the Company's common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on January 23, 2017. All previously reported share and per share amounts have been restated to reflect the reverse stock splits. On December 23, 2016, the Company, entered into an agreement with Kalani Investments Limited (“Kalani”), an entity organized in the British Virgin Islands that is not affiliated with the Company, under which the Company may sell up to $200,000 of its common stock to Kalani over a period of 24 months, subject to certain limitations. Proceeds from any sales of common stock will be used for general corporate purposes. Kalani has no right to require any sales and is obligated to purchase the common stock as directed by the Company, subject to certain limitations set forth in the agreement. In consideration for entering into the agreement, the Company has agreed to issue up to $1,500 of its common stock to Kalani as a commitment fee. No warrants, derivatives, or other share classes are associated with this agreement. As of December 31, 2016, the Company had received proceeds (net of 1% fees), amounting to $14,850 and issued 388,342 common shares (3,106,733 before the 1-for-8 reverse stock split), out of which 13,342 shares (106,733 before the 1-for-8 reverse stock split) refer to commitment fees. The Securities Purchase Agreement does not determine a fixed price for the issuance of shares, therefore the number of common shares that are going to be issued under this agreement cannot be estimated. 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 310 common shares (2,483 before the 1-for-8 reverse stock split). 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 further received $5,000 due to the exercise of all warrants, and the total proceeds were $10,000. The Series C Convertible Preferred Stock accrued cumulative dividends on a monthly basis at an annual rate of 8%. Such accrued dividends were payable in shares of common stock or in cash at the Company's option, or in a combination of cash and common shares. On July 6, 2016, August 3, 2016, September 1, 2016, October 5, 2016 and November 4, 2016, the Company issued 70 (562 before the 1-for-8 reverse stock split), 17 (134 before the 1-for-8 reverse stock split), 278 (2,222 before the 1-for-8 reverse stock split), 328 (2,627 before the 1-for-8 reverse stock splits) and 339 (2,715 before the 1-for-8 reverse stock split) shares of Common stock, respectively, as dividend to the holders of Series C Convertible Preferred shares. As of December 31, 2016, the 5,000 Series C Convertible Preferred Shares issued on June 15, 2016 and their respective $400 dividends have been converted to 28,697 common shares (229,580 before the 1-for-8 reverse stock splits). Also, as of December 31, 2016, the 5,000 of the Series C Convertible Preferred Shares issued on August 10, 2016, due to the exercise of the respective warrants, and their respective $344 dividends have been converted to 149,189 common shares (1,193,512 before the 1-for-8 reverse stock split). On September 9, 2016, the Company entered into an agreement to convert $8,750 of the outstanding balance of the Revolving Credit Facility with Sifnos (Note 4) into 29,166 Series D Preferred shares (233,333 before the 1-for-8 reverse stock split) of the Company. Each preferred share has 100,000 votes and shall not be convertible into common stock of the Company. The 29,166 Series D Preferred shares (233,333 before the 1-for-8 reverse stock split) were issued on September 13, 2016. On November 16, 2016, the Company entered into a Securities Purchase Agreement with Kalani, for the sale of 20,000 newly designated Series E-1 Convertible Preferred Shares, preferred warrants to purchase 30,000 Series E-1 Convertible Preferred Shares, preferred warrants to purchase 50,000 newly designated Series E-2 Convertible Preferred Shares, prepaid warrants to initially purchase an aggregate of 46,609 common shares (372,874 before the 1-for-8 reverse stock split - with the number of common shares issuable subject to adjustment as described therein), and 13 common shares (100 before the 1-for-8 reverse stock split). The total gross proceeds from the sale of the securities and the exercise of the preferred warrants, were $100,000. The Series E1 and E2 Convertible Preferred shares were entitled to receive dividends which could be paid by the Company, in shares of common stock or cash or a combination of cash and common shares and which were cumulative and accrued and compounded monthly. As of December 31, 2016, the initial 20,000 Series E-1 Convertible Preferred Shares, which were issued on November 21, 2016, and their respective $1,400 dividends were converted to 856,352 common shares (6,850,817 before the 1-for-8 reverse stock split). Also, as of December 31, 2016, all preferred warrants were exercised and the 80,000 preferred shares were issued and together with their respective $5,551 dividends were converted to 3,090,405 common shares (24,723,235 before the 1-for-8 reverse stock split). Finally, all prepaid warrants have been exercised and in this respect, 44,822 common shares (358,575 before the 1-for-8 reverse stock split) were issued as of December 31, 2016. Ocean Rig shares On June 4, 2015, the Company and Ocean Rig signed an amendment under the $120,000 Note to, among other things, partially exchange $40,000 of the Note for 4,444,444 of Ocean Rig's shares owned by the Company, amend the interest of the Note and pledge an amount of 20,555,556 of Ocean Rig shares owned by the Company. On August 13, 2015, the Company signed an agreement with Ocean Rig to repay the remaining outstanding balance of $80,000 owed to Ocean Rig under the $120,000 Note, and transferred 17,777,778 shares of Ocean Rig previously owned by the Company to Ocean Rig as full payment of the outstanding balance under the Note. 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 as of that date it no longer holds any equity interest in Ocean Rig. (Note 4 and 10) Treasury stock As of December 31, 2016, 3,009 shares (24,078 before the 1-for-8 reverse stock split) of the Company's common stock, had been returned to the Company and not retired but held as treasury stock. Stockholders Rights Agreement As of January 18, 2008, the Company entered into a Stockholders Rights Agreement (the "Agreement"). Under the Agreement, the Company's Board of Directors declared a dividend payable of one preferred share purchase right, ("Right"), to purchase one one-thousandth of a share of the Company's Series A Participating Preferred Stock for each outstanding common share. Each Right entitles the registered holder, upon the occurrence of certain events, to purchase from the Company one one-thousandth of a share of Series A Participating Preferred Stock or additional shares of common stock. As of July 9, 2009, an amendment was effected to the Agreement to reflect the issuance of Series A Convertible Preferred Stock. As of December 31, 2016, no exercise of any Rights had occurred. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2016 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan: | 14. Equity incentive plan: On January 16, 2008, the Company's Board of Directors approved the 2008 Equity Incentive Plan (the "Plan"). Under the Plan, officers, key employees and directors are eligible to receive awards of stock options, stock appreciation rights, restricted stock, restricted stock units, phantom stock units and unrestricted stock. On January 25, 2010, the Company's Board of Directors amended the 2008 Equity Incentive Plan to provide that a total of 21,834,055 common shares be reserved for issuance. On January 12, 2011, 750 shares (6,000 before the 1-for-8 reverse stock split) of the non-vested common stock out of 21,834,055 shares reserved under the Plan were granted to Fabiana as a bonus for the contribution of Mr. George Economou for Chief Executive Officer's services rendered during 2010. The shares were granted to Fabiana and vest over a period of eight years, with 83 shares (667 before the 1-for-8 reverse stock split) vesting on the grant date and 83 shares (667 before the 1-for-8 reverse stock split) vesting annually on December 31, 2011 through 2018, respectively. The stock-based compensation is being recognized to expenses over the vesting period and based on the fair value of the shares on the grant date of $5.50 per share (share price before reverse stock splits). As of December 31, 2016, 583 of these shares (4,667 before the 1-for-8 reverse stock split) have vested. On August 20, 2013, the Compensation Committee approved that a bonus in the form of 83 shares (667 before the 1-for-8 reverse stock split) of the Company's common stock, with par value $0.01, be granted to Fabiana for the contribution of Mr. George Economou for Chief Executive Officer's services rendered during 2012. The shares vested over a period of two years with 28 shares (222 before the 1-for-8 reverse stock split) vesting on the grant date, 28 shares (222 before the 1-for-8 reverse stock split) vesting on August 20, 2014 and 28 shares (222 before the 1-for-8 reverse stock split)on August 20, 2015, respectively. The stock based compensation was recognized to expenses over the vesting period and based on the fair value of the shares on the grant date of $2.01 per share (share price before reverse stock splits). As of December 31, 2016, the shares have vested in full. On August 19, 2014, the Compensation Committee approved that a bonus in the form of 100 shares (800 before the 1-for-8 reverse stock split) of the Company's common stock, with par value $0.01, be granted to Fabiana for the contribution of Mr. George Economou for Chief Executive Officer's services rendered during 2013. The shares vest over a period of three years, with 33 shares (267 before the 1-for-8 reverse stock split) vesting on December 31, 2014, 33 shares (267 before the 1-for-8 reverse stock split) vesting on December 31, 2015, and 33 shares (267 before the 1-for-8 reverse stock split) vesting on December 31, 2016. The stock based compensation was recognized to expenses over the vesting period and based on the fair value of the shares on the grant date of $3.26 per share (share price before reverse stock splits). As of December 31, 2016, these shares have vested in full. On December 30, 2014, the Compensation Committee approved that a bonus in the form of 175 shares (1,400 before the 1-for-8 reverse stock split) of the Company's common stock, with par value $0.01, be granted to Fabiana for the contribution of Mr. George Economou for Chief Executive Officer's services rendered during 2014. The shares vest over a period of three years, with 58 shares (467 before the 1-for-8 reverse stock split) vesting on December 31, 2015, 58 shares (467 before the 1-for-8 reverse stock split) vesting on December 31, 2016 and 58 shares (467 before the 1-for-8 reverse stock split) vesting on December 31, 2017. The stock based compensation is being recognized to expenses over the vesting period and based on the fair value of the shares on the grant date of $1.07 per share (share price before reverse stock splits). As of December 31, 2016, 117 shares (934 before the 1-for-8 reverse stock split) of these shares have vested. A summary of the status of the Company's non-vested shares as of December 31, 2014, 2015 and 2016 and the movement for the years ended December 31, 2014, 2015 and 2016, is presented below. There were no shares forfeited in 2014, 2015 and 2016. Number of non vested shares Weighted average grant date fair value per non vested shares Balance December 31, 2013 472 $ 61,080 Granted 275 22,440 Vested (144 ) 51,720 Balance December 31, 2014 603 $ 45,720 Vested (203 ) 40,560 Balance December 31, 2015 400 $ 48,240 Vested (175 ) 43,160 Balance December 31, 2016 225 $ 52,232.56 Number of vested shares Weighted average grant date fair value per vested shares As at December 31, 2013 828 $ 151,920 Granted and vested 33 39,120 Non vested shares granted in prior years and vested 2014 111 55,560 As at December 31, 2014 972 $ 137,040 Non vested shares granted in prior years and vested 2015 203 40,560 As at December 31, 2015 1,175 $ 120,360 Non vested shares granted in prior years and vested 2016 175 43,160 As at December 31, 2016 1,350 $ 110,354 As of December 31, 2014, 2015 and 2016, there was $12,589, $5,999 and $2,419 respectively, of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost at December 31, 2016, is expected to be recognized over a period of two years. The amounts of $7,516, $6,590 and $3,580, represent the stock based compensation expense for the year ended December 31, 2014, 2015 and 2016, respectively and are recorded in "General and administrative expenses", in the accompanying consolidated statements of operations for the years ended December 31, 2014, 2015 and 2016, respectively. The total fair value of shares vested during the years ended December 31, 2014, 2015 and 2016, were $2,561, $477 and $5, respectively. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitment and Contingencies [Abstract] | |
Commitment and Contingencies: | 15. Commitment and contingencies: 15.1 Legal proceedings Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. The Company has obtained hull and machinery insurance for the assessed market value of the Company's fleet and protection and indemnity insurance. However, such insurance coverage may not provide sufficient funds to protect the Company from all liabilities that could result from its operations in all situations. Risks against which the Company may not be fully insured or insurable include environmental liabilities, which may result from a blow-out or similar accident, or liabilities resulting from reservoir damage alleged to have been caused by the negligence of the Company. The Company's loss of hire insurance coverage does not protect against loss of income from day one. It covers approximately one year for the loss of time but will be effective after 45 days' off-hire. During 2014, the Ocean Rig Corcovado Ocean Rig Mylos 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 the Chinese authorities in connection 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. 15.2 Contractual charter revenue Future minimum contractual charter revenue, based on vessels committed to non-cancelable, long-term time contracts as of December 31, 2016, will be $9,694 during 2017. These amounts do not include any assumed off-hire. Under the June 25, 2015, agreement discussed below, the Company amended 11 charter agreements with significantly lower charter rates. 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 "Voyage revenues". Out of the $35,000, the $6,759 had 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated other comprehensive loss [Abstract] | |
Accumulated Other Comprehensive Income/(Loss): | 16. Accumulated other comprehensive income: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Year ended December 31, 2015 2016 Attributable to Dryships Attributable to non controlling interest Total Attributable to Dryships Attributable to non controlling interest Total Cash flows hedges realized gain $ 225 $ - $ 225 $ - $ - $ - Actuarial pension gain 8 - 8 - - - Total $ 233 $ - $ 233 $ - $ - $ - |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs: | 17. Interest and Finance Costs: The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2014 2015 2016 Interest incurred on long-term debt $ 317,445 $ 150,061 $ 6,164 Interest, amortization and write off of financing fees on loan from affiliate and related party - 3,642 1,563 Amortization and write-off of financing fees 50,551 23,834 572 Discount on receivable from drilling contract - 4,048 - Amortization of convertible notes discount 45,261 - - Amortization of share lending agreement-note issuance costs 2,733 - - Commissions, commitment fees and other financial expenses and related party 34,256 2,607 558 Capitalized interest (39,225 ) (12,060 ) - Total $ 411,021 $ 172,132 $ 8,857 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information | |
Segment Information: | 18. 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 10) and a Tanker segment until the sale of the whole tanker fleet during 2015 (Note 7). 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 services through the 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 years ended December 31, 2014, 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 also measures segment performance based on net income. Summarized financial information concerning each of the Company's reportable segments is as follows: Drybulk Segment Offshore Support Segment Drilling Segment Tanker Segment TOTAL 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 Revenues $ 205,630 $ 115,598 $ 30,777 $ - $ 8,118 $ 21,157 $ 1,817,077 $ 725,805 $ - $ 162,817 $ 120,304 $ - $ 2,185,524 $ 969,825 $ 51,934 Vessels and drilling units operating expenses 90,376 87,704 30,969 - 3,977 14,587 727,832 259,623 - 26,052 19,770 7 844,260 371,074 45,563 Depreciation and amortization 99,631 65,607 - - 672 3,466 325,744 155,352 - 24,417 6,021 449,792 227,652 3,466 Goodwill impairment - - - - - 7,002 - - - - - - - - 7,002 Loss on contract cancellation 1,307 28,241 - - - - - - - - - - 1,307 28,241 - Impairment loss, gain/loss from sale of vessels and vessel owning companies and other 38,148 1,000,485 35,470 - - 70,873 - - - - 56,631 - 38,148 1,057,116 106,343 General and administrative expenses 48,441 44,519 29,822 - 2,858 9,849 131,745 46,989 - 13,500 10,546 37 193,686 104,912 39,708 Gain/(loss) on interest rate swaps (1,142 ) (567 ) 917 - - - (12,671 ) (9,588 ) - (1,715 ) (1,446 ) (514 ) (15,528 ) (11,601 ) 403 Gain on debt restructuring - - 10,477 - - - - - -- - - - - - 10,477 Income taxes - - - - (188 ) (38 ) (77,823 ) (36,931 ) - - - - (77,823 ) (37,119 ) (38 ) Net income/(loss) (206,303 ) (1,180,056) (69,966 ) - (2,711 ) (86,553 ) 259,654 (1,601,451) (41,454 ) 4,669 (23,868 ) (713 ) 58,020 (2,808,086) (198,686 ) Net income/(loss) attributable to Dryships Inc. (206,303 ) (1,180,056) (69,966 ) - (2,657 ) (86,553 ) 154,122 (1,640,480) (41,454 ) 4,669 (23,868 ) (713 ) (47,512 ) (2,847,061) (198,686 ) Interest and finance cost (102,806 ) (45,321 ) (8,706 ) - (105 ) (93 ) (298,839 ) (123,463 ) - (10,540 ) (8,766 ) (58 ) (412,185 ) (177,655 ) (8,857 ) Interest income 1,074 76 66 - 2 13 12,227 5,954 - 9 18 2 13,310 6,050 81 Change in fair value of derivatives (gain)/loss (21,069 ) (10,768 ) (1,957 ) - (6 ) - (15,909 ) 349 - 7,674 (422 ) (236 ) (29,304 ) (10,848 ) (2,193 ) Total assets $ 1,731,295 $ 342,287 $ 162,532 $ - $ 131,124 $ 31,191 $ 8,095,212 $ - $ - $ 650,082 $ 2,641 $ 7 $ 10,476,589 $ 476,052 $ 193,730 A reconciliation of interest and finance costs and total segment assets with the consolidated amounts is as follows: December 31, 2014 December 31, 2015 December 31, 2016 Interest and finance costs Interest for reportable segments 412,185 177,655 8,857 Elimination of intersegment interest (1,164 ) (5,523 ) - Total consolidated Interest and finance costs $ 411,021 $ 172,132 $ 8,857 Interest income Interest for reportable segments 13,310 6,050 81 Elimination of intersegment interest (1,164 ) (5,523 ) - Total consolidated Interest income 12,146 527 81 Total Assets Total Assets for reportable segments 10,476,589 476,052 193,730 Elimination of intersegment receivables (117,219 ) - - Total consolidated Assets 10,359,370 476,052 193,730 The drilling revenue shown in the table below is analyzed by country based upon the location where the drilling takes place and up to deconsolidation of Ocean Rig at June 8, 2015: For the years ended December 31, Country 2014 2015 2016 Congo $ - $ 31,807 $ - Norway 220,044 101,584 - Brazil 581,635 253,283 - Ivory Coast 97,232 12,065 - Angola 807,742 275,410 - Falkland - 51,656 - Gabon/ West Africa 110,424 - - Total leasing and service revenues $ 1,817,077 $ 725,805 $ - The revenue shown in the table below is analyzed by country based upon the location where the operation of the offshore support vessels takes place: For the years ended December 31, Country 2014 2015 2016 Brazil - 8,118 19,312 Europe - - 1,800 Total revenues $ - $ 8,118 $ 21,112 As of December 31, 2015, all of the Company's offshore support vessels with a total carrying amount of $96,428 operated in Brazil while as of December 31, 2016, three of the offshore support vessels with total carrying amount of $13,625 either operated or were idle in Brazil and the remaining offshore support vessels with an aggregate carrying amount of $13,625 were laid up in Europe. The Company's drybulk vessels operate on many trade routes throughout the world, and, therefore, the provision of geographic information is considered impractical by management. |
Losses per Share
Losses per Share | 12 Months Ended |
Dec. 31, 2016 | |
Losses per Share [Abstract] | |
Losses per Share: | 19. Losses per share: The Company calculates basic and diluted losses per share as follows: For the years ended December 31, 2014 2015 2016 Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding share (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net loss attributable to DryShips Inc. $ (47,512 ) - $ - $ (2,847,061) - $ - $ (198,686 ) - $ - -Less: Convertible Preferred stock dividends (7,695 ) -Less: Non-vested common stock dividends declared and undistributed earnings (697 ) - - (570 ) - - - - - Basic LPS Loss available to common stockholders $ (48,209) 38,003 $ (1,268.56 ) $ (2,847,631) 55,413 $ (51,389.22) $ (206,381) 444,056 $ (464.76) Dilutive effect of securities Diluted LPS Loss available to common stockholders $ (48,209) 38,003 $ (1,268.56) $ (2,847,631 ) 55,413 $ (51,389.22) $ (206,381) 444,056 $ (464.76) For the years ended December 31,1 2014, 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. As of January 30, 2017, the Company has successfully completed a $200,000 common stock offering, under which it issued 32,028,079 shares of common stock (as adjusted for the 1-for-8 reverse stock split) to the Investor. As of March 10, 2017, the Company has also sold an aggregate of 103,867,307 shares to the Investor under the Purchase Agreement dated February 17, 2017. (Note 21) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |
Income Taxes: | 20. Income Taxes: 20.1 Drybulk, Offshore Support and Tanker Segments 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 and Malta, the countries in which Dryships and the Drybulk and Tanker 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 consolidated statements of operations. Pursuant to Section 883 of the United States Internal Revenue Code (the "Code") and the regulations there under, a foreign corporation engaged in the international operation of ships is generally exempt from U.S. federal income tax on its U.S.-source shipping income if the foreign corporation meets both of the following requirements: (a) the foreign corporation is organized in a foreign country that grants an "equivalent exemption" to corporations organized in the United States for the types of shipping income (e.g., voyage, time, bareboat charter) earned by the foreign corporation and (b) more than 50% of the value of the foreign corporation's stock is owned, directly or indirectly, by individuals who are "residents" of the foreign corporation's country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the United States (the "50% Ownership Test"). For purposes of the 50% Ownership Test, stock owned in a foreign corporation by a foreign corporation whose stock is "primarily and regularly traded on an established securities market" in the United States (the "Publicly-Traded Test") will be treated as owned by individuals who are "residents" in the country of organization of the foreign corporation that satisfies the Publicly-Traded Test. The Republic of the Marshall Islands and Malta, 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 and Malta ship-owning subsidiaries will be entitled to exemption from U.S. federal income tax in respect of their U.S. source shipping income. The Company believes that it satisfied the Publicly-Traded Test for its 2014, 2015 and 2016 Taxable Years and, therefore, 100% of the stock of its Republic of the Marshall Islands and Malta ship-owning subsidiaries will be treated as owned by individuals "resident" in the Republic of the Marshall Islands and Malta. As such, each of the Company's Republic of the Marshall Islands and Malta ship-owning subsidiaries will be entitled to exemption from U.S. federal income tax in respect of their U.S. source shipping income. The Company's ship-owning subsidiaries intend to take such position on their U.S. federal income tax returns for the 2016 taxable year. 20.2 Drilling Segment (up to June 8, 2015 - date of deconsolidation): Ocean Rig operated through its various subsidiaries in a number of countries throughout the world. Income taxes were provided based upon the tax laws and rates in the countries in which operations were conducted and income was earned. The countries in which Ocean Rig operated have taxation regimes with varying nominal rates, deductions, credits and other tax attributes. Consequently, there was not an expected relationship between the provision for/or benefit from income taxes and income or loss before income taxes. The components of Ocean Rig's income/ (losses) before taxes were as follows: Year ended December 31, 2014 2015 Domestic income / (loss) (Republic of the Marshall Islands) $ (161,913 ) $ 90,181 Foreign income 499,539 42,277 Total income before taxes $ 337,626 $ 132,458 The components of the Company's tax expense were as follows: Year ended December 31, 2014 2015 Current Tax expense $ 77,823 $ 37,119 Income taxes $ 77,823 $ 37,119 Effective tax rate 23.1% 28.0% The current tax expense was mainly related to withholding tax based on total contract revenue or bareboat fees. In 2015 and 2014, approximately 48% and 64%, respectively, of the current tax expense was related to withholding taxes in Angola Taxes have not been reflected in other comprehensive loss since the valuation allowances would result in no recognition of deferred tax. Year Ended December 31, Reconciliation of total tax expense: 2014 2015 Income tax $ 70,441 $ 37,119 Taxes on litigation matters subject to statutory rates, including interest and penalties 7,382 - Total $ 77,823 $ 37,119 Ocean Rig had from 2011 elected to use the statutory tax rate for each year based upon the location where the largest parts of its operations were domiciled. During 2014 and 2015, most of its activities were in the Republic of the Marshall Islands with tax rate of zero. Deferred tax assets and liabilities were recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company's assets and liabilities at the applicable tax rates in effect. Ocean Rig had not recognized any deferred tax liability, while the significant components of deferred tax assets are as follows: Year ended December 31, 2015 Deferred tax assets Net operations loss carry forward $ - Accelerated depreciation of assets 55 Pension 904 Total deferred tax assets $ 959 Less: valuation allowance (959 ) Total deferred tax assets, net $ - A valuation allowance for deferred tax assets was recorded when it was more likely than not that some or all of the benefit from the deferred tax asset would not be realized. Ocean Rig provided a valuation allowance to offset deferred tax assets for net operating losses ("NOL") incurred during the year in certain jurisdictions and for other deferred tax assets where, in the Company's opinion, it was more likely than not that the financial statement benefit of these losses would not be realized. Ocean Rig provided a valuation allowance for foreign tax loss carry forward to reflect the possible expiration of these benefits prior to their utilization. As of December 31, 2015, the valuation allowance for deferred tax assets is decreased from $1,285 in 2014 to $959 in 2015 reflecting a decrease in net deferred tax assets during the year. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events | |
Subsequent Events: | 21. Subsequent Events: 21.1 21.2 21.3 21.4 21.5 21.6 21.7 21.8 21.9 |
Significant Accounting Polici29
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of consolidation: From June 8, 2015 through April 5, 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 as of December 31, 2015 and 2016. On April 5, 2016, the Company sold all of its shares in Ocean Rig, to a subsidiary of Ocean Rig and as of that 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 consolidated financial statements. All intercompany balances and transactions have been eliminated on consolidation. |
Business Combinations | (b) Business combinations: The purchase price is equivalent to the fair value of the consideration transferred and liabilities incurred, including liabilities related to contingent consideration. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. Goodwill is recognized for the excess of the purchase price over the net fair value of assets acquired and liabilities assumed. When the fair value of net assets acquired exceeds the fair value of consideration transferred plus any non-controlling interest in the acquiree, the excess is recognized as a gain. |
Goodwill | (c) Goodwill: |
Use of Estimates | (d) Use of estimates: |
Comprehensive income/(loss) | (e) Comprehensive income/(loss): During 2013, the Company adopted the requirements of Accounting Standard Update ("ASU") 2013-02, "Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income". The objective of this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in the financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. |
Cash and Cash Equivalents | (f) Cash and cash equivalents: |
Restricted Cash | (g) Restricted cash: |
Trade Accounts Receivable net | (h) Trade accounts receivable net: |
Short-term Investments | (i) Short-term investments: |
Concentration of Credit Risk | (j) Concentration of credit risk: The Company is exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, the Company limits its exposure by diversifying among counter parties. The Company's major customers were oil companies, which reduced its credit risk. When considered necessary, additional arrangements are put in place to minimize credit risk, such as letters of credit or other forms of payment guarantees. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its trade accounts receivable. The Company makes advances for the construction of assets to the yards. The ownership of the assets is transferred from the yard to the Company at delivery. The credit risk of the advances was, to a large extent, reduced through refund guarantees issued by financial institutions. |
Advances for Vessels and Drilling Units under Construction | (k) Advances for vessels and drilling units under construction: |
Capitalized Interest | (l) Capitalized interest: |
Insurance Claims | (m) Insurance claims: |
Inventories | (n) Inventories: |
Foreign Currency Translation | (o) Foreign currency translation: |
Fixed Assets, Net | (p) Fixed assets, net: (i) Drybulk, tanker carrier and offshore support vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the useful life, increase the earning capacity or improve the efficiency or safety of the vessels. The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value. Vessel's residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton. In general, management estimates the useful life of the Company's drybulk and tanker carrier vessels to be 25 years and offshore support vessels 30 years, from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. (ii) Drilling units were stated at historical cost less accumulated depreciation. Such costs included the cost of adding or replacing parts of drilling unit machinery and equipment when the cost was incurred, if the recognition criteria were met. The recognition criteria require that the cost incurred extends the useful life of a drilling unit. The carrying amounts of those parts that were replaced were written off and the cost of the new parts was capitalized. Depreciation was calculated on a straight-line basis over the useful life of the assets after considering the estimated residual value as follows: bare deck 30 years and other asset parts 5 to 15 years for the drilling units. The residual values of the drilling rigs and drillships were estimated at $35,000 and $50,000, respectively, for the year ended December 31, 2015. |
Long Lived Assets Held for Sale | (q) Long lived assets held for sale: If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a long-lived asset previously classified as held for sale, the asset shall be reclassified as held and used. A long-lived asset that is reclassified shall be measured individually at the lower of its carrying amount before the asset or disposal group was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset or disposal group been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell. When the Company concludes a Memorandum of Agreement for the disposal of a vessel which has yet to complete a time charter, it is considered that the held for sale criteria discussed in guidance are not met until the time charter has been completed as the vessel is not available for immediate sale. As a result, such vessels are not classified as held for sale. When the Company concludes a Memorandum of Agreement for the disposal of a vessel which has no time charter to complete or a contract that is transferable to a buyer, it is considered that the held for sale criteria discussed in the guidance are met. As a result such vessels are classified as held for sale. Furthermore, in the period a long-lived asset meets the held for sale criteria, a loss is recognized for any reduction of the long-lived asset's carrying amount to its fair value less cost to sell. No such adjustments were identified for the year ended December 31, 2014. For the years ended December 31, 2015 and 2016, the Company recognized such charges amounting to $967,144 and $13,395 (including a gain of $1,851 due to the reclassification of the Drybulk vessels as held and used, effective December 31, 2016), respectively, included in "Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations. (Notes 7 and 12) |
Impairment of Long-Lived Assets | (r) Impairment of long-lived assets: sales and purchases, business plans and overall market conditions. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the Company determines undiscounted projected net operating cash flows for each vessel and compares them to their carrying value. The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days. The Company estimates the daily time charter equivalent for the unfixed days of drybulk vessels based on the most recent ten year historical average for similar vessels and utilizing available market data for time charter and spot market rates and forward freight agreements and for offshore support vessels based on available market data, over the remaining estimated life of the vessel, net of brokerage commissions, expected outflows for vessels' maintenance and operating expenses (including planned drydocking and special survey expenditures), assuming an average annual inflation rate based on the global consumer price index (“CPI”) changes and fleet utilization of 99% decreasing by 5% every five years after the first ten years. The salvage value used in the impairment test is estimated to be $250 per light weight ton (LWT) for vessels, in accordance with the Company's vessels' depreciation policy. If the Company's estimate of undiscounted future cash flows for any vessel, is lower than its respective carrying value, the carrying value is written down, by recording a charge to operations, to its' respective fair market value if the fair market value is lower than the vessel's carrying value. The Company's analysis for the year ended December 31, 2016, also involved sensitivity tests on the time charter rates and fleet utilization (being the most sensitive inputs to variances), allowing for variances ranging from 97.5% to 92.5% depending on vessel type on time charter rates. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree. Charter rates may remain at depressed levels for some time which could adversely affect the Company's revenue and profitability, and future assessments of vessel impairment. As a result of the impairment review for the year ended December 31, 2014, the Company determined that the carrying amount of one of its drybulk vessels was not recoverable and, therefore, a charge of $38,148 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations. In addition, the impairment review performed during 2015 and prior to the entering into the agreements for the sale of the Company's vessels and vessel owning companies, indicated that the carrying amount of one of its drybulk vessels was not recoverable and, therefore, a charge of $83,937 was recognized and included in "Impairment loss gain/loss from sale of vessels and vessel owning companies and other ", in the accompanying consolidated statement of operations. Also, the impairment review for the year ended December 31, 2016, indicated that the carrying amount of the offshore support vessels' was not recoverable and, therefore, a charge of $65,712 was recognized and included in "Impairment loss, gain/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations. (Note 7) |
Dry-docking Costs | (s) Dry-docking costs: |
Class Costs | (t) Class costs: |
Deferred Financing Costs | (u) Deferred financing costs: |
Convertible Senior Notes | (v) Convertible senior notes: |
Revenue and Related Expenses | (w) Revenue and related expenses: (i) Drybulk carrier, tanker and offshore support vessels: Time and bareboat charters: Voyage charters: Pooling arrangements: Voyage related and vessel operating costs: Deferred voyage revenue: (ii) Drilling units: Revenues: (a) Well contracts: (b) Term contracts: |
Earnings/(loss) per Common Share | (x) Earnings/(loss) per common share: |
Segment Reporting | (y) Segment reporting: |
Financial Instruments | (z) Financial instruments: (i) Hedge accounting: The Company was party to interest swap agreements where it received a floating interest rate and paid a fixed interest rate for a certain period. All of the Company's interest swap agreements were either matured or terminated during the year ended December 31, 2016. Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of "Accumulated other comprehensive income/(loss)" in equity, while any ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated statement of operations. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as financial income or expense. (ii) Other derivatives: |
Fair Value Measurements | (aa) Fair value measurements: |
Stock-based Compensation | (ab) Stock-based compensation: |
Income Taxes | (ac) Income taxes: |
Commitments and Contingencies | (ad) Commitments and contingencies: |
Investments in Affiliates | (ae) Investments in Affiliates: At each reporting date, the Company performs an assessment in order to identify and account for any other than temporary impairment in its investment in affiliates. Specifically, the Company assesses factors indicating that a decline in the value of an investment is other-than-temporary and that a write-down of the carrying amount is required and concludes whether the impairment is other than temporary and then measures and recognizes the respective impairment charge as the difference between the carrying amount and the fair value of the equity investment. 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 and included in the accompanying consolidated statement of operations for the year ended December 31, 2015. (Note 10) 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 consolidated statement of operations for the year ended December 31, 2016. Affiliates included in the financial statements accounted for under the equity method (i)Ocean Rig and its subsidiaries (ownership interest as of April 4, 2016, was 40.4%). |
Accounting for Transactions under Common Control | (af) Accounting for transactions under common control: |
Troubled Debt Restructurings | (ag) Troubled Debt Restructurings: The Company, when issuing or otherwise granting an equity interest to a lender or creditor to settle fully a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are charged to expense as incurred. |
Recent accounting pronouncements | (ah) Recent accounting pronouncements: Going concern: of operations, retained earnings or cash flows in the current or previous interim and annual reporting periods and provided the required notes disclosures (Note 3). Inventory: Leases: Revenue from Contracts with Customers: The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). The Company will adopt the standard in the first quarter of 2018 and preliminarily expects to use the modified retrospective method. Currently, the Company is in the process of evaluating the impact of the standard and of reviewing historical contracts to quantify the impact that the adoption of the standard will have on specific performance obligations. Compensation-Stock Compensation - Improvements to Employee Share-Based Payment Accounting: Financial Instruments: Statement of Cash Flows: |
Basis of Presentation and Gen30
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information | |
Schedule of Revenue by Major Charterer | Year ended December 31, 2014 2015 2016 Customer A - Drilling segment 12% 12% - Customer B - Drilling segment 15% 14% - Customer C - Drilling segment - 11% - Customer D - Drilling segment 12% 10% - Customer E - Drilling segment 10% 10% - Customer F - Drilling segment 25% 10% - Customer G - Offshore support segment - - 37% |
Transactions with Related Par31
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | December 31, 2015 2016 Balance Sheet Due from related parties $ 20,637 $ 6,674 Due from related parties (current) - Total 20,637 6,674 Due to related parties (21,828 ) (5,033 ) Due to related parties (current) - Total $ (21,828) $ (5,033) Due to related parties - (116,617 ) Due to related parties (non - current) - Total $ - $ (116,617) Accrued liabilities $ (1,059) $ (1,082) Year ended December 31, Statement of Operations 2014 2015 2016 Time charter & Service Revenues - commission fees $ 16,870 $ 7,366 $ 1,800 Voyage expenses (6,758 ) (4,521 ) (390 ) General and administrative expenses (85,584 ) (50,498) (32,397 ) Commissions for assets sold - (8,133) (886 ) Gain/(loss) from sale of vessel owning companies, net of commissions - - (22,318 ) Interest and finance costs - (3,679) (1,789 ) (Per day and per quarter information in the note below is expressed in United States Dollars/Euros) |
Other Current assets (Tables)
Other Current assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets [Abstract] | |
Other Current Assets | December 31, 2015 2016 Inventories $ 3,531 $ 3,446 Insurance claims (Note 15) 941 1,071 Other 542 29 Other current assets $ 5,014 $ 4,546 |
Advances for Vessels and Dril33
Advances for Vessels and Drilling Units under Construction and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Advances for Vessels and Drilling Units under Construction and Acquisitions [Abstract] | |
Advances for Vessels and Drilling Units under Construction and Acquisitions | December 31, 2015 2016 Balance at beginning of year $ 623,984 $ - Advances for drilling units under construction and related costs 465,650 - Drilling units delivered (728,393 ) - Deconsolidation of Ocean Rig (361,241 ) - Balance at end of year $ - $ - |
Vessels, Drilling Units, Mach34
Vessels, Drilling Units, Machinery and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Vessels, Drilling Units, Machinery and Equipment, net [Abstract] | |
Vessels | Cost Accumulated Depreciation Net Book Value Balance, December 31, 2014 $ 2,873,951 (732,334 ) 2,141,617 Acquisition of subsidiary 97,100 - 97,100 Vessels transfer to held for sale (208,099 ) - (208,099 ) Vessels disposals (810,810 ) - (810,810 ) Impairment loss (1,855,042 ) 803,962 (1,051,080) Depreciation - (72,300 ) (72,300 ) Balance, December 31, 2015 $ 97,100 (672) $ 96,428 Vessels transferred from held for sale 66,449 - 66,449 Impairment loss (67,999 ) 4,138 (63,861 ) Depreciation - (3,466 ) (3,466 ) Balance, December 31, 2016 $ 95,550 $ - $ 95,550 |
Assets and Liabilities Held for Sale | Total assets December 31, 2015 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 - Total assets held for sale $ 216,026 $ - Total liabilities December 31, 2015 2016 Bank debt $ 103,680 $ - Accounts payable 1 - Accrued liabilities 271 - Deferred revenues 414 - Total liabilities held for sale $ 104,366 $ - |
Drilling Units, Machinery and Equipment | Cost Accumulated Depreciation Net Book Value Balance, December 31, 2014 $ 7,393,173 $ (1,133,426) $ 6,259,747 Additions 806,353 - 806,353 Depreciation - (154,481 ) (154,481 ) Deconsolidation of Ocean Rig (8,199,526) 1,287,907 (6,911,619) Balance, December 31, 2015 $ - $ - $ - Additions - - - Depreciation - - - Balance December 31, 2016 $ - $ - $ - |
Acquisition of Nautilus Offsh35
Acquisition of Nautilus Offshore Services Inc. (Tables) | 12 Months Ended |
Dec. 31, 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 Amount Balance Amortization and write offs for the year ended Amortization for the year ending Above-market acquired time charters $ 12,474 $ 11,007 $ 9,507 $ 1,500 |
Pro Forma Information | December 31, 2014 2015 Pro forma revenues $ 2,233,015 $ 1,011,674 Pro forma operating income/(loss) 554,870 (866,317 ) Pro forma net loss (38,874 ) (2,838,322 ) Pro forma per share amounts: Basic net loss per share $ (127.87 ) $ (6,402.62 ) |
Impairment charge | Balance December 31, 2015 $ 7,002 Goodwill impairment charge (7,002 ) Balance December 31, 2016 $ — |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Non-Current Assets [Abstract] | |
Other Non-Current Assets | December 31, 2015 2016 Security deposits for derivatives $ 727 $ - $ 727 $ - |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt [Abstract] | |
Long-term Debt | December 31, 2015 2016 Secured Credit Facilities- Drybulk Segment $ 218,185 $ 16,935 Less: Deferred financing costs (636 ) (124 ) Total debt 217,549 16,811 Less: Current portion (217,549 ) (16,811 ) Long-term portion $ - $ - |
Loan Movements for Credit Facilities and Term Loans Throughout the Year | Loan Loan agreement date Original Amount December 31, 2015 New Loans/Interest capitalized Repayments/Transfers/Write offs December 31, 2016 Secured Credit Facility October 5, 2007 $ 90,000 $ 43,700 — (43,700 ) $ — Secured Credit Facility June 20, 2008 103,200 18,250 316 (16,566 ) 2,000 Secured Credit Facility November 16, 2007 47,000 12,500 — (12,500 ) — Secured Credit Facility March 13, 2008 130,000 27,567 — (27,567 ) — Secured Credit Facility March 31, 2006 753,637 101,572 — (101,572 ) — Secured Credit Facility March 19, 2012 19,065 14,596 438 (99) 14,935 $ 218,185 754 (202,004) $ 16,935 |
Principal Payments | 2017 $ 16,935 Total principal payments 16,935 Less: Financing fees (124 ) Total debt $ 16,811 |
Financial Instruments and Fai38
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 Fair value Balance Sheet Location December 31, 2015 Fair value December 31, 2016 Fair value Interest rate swaps Financial instruments-current assets $ - $ - Financial instruments- current liabilities $ 2,604 $ - Interest rate swaps Financial instruments- non-current assets 411 - Financial instruments- non-current liabilities - - Total derivatives not designated as hedging instruments $ 411 $ - $ 2,604 $ - Total derivatives $ 411 $ - Total derivatives $ 2,604 $ - |
Effect of Derivative Instruments on the Consolidated Statements of Operations | Amount of Gain/(Loss) Derivatives not designated as hedging instruments Location of Gain or (Loss) Recognized Year Ended December 31, 2014 Year Ended December 31, 2015 Year Ended December 31, 2016 Interest rate swaps Gain/(Loss) on interest rate swaps $ (15,528 ) $ (11,601 ) $ 403 Total $ (15,528) $ (11,601) $ 403 |
Fair Value, Assets Measured on a Recurring and Non-Recurring Basis | December 31, 2015 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 $ 411 $ - $ 411 $ - Interest rate swaps - liability position $ (2,604 ) $ - $ (2,604 ) $ - Total $ (2,193 ) $ - $ (2,193 ) $ - December 31, 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 $ - $ - $ - $ - Interest rate swaps - liability position $ - $ - $ - $ - Total $ - $ - $ - $ - Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Non-Recurring measurements: Investment in affiliate (Note 10) $ 514,047 $ - $ - Vessels held for sale - 208,099 - Total $ 514,047 $ 208,099 $ - Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Non-Recurring measurements: Long-lived assets held and used $ - $ 95,550 $ - Total $ - $ 95,550 $ - |
Common Stock and Additional P39
Common Stock and Additional Paid-in Capital (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Common Stock and Additional Paid-in Capital | |
Net Loss Attributable to Dryships Inc. and Transfers to the Non-controlling Interest | Year Ended December 31, 2014 2015 2016 Net loss attributable to Dryships Inc. $ (47,512 ) $ (2,847,061) $ (198,686 ) Transfers to the non-controlling interest: Decrease in Dryships Inc. equity for reduction in subsidiary ownership (4,758 ) (49,444) - Net transfers to the non-controlling interest (4,758 ) (49,444) - Net loss attributable to Dryships Inc. and transfers to/from the non-controlling interest $ (52,270) $ (2,896,505) $ (198,686) |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 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, 2013 472 $ 61,080 Granted 275 22,440 Vested (144 ) 51,720 Balance December 31, 2014 603 $ 45,720 Vested (203 ) 40,560 Balance December 31, 2015 400 $ 48,240 Vested (175 ) 43,160 Balance December 31, 2016 225 $ 52,232.56 |
Vested Shares | Number of vested shares Weighted average grant date fair value per vested shares As at December 31, 2013 828 $ 151,920 Granted and vested 33 39,120 Non vested shares granted in prior years and vested 2014 111 55,560 As at December 31, 2014 972 $ 137,040 Non vested shares granted in prior years and vested 2015 203 40,560 As at December 31, 2015 1,175 $ 120,360 Non vested shares granted in prior years and vested 2016 175 43,160 As at December 31, 2016 1,350 $ 110,354 |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated other comprehensive loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Year ended December 31, 2015 2016 Attributable to Dryships Attributable to non controlling interest Total Attributable to Dryships Attributable to non controlling interest Total Cash flows hedges realized gain $ 225 $ - $ 225 $ - $ - $ - Actuarial pension gain 8 - 8 - - - Total $ 233 $ - $ 233 $ - $ - $ - |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | Year ended December 31, 2014 2015 2016 Interest incurred on long-term debt $ 317,445 $ 150,061 $ 6,164 Interest, amortization and write off of financing fees on loan from affiliate and related party - 3,642 1,563 Amortization and write-off of financing fees 50,551 23,834 572 Discount on receivable from drilling contract - 4,048 - Amortization of convertible notes discount 45,261 - - Amortization of share lending agreement-note issuance costs 2,733 - - Commissions, commitment fees and other financial expenses and related party 34,256 2,607 558 Capitalized interest (39,225 ) (12,060 ) - Total $ 411,021 $ 172,132 $ 8,857 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information | |
Reporting Information by Segment | Drybulk Segment Offshore Support Segment Drilling Segment Tanker Segment TOTAL 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016 Revenues $ 205,630 $ 115,598 $ 30,777 $ - $ 8,118 $ 21,157 $ 1,817,077 $ 725,805 $ - $ 162,817 $ 120,304 $ - $ 2,185,524 $ 969,825 $ 51,934 Vessels and drilling units operating expenses 90,376 87,704 30,969 - 3,977 14,587 727,832 259,623 - 26,052 19,770 7 844,260 371,074 45,563 Depreciation and amortization 99,631 65,607 - - 672 3,466 325,744 155,352 - 24,417 6,021 449,792 227,652 3,466 Goodwill impairment - - - - - 7,002 - - - - - - - - 7,002 Loss on contract cancellation 1,307 28,241 - - - - - - - - - - 1,307 28,241 - Impairment loss, gain/loss from sale of vessels and vessel owning companies and other 38,148 1,000,485 35,470 - - 70,873 - - - - 56,631 - 38,148 1,057,116 106,343 General and administrative expenses 48,441 44,519 29,822 - 2,858 9,849 131,745 46,989 - 13,500 10,546 37 193,686 104,912 39,708 Gain/(loss) on interest rate swaps (1,142 ) (567 ) 917 - - - (12,671 ) (9,588 ) - (1,715 ) (1,446 ) (514 ) (15,528 ) (11,601 ) 403 Gain on debt restructuring - - 10,477 - - - - - -- - - - - - 10,477 Income taxes - - - - (188 ) (38 ) (77,823 ) (36,931 ) - - - - (77,823 ) (37,119 ) (38 ) Net income/(loss) (206,303 ) (1,180,056) (69,966 ) - (2,711 ) (86,553 ) 259,654 (1,601,451) (41,454 ) 4,669 (23,868 ) (713 ) 58,020 (2,808,086) (198,686 ) Net income/(loss) attributable to Dryships Inc. (206,303 ) (1,180,056) (69,966 ) - (2,657 ) (86,553 ) 154,122 (1,640,480) (41,454 ) 4,669 (23,868 ) (713 ) (47,512 ) (2,847,061) (198,686 ) Interest and finance cost (102,806 ) (45,321 ) (8,706 ) - (105 ) (93 ) (298,839 ) (123,463 ) - (10,540 ) (8,766 ) (58 ) (412,185 ) (177,655 ) (8,857 ) Interest income 1,074 76 66 - 2 13 12,227 5,954 - 9 18 2 13,310 6,050 81 Change in fair value of derivatives (gain)/loss (21,069 ) (10,768 ) (1,957 ) - (6 ) - (15,909 ) 349 - 7,674 (422 ) (236 ) (29,304 ) (10,848 ) (2,193 ) Total assets $ 1,731,295 $ 342,287 $ 162,532 $ - $ 131,124 $ 31,191 $ 8,095,212 $ - $ - $ 650,082 $ 2,641 $ 7 $ 10,476,589 $ 476,052 $ 193,730 |
Segment Information Reconciliation | December 31, 2014 December 31, 2015 December 31, 2016 Interest and finance costs Interest for reportable segments 412,185 177,655 8,857 Elimination of intersegment interest (1,164 ) (5,523 ) - Total consolidated Interest and finance costs $ 411,021 $ 172,132 $ 8,857 Interest income Interest for reportable segments 13,310 6,050 81 Elimination of intersegment interest (1,164 ) (5,523 ) - Total consolidated Interest income 12,146 527 81 Total Assets Total Assets for reportable segments 10,476,589 476,052 193,730 Elimination of intersegment receivables (117,219 ) - - Total consolidated Assets 10,359,370 476,052 193,730 |
Revenue per Country | For the years ended December 31, Country 2014 2015 2016 Congo $ - $ 31,807 $ - Norway 220,044 101,584 - Brazil 581,635 253,283 - Ivory Coast 97,232 12,065 - Angola 807,742 275,410 - Falkland - 51,656 - Gabon/ West Africa 110,424 - - Total leasing and service revenues $ 1,817,077 $ 725,805 $ - For the years ended December 31, Country 2014 2015 2016 Brazil - 8,118 19,312 Europe - - 1,800 Total revenues $ - $ 8,118 $ 21,112 |
Losses per Share (Tables)
Losses per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Losses per Share [Abstract] | |
Losses per Share | For the years ended December 31, 2014 2015 2016 Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding share (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net loss attributable to DryShips Inc. $ (47,512 ) - $ - $ (2,847,061) - $ - $ (198,686 ) - $ - -Less: Convertible Preferred stock dividends (7,695 ) -Less: Non-vested common stock dividends declared and undistributed earnings (697 ) - - (570 ) - - - - - Basic LPS Loss available to common stockholders $ (48,209) 38,003 $ (1,268.56 ) $ (2,847,631) 55,413 $ (51,389.22) $ (206,381) 444,056 $ (464.76) Dilutive effect of securities Diluted LPS Loss available to common stockholders $ (48,209) 38,003 $ (1,268.56) $ (2,847,631 ) 55,413 $ (51,389.22) $ (206,381) 444,056 $ (464.76) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of Income Before Income Tax Domestic and Foreign | Year ended December 31, 2014 2015 Domestic income / (loss) (Republic of the Marshall Islands) $ (161,913 ) $ 90,181 Foreign income 499,539 42,277 Total income before taxes $ 337,626 $ 132,458 |
Schedule of Components of Income Tax Expense Benefit | Year ended December 31, 2014 2015 Current Tax expense $ 77,823 $ 37,119 Income taxes $ 77,823 $ 37,119 Effective tax rate 23.1% 28.0% |
Schedule Reconciliation Total Tax Expense | Year Ended December 31, Reconciliation of total tax expense: 2014 2015 Income tax $ 70,441 $ 37,119 Taxes on litigation matters subject to statutory rates, including interest and penalties 7,382 - Total $ 77,823 $ 37,119 |
Schedule of Deferred Tax Assets and Liabilities | Year ended December 31, 2015 Deferred tax assets Net operations loss carry forward $ - Accelerated depreciation of assets 55 Pension 904 Total deferred tax assets $ 959 Less: valuation allowance (959 ) Total deferred tax assets, net $ - |
Basis of Presentation and Gen46
Basis of Presentation and General Information (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Customer A - Drilling segment | |||
Major customer revenue percentage | 12.00% | 12.00% | |
Customer B - Drilling segment | |||
Major customer revenue percentage | 14.00% | 15.00% | |
Customer C - Drilling segment | |||
Major customer revenue percentage | 11.00% | 0.00% | |
Customer D - Drilling segment | |||
Major customer revenue percentage | 10.00% | 12.00% | |
Customer E - Drilling segment | |||
Major customer revenue percentage | 10.00% | 10.00% | |
Customer F - Drilling segment | |||
Major customer revenue percentage | 10.00% | 25.00% | |
Customer G - Offshore support segment | |||
Major customer revenue percentage | 37.00% |
Basis of Presentation and Gen47
Basis of Presentation and General Information (Details) | 1 Months Ended | 2 Months Ended | 7 Months Ended | 10 Months Ended |
Jan. 23, 2017 | Mar. 11, 2016 | Aug. 15, 2016 | Nov. 01, 2016 | |
Stockholders' Equity, Reverse Stock Split | 1-for-25 reverse stock split of the Company's common shares, with which seven fractional shares were cashed out | 1-for-4 reverse stock split of the Company's common shares, with which five fractional shares were cashed out | 1-for-15 reverse stock split of the Company's common shares, with which nine fractional shares were cashed out | |
Subsequent Event | ||||
Stockholders' Equity, Reverse Stock Split | 1-for-8 reverse stock split of the Company's common shares, with which four fractional shares were cashed out |
Significant Accounting Polici48
Significant Accounting Policies (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 7 Months Ended | 10 Months Ended | 12 Months Ended | |||||
Jan. 23, 2017 | Mar. 11, 2016 | Mar. 31, 2016USD ($) | Aug. 15, 2016 | Nov. 01, 2016 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 05, 2016 | Apr. 04, 2016 | Jun. 08, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Impairment on goodwill | $ (7,002) | $ 0 | $ 0 | ||||||||
Capitalized interest | $ 0 | 12,060 | 39,225 | ||||||||
Depreciation method | straight-line | ||||||||||
Estimated residual value of vessels per lightweight ton | $ 250 | ||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (106,343) | (1,057,116) | (38,148) | ||||||||
Fleet Utilization Assumption | 99.00% | ||||||||||
Decrease of Fleet utilization | 5.00% | ||||||||||
Carrying value of the investment | $ 0 | 91,410 | |||||||||
Amortization and write off of financing costs | $ 795 | 23,834 | 50,551 | ||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-25 reverse stock split of the Company's common shares, with which seven fractional shares were cashed out | 1-for-4 reverse stock split of the Company's common shares, with which five fractional shares were cashed out | 1-for-15 reverse stock split of the Company's common shares, with which nine fractional shares were cashed out | ||||||||
Number of Reportable Segments | 2 | ||||||||||
Gain due to foreign currency differences | $ 745 | ||||||||||
Offshore Support Segment | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Impairment on goodwill | (7,002) | ||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (70,873) | 0 | |||||||||
Subsequent Event | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-8 reverse stock split of the Company's common shares, with which four fractional shares were cashed out | ||||||||||
Minimum | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Variances On Time Charter Rates | 92.50% | ||||||||||
Maximum | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Variances On Time Charter Rates | 97.50% | ||||||||||
Drybulk and Tanker Carrier Vessels | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Useful life | 25 years | ||||||||||
Drybulk Carrier Vessels | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Gain on reclassification of vessels | $ 1,851 | ||||||||||
Offshore Support Vessels | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Useful life | 30 years | ||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (65,712) | ||||||||||
Bare Deck | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Useful life | 30 years | ||||||||||
Other Asset Parts | Minimum | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Useful life | 5 years | ||||||||||
Other Asset Parts | Maximum | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Useful life | 15 years | ||||||||||
One of its drybulk vessels | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (83,937) | $ (38,148) | |||||||||
Vessels held for sale | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (18,266) | $ (13,395) | (967,144) | ||||||||
Drilling rigs | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Residual value | 35,000 | ||||||||||
Drillships | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Residual value | 50,000 | ||||||||||
Ocean Rig | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest in Ocean Rig | 0.00% | 40.40% | 47.20% | ||||||||
Carrying value of the investment | 208,176 | 401,878 | |||||||||
Market value of the investment | $ 45,985 | 91,410 | $ 514,047 | ||||||||
Loss recognized due to impairment | $ 162,191 | $ 310,468 |
Going Concern (Details)
Going Concern (Details) $ in Thousands | 8 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |||
Sep. 09, 2016USD ($) | Nov. 07, 2016USD ($) | Nov. 15, 2016USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 23, 2016USD ($) | |
Loan agreements reclassified as current | $ 14,935 | $ 218,185 | |||||
Current portion of long-term debt | 16,811 | 217,549 | |||||
Working capital surplus/ (deficit) | 70,831 | (85,573) | |||||
Repayments Of Debt | 119,758 | 782,366 | $ 2,008,826 | ||||
Cash And Cash Equivalents And Restricted Cash | 76,774 | ||||||
Proceeds from common stock | $ 123,810 | 0 | $ 421,911 | ||||
Sifnos Shareholders | New Revolving Credit Facility | |||||||
Loan's tenor | 3 years | ||||||
Principal amount | $ 200,000 | ||||||
Securities Purchase Agreement | |||||||
Sale Of Stock Maximum Offering Amount | $ 200,000 | ||||||
Proceeds from common stock | $ 15,000 | ||||||
First Equity Offering | Series C Convertible Preferred Stock | |||||||
Issuance of preferred stock, shares (Note 13) | shares | 5,000 | ||||||
Number of warrants | shares | 5,000 | ||||||
Total proceeds | $ 10,000 | ||||||
Second Equity Offering | |||||||
Total proceeds | $ 100,000 | ||||||
Second Equity Offering | Series E-1 Convertible Preferred Stock | |||||||
Issuance of preferred stock, shares (Note 13) | shares | 20,000 | ||||||
Number of warrants | shares | 30,000 | ||||||
Second Equity Offering | Series E-2 Convertible Preferred Stock | |||||||
Number of warrants | shares | 50,000 | ||||||
Rangiroa, Fakavara, Negonego, Oregon, Amalfi, Galveston and Samatan | |||||||
Debt assumed | $ 170,837 | ||||||
Sale Agreements | Bulkers and bulker owning entities | |||||||
Number of vessels | 10 | ||||||
Liabilities held for sale | |||||||
Current portion of long-term debt | $ 103,680 | ||||||
Secured Credit Facility at March 31, 2006 | |||||||
Repayments Of Debt | $ 4,250 | $ 3,720 | $ 3,950 | $ 11,920 | |||
Principal amount | $ 753,637 |
Transactions with Related Par50
Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Due from related party (current) | $ 6,674 | $ 20,637 |
Due to related parties (current) | (5,033) | (21,828) |
Due to related party (non-current) | (116,617) | 0 |
Accrued liabilities | (3,709) | (4,955) |
Related parties | ||
Due from related party (current) | 6,674 | 20,637 |
Due to related parties (current) | (5,033) | (21,828) |
Due to related party (non-current) | (116,617) | 0 |
Accrued liabilities | $ (1,082) | $ (1,059) |
Transactions with Related Par51
Transactions with Related Parties - Statement of Operations (Tables) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Voyage expenses | $ (9,209) | $ (65,286) | $ (117,165) |
General and administrative expenses | (39,708) | (104,912) | (193,686) |
Interest and finance costs | (1,563) | (3,642) | 0 |
Related parties | |||
Time charter & Service Revenues - commission fees | 1,800 | 7,366 | 16,870 |
Voyage expenses | (390) | (4,521) | (6,758) |
General and administrative expenses | (32,397) | (50,498) | (85,584) |
Commissions for assets sold | (886) | (8,133) | 0 |
Gain/(loss) from sale of vessel owning companies, net of commissions | (22,318) | 0 | 0 |
Interest and finance costs | $ (1,789) | $ (3,679) | $ 0 |
Transactions with Related Par52
Transactions with Related Parties - TMS Bulkers Ltd - TMS Tankers Ltd - TMS Offshore Services Ltd (Details) | 10 Months Ended | 11 Months Ended | 12 Months Ended | 16 Months Ended | 24 Months Ended | 36 Months Ended | ||||||||||
Oct. 21, 2015 | Nov. 24, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2011EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) | Jan. 01, 2016 | Jan. 01, 2015 | Jan. 01, 2012 | |
General and administrative expenses | $ 39,708,000 | $ 104,912,000 | $ 193,686,000 | |||||||||||||
Nautilus Offshore Services Inc. | ||||||||||||||||
Percentage of outstanding share capital acquired | 97.44% | 2.56% | ||||||||||||||
Management Agreement | ||||||||||||||||
Management agreement term | 5 years | 5 years | ||||||||||||||
Contract termination or Change of Control | ||||||||||||||||
Management fee extra period | 3 months | 3 months | ||||||||||||||
General and administrative expenses | $ 654,000 | 2,609,000 | ||||||||||||||
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 | $ 1,723 | € 1,639 | $ 1,673 | € 1,591 | $ 1,577 | € 1,500 | $ 1,625 | € 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 | $ 526 | € 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 | $ 1,788 | € 1,700 | $ 1,897 | € 1,804 | $ 1,841 | € 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 Offshore Services Ltd. | ||||||||||||||||
Management fixed fee per vessel per day | $ 1,116 | € 1,061 | ||||||||||||||
TMS Offshore Services Ltd. | Offshore Support Vessels | ||||||||||||||||
Number of vessels acquired | 6 | 6 | ||||||||||||||
TMS Offshore Services Ltd. | Minimum | ||||||||||||||||
Annual management fee adjustment | 3.00% | 3.00% | ||||||||||||||
TMS Offshore Services Ltd. | Maximum | ||||||||||||||||
Annual management fee adjustment | 5.00% | 5.00% | ||||||||||||||
Tms Bulkers and Tms Offshore | Amendment of existing Management Agreement | ||||||||||||||||
Commissions on charter hire agreements | 1.25% | 1.25% | ||||||||||||||
Commission on purchase or sale price of vessels | 1.00% | 1.00% | ||||||||||||||
Performance Bonus | $ 6,000,000 | $ 6,000,000 | ||||||||||||||
Setup Fee | $ 2,000,000 | |||||||||||||||
Financing and advisory commission | 0.50% | 0.50% | ||||||||||||||
Tms Bulkers and Tms Offshore | Amendment of existing Management Agreement | Up to 20 vessels | ||||||||||||||||
Management fixed fee per vessel per day | $ 1,643 | |||||||||||||||
Reduction In Management Fees | 33.00% | 33.00% | ||||||||||||||
Tms Bulkers and Tms Offshore | Amendment of existing Management Agreement | Above 20 vessels | ||||||||||||||||
Management fixed fee per vessel per day | $ 1,500 |
Transactions with Related Par53
Transactions with Related Parties - Cardiff Drilling, Economou and Other (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 12 Months Ended | 39 Months Ended | |
Jun. 08, 2015 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Common stock par value | $ 0.01 | $ 0.01 | ||
Series D Preferred Stock | ||||
Preferred stock shares outstanding | 29,166 | 0 | ||
Suezmax tankers | ||||
Number of vessels | 4 | |||
Aframax tankers | ||||
Number of vessels | 6 | |||
Ocean Rig UDW Inc. | ||||
Number of common shares offered in a public offering | 28,571,428 | |||
Common stock par value | $ 0.01 | |||
Share price | $ 7 | |||
Before 1-for-8 reverse stock split | Series D Preferred Stock | ||||
Preferred stock shares outstanding | 233,333 | 0 | ||
Chairman, President and Chief Executive Officer | ||||
Percentage Of Shareholder | 0.20% | |||
Chairman, President and Chief Executive Officer | Series D Preferred Stock | ||||
Percentage Of Shareholder | 100.00% | |||
Preferred stock shares outstanding | 29,166 | |||
Preferred Stock, Voting Rights | 100.000 votes | |||
Chairman, President and Chief Executive Officer | Ocean Rig UDW Inc. | ||||
Common stock value purchased | $ 10,000 | |||
Number of common shares offered in a public offering | 1,428,571 | |||
Chairman, President and Chief Executive Officer | Before 1-for-8 reverse stock split | Series D Preferred Stock | ||||
Preferred stock shares outstanding | 233,333 | |||
Global Services Agreement | 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 Agreements | Suezmax tankers | ||||
Number of vessels | 4 | |||
Ten Memoranda of Agreements | Aframax tankers | ||||
Number of vessels | 6 | |||
Sales Agreements | ||||
Number of vessel owning companies | 14 | |||
Sales Agreements | Capesize | ||||
Number of vessels | 10 | |||
Sales Agreements | Panamax carriers | ||||
Number of vessels | 4 | |||
Sales Agreements | Capesize bulk carriers | ||||
Number of vessels | 3 |
Transactions with Related Par54
Transactions with Related Parties - Fabiana Services S.A. and Azara Services S.A. (Details) - USD ($) $ in Thousands | 12 Months Ended | 47 Months Ended | 48 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Termination cost | $ 0 | $ (28,241) | $ (1,307) | ||
Fabiana Services S.A. | Consultancy Agreement commencing on February 3, 2013 | |||||
Related Party Transaction [Line Items] | |||||
Consultancy agreement terms in year | 5 years | ||||
Termination cost | $ 0 | ||||
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 Par55
Transactions with Related Parties - Basset, Cardiff Tankers, Vivid, GSA (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | 28 Months Ended | 39 Months Ended | 55 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2012 | Mar. 31, 2016 | Dec. 31, 2016 | |
Termination cost | $ 0 | $ (28,241) | $ (1,307) | ||||
Basset Holding Inc. | Consultancy Agreement Effective 1 January 2015 between Company and Basset Holdings | |||||||
Consultancy agreement terms in year | 5 years | ||||||
Termination cost | $ 0 | ||||||
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 | ||||||
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 | ||||||
Termination cost | $ 0 | ||||||
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 Par56
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 | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Feb. 24, 2015 | Apr. 05, 2016 | Mar. 29, 2016 | May 06, 2015 | May 08, 2014 | Jun. 04, 2015 | Aug. 13, 2015 | Jul. 21, 2014 | Oct. 15, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 04, 2016 | Jun. 08, 2015 | Nov. 18, 2014 | |
Unsecured debt | $ 116,617 | $ 0 | |||||||||||||
Debt facility amount exchanged | $ 8,750 | 10,000 | $ 0 | ||||||||||||
Variable rate basis | LIBOR | ||||||||||||||
Interest, amortization and write off of financing fees on loan from affiliate and related party | $ 1,563 | 3,642 | 0 | ||||||||||||
Dividends paid to shareholders other than Dryships | 0 | 20,526 | 30,563 | ||||||||||||
Cash consideration from sale | 49,911 | 0 | 0 | ||||||||||||
Offshore support vessels Crescendo and Jubilee | |||||||||||||||
Time Charter Agreement Duration | 60 days | ||||||||||||||
Ocean Rig UDW Inc. | |||||||||||||||
Date of dividend record | Mar. 10, 2015 | May 22, 2015 | May 20, 2014 | Aug. 1, 2014 | Oct. 31, 2014 | ||||||||||
Date of dividend payment | Mar. 31, 2015 | May 31, 2015 | May 31, 2014 | Aug. 31, 2014 | Nov. 30, 2014 | ||||||||||
Dividend paid per share | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | ||||||||||
Dividends paid to shareholders other than Dryships | $ 0 | 20,526 | $ 30,563 | ||||||||||||
Ocean Rig | |||||||||||||||
Cash consideration from sale | $ 49,911 | ||||||||||||||
Ownership interest in Ocean Rig | 0.00% | 40.40% | 47.20% | ||||||||||||
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 | ||||||||||||||
Interest, amortization and write off of financing fees on loan from affiliate and related party | $ 3,281 | ||||||||||||||
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 Par57
Transactions with Related Parties - Sifnos Shareholders Inc. (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Apr. 05, 2016USD ($) | Mar. 29, 2016USD ($) | Mar. 24, 2016USD ($)shares | Sep. 13, 2016USD ($)shares | Sep. 21, 2016USD ($) | Oct. 31, 2016USD ($) | Oct. 21, 2015USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 30, 2015USD ($)shares | Dec. 22, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 15, 2016USD ($) | Nov. 30, 2016USD ($) | |
Amount converted | $ 8,750 | $ 0 | $ 0 | |||||||||||
Deferred finance costs | 124 | 636 | ||||||||||||
Proceeds from Sale of Equity Method Investments | 49,911 | 0 | 0 | |||||||||||
Repayments Of Debt | $ 119,758 | 782,366 | $ 2,008,826 | |||||||||||
Variable rate basis | LIBOR | |||||||||||||
Outstanding balance | $ 16,935 | $ 218,185 | ||||||||||||
Weighted Average Interest Rate | 3.15% | 4.98% | 6.60% | |||||||||||
Repurchase of shares | $ 8,750 | |||||||||||||
Preferred stock | ||||||||||||||
Number of shares exchanged and cancelled | shares | 8,333 | |||||||||||||
Amalfi, Galveston and Samatan | ||||||||||||||
Amount tranferred to the new owners | $ 58,619 | |||||||||||||
Number of vessels | 3 | |||||||||||||
Ocean Rig | ||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 49,911 | |||||||||||||
Sifnos Shareholders Inc. | ||||||||||||||
Repurchase of shares | $ 8,750 | |||||||||||||
Sifnos Shareholders Inc. | Two Syndicated Loans | ||||||||||||||
Outstanding balance | $ 85,066 | |||||||||||||
Sifnos Shareholders Inc. | Series B Preferred Stock | ||||||||||||||
Number of shares exchanged and cancelled | shares | 8,333 | |||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | ||||||||||||||
Principal amount | $ 70,000 | 75,000 | $ 60,000 | |||||||||||
Loan's tenor | 3 years | |||||||||||||
Amount converted | 8,750 | $ 8,750 | 7,500 | $ 10,000 | ||||||||||
First priority mortage | One Panamax dry-bulk carrier | |||||||||||||
Amount drawn down | $ 28,000 | $ 7,825 | $ 20,000 | $ 10,000 | ||||||||||
Line of credit facility amount outstanding | 69,444 | |||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 10,000 | $ 5,000 | ||||||||||||
Repayments Of Debt | $ 45,000 | |||||||||||||
Interest rate | 4.00% | |||||||||||||
Variable rate basis | LIBOR | |||||||||||||
Cash prepayment | $ 33,510 | |||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Preferred stock | ||||||||||||||
Number of preferred shares converted | shares | 29,166 | |||||||||||||
Preferred Stock, Voting Rights | voting power of 5:1 | |||||||||||||
Preferred Stock converted into Common Stock, Conversion Basis | On a 1:1 basis within 3 months | |||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Maximum | ||||||||||||||
Loan To Value Ratio | 40.00% | |||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Series B Preferred Stock | ||||||||||||||
Number of preferred shares converted | shares | 8,333 | |||||||||||||
Preferred Stock, Voting Rights | 5 votes | |||||||||||||
Preferred Stock converted into Common Stock, Conversion Basis | On a one to one basis within three months | |||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Series D Preferred Stock | ||||||||||||||
Number of preferred shares converted | shares | 29,166 | |||||||||||||
Preferred Stock, Voting Rights | 100.000 votes | |||||||||||||
Sifnos Shareholders Inc. | New Revolving Credit Facility | ||||||||||||||
Principal amount | $ 200,000 | |||||||||||||
Loan's tenor | 3 years | |||||||||||||
Line of credit facility amount outstanding | $ 121,000 | |||||||||||||
Deferred finance costs | $ 4,383 | |||||||||||||
Interest rate | 5.50% | |||||||||||||
Variable rate basis | LIBOR | |||||||||||||
Debt Instrument Fee | 2% | |||||||||||||
Increase in collateral base | 30.00% | |||||||||||||
Commitment fee | 1.00% | |||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility and New Revolving Facility | ||||||||||||||
Line of credit facility amount outstanding | $ 79,000 | $ 30,000 | ||||||||||||
Weighted Average Interest Rate | 7.24% | 8.78% | ||||||||||||
Sifnos Shareholders Inc. | Before 1-for-8 reverse stock split | Series B Preferred Stock | ||||||||||||||
Number of shares exchanged and cancelled | shares | 66,667 | |||||||||||||
Sifnos Shareholders Inc. | Before 1-for-8 reverse stock split | Revolving Credit Facility | Preferred stock | ||||||||||||||
Number of preferred shares converted | shares | 233,333 | |||||||||||||
Sifnos Shareholders Inc. | Before 1-for-8 reverse stock split | Revolving Credit Facility | Series B Preferred Stock | ||||||||||||||
Number of preferred shares converted | shares | 66,667 | |||||||||||||
Sifnos Shareholders Inc. | Before 1-for-8 reverse stock split | Revolving Credit Facility | Series D Preferred Stock | ||||||||||||||
Number of preferred shares converted | shares | 233,333 |
Other Current Assets (Tables) (
Other Current Assets (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Inventories | $ 3,446 | $ 3,531 |
Insurance claims (Note 15) | 1,071 | 941 |
Other | 29 | 542 |
Other current assets | $ 4,546 | $ 5,014 |
Advances for Vessels and Dril59
Advances for Vessels and Drilling Units under Construction and Acquisitions (Table) (Details) - Advances for vessels under construction and acquisitions - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ 0 | $ 623,984 |
Advances for drilling units under construction and related costs | 0 | 465,650 |
Drilling units delivered | 0 | (728,393) |
Deconsolidation of Ocean Rig | 0 | (361,241) |
Balance at end of year | $ 0 | $ 0 |
Vessels, Drilling Units, Mach60
Vessels, Drilling Units, Machinery and Equipment - Vessels (Tables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, at the beginning of period | $ 96,428 | |
Balance, at the end of period | 95,550 | $ 96,428 |
Cost | Vessels | ||
Balance, at the beginning of period | 97,100 | 2,873,951 |
Acquisition of subsidiary | 97,100 | |
Vessels transfer to held for sale | (208,099) | |
Vessels transferred from held for sale | 66,449 | |
Vessels disposals | (810,810) | |
Impairment loss | (67,999) | (1,855,042) |
Balance, at the end of period | 95,550 | 97,100 |
Accumulated Depreciation | Vessels | ||
Balance, at the beginning of period | (672) | (732,334) |
Impairment loss | 4,138 | 803,962 |
Depreciation | (3,466) | (72,300) |
Balance, at the end of period | 0 | (672) |
Net Book Value | Vessels | ||
Balance, at the beginning of period | 96,428 | 2,141,617 |
Acquisition of subsidiary | 97,100 | |
Vessels transfer to held for sale | (208,099) | |
Vessels transferred from held for sale | 66,449 | |
Vessels disposals | (810,810) | |
Impairment loss | (63,861) | (1,051,080) |
Depreciation | (3,466) | (72,300) |
Balance, at the end of period | $ 95,550 | $ 96,428 |
Vessels, Drilling Units, Mach61
Vessels, Drilling Units, Machinery and Equipment - Assets and Liabilities Held for Sale (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | $ 76,414 | $ 0 | $ 566,242 | $ 595,142 |
Restricted cash | 350 | 15,026 | ||
Accounts receivable trade, net | 7,528 | 10,059 | ||
Due from related parties (Note 4) | 6,674 | 20,637 | ||
Inventories | 3,446 | 3,531 | ||
Prepayments and advances | 1,158 | 2,305 | ||
Insurance claims | 1,071 | 941 | ||
Total assets held for sale | 0 | 216,026 | ||
Bank debt | 16,811 | 217,549 | ||
Accounts payable | 1,179 | 2,613 | ||
Accrued liabilities | 3,709 | 4,955 | ||
Deferred revenues | 607 | 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 | 12 | |||
Restricted cash | 4,920 | |||
Accounts receivable trade, net | 7 | |||
Inventories | 384 | |||
Prepayments and advances | 15 | |||
Insurance claims | 97 | |||
Vessels held for sale | 208,099 | |||
Total assets held for sale | 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) | 2,492 | |||
Liabilities held for sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Bank debt | 103,680 | |||
Accounts payable | 1 | |||
Accrued liabilities | 271 | |||
Deferred revenues | 414 | |||
Total liabilities held for sale | $ 104,366 |
Vessels, Drilling Units, Mach62
Vessels, Drilling Units, Machinery and Equipment - Drilling Units, Machinery and Equipment (Tables) (Details) - Drilling units, machinery and equipment - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cost | ||
Balance,at the beginning of period | $ 0 | $ 7,393,173 |
Additions | 0 | 806,353 |
Deconsolidation of Ocean Rig | (8,199,526) | |
Balance,at the end of period | 0 | 0 |
Accumulated Depreciation | ||
Balance,at beginning of period | 0 | (1,133,426) |
Depreciation | 0 | (154,481) |
Deconsolidation of Ocean Rig | 1,287,907 | |
Balance,at end of period | 0 | 0 |
Net Book Value | ||
Balance,at beginning of period | 0 | 6,259,747 |
Additions | 0 | 806,353 |
Depreciation | 0 | (154,481) |
Deconsolidation of Ocean Rig | (6,911,619) | |
Balance,at end of period | $ 0 | $ 0 |
Vessels, Drilling Units, Mach63
Vessels, Drilling Units, Machinery and Equipment - Additional information (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2016USD ($) | Mar. 30, 2016USD ($) | May 06, 2015USD ($) | Jul. 08, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 16, 2016USD ($) | Oct. 31, 2016USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Oct. 26, 2016USD ($) | Oct. 18, 2016USD ($) | Oct. 05, 2016USD ($) | Sep. 27, 2016USD ($) | Sep. 21, 2016USD ($) | Aug. 22, 2016USD ($) | Mar. 24, 2016USD ($) | Nov. 02, 2015USD ($) | Sep. 09, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 30, 2015USD ($) | |
Proceeds from sale of vessels - Upfront 20% receipt | $ 5,141 | $ 673,850 | $ 0 | ||||||||||||||||||
Carrying amount | 95,550 | 96,428 | |||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (106,343) | (1,057,116) | (38,148) | ||||||||||||||||||
Additional paid in capital | $ 3,360,078 | $ 3,225,147 | |||||||||||||||||||
Series D Convertible Preferred Stock | |||||||||||||||||||||
Preferred stock shares outstanding | shares | 29,166 | 0 | |||||||||||||||||||
George Economou | Series D Convertible Preferred Stock | |||||||||||||||||||||
Preferred stock shares outstanding | shares | 29,166 | ||||||||||||||||||||
Additional Charges | |||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (113,019) | ||||||||||||||||||||
Before 1-for-8 reverse stock split | Series D Convertible Preferred Stock | |||||||||||||||||||||
Preferred stock shares outstanding | shares | 233,333 | 0 | |||||||||||||||||||
Before 1-for-8 reverse stock split | George Economou | Series D Convertible Preferred Stock | |||||||||||||||||||||
Preferred stock shares outstanding | shares | 233,333 | ||||||||||||||||||||
Secured Credit Facility at February 14, 2012 | |||||||||||||||||||||
Cash prepayment | $ 15,000 | ||||||||||||||||||||
Sales Agreements | |||||||||||||||||||||
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 Agreements | |||||||||||||||||||||
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 Agreements | |||||||||||||||||||||
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 Agreements | |||||||||||||||||||||
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 | |||||||||||||||||||||
Number of vessels | 10 | ||||||||||||||||||||
Panamax carriers | Sales Agreements | |||||||||||||||||||||
Number of vessels | 4 | ||||||||||||||||||||
Capesize bulk carriers | Sales Agreements | |||||||||||||||||||||
Number of vessels | 3 | ||||||||||||||||||||
10 Capesize bulk carriers, 4 Panamax bulk carriers and 3 Capesize bulk carriers | |||||||||||||||||||||
Number of vessels | 17 | ||||||||||||||||||||
Vessels total sale price | $ 377,000 | ||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (375,090) | ||||||||||||||||||||
Debt assumed | $ 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 | $ 87,070 | $ 102,070 | |||||||||||||||||||
Amount tranferred to the new owners | $ 12,060 | ||||||||||||||||||||
One of its drybulk vessels | |||||||||||||||||||||
Carrying amount | 95,937 | ||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (83,937) | $ (38,148) | |||||||||||||||||||
20 Panamax and 2 Supramax bulk carriers | |||||||||||||||||||||
Number of vessels | 22 | ||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (422,404) | ||||||||||||||||||||
Byron and Galveston Supramax Vessels | |||||||||||||||||||||
Number of vessels | 2 | ||||||||||||||||||||
Vessels total sale price | $ 12,300 | ||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (6,035) | ||||||||||||||||||||
Byron Supramax Vessel | |||||||||||||||||||||
Disposal Date | Nov. 25, 2015 | ||||||||||||||||||||
Galveston Supramax Vessel | |||||||||||||||||||||
Disposal Date | Nov. 30, 2015 | ||||||||||||||||||||
Coronado Panamax vessel | |||||||||||||||||||||
Disposal Date | Sep. 9, 2016 | ||||||||||||||||||||
Vessels total sale price | $ 4,250 | ||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ 1,084 | ||||||||||||||||||||
Oregon Panamax vessel | |||||||||||||||||||||
Disposal Date | Sep. 21, 2016 | ||||||||||||||||||||
Vessels total sale price | $ 4,675 | ||||||||||||||||||||
Debt assumed | $ 12,500 | ||||||||||||||||||||
Additional paid in capital | $ 281 | ||||||||||||||||||||
Amount tranferred to the new owners | $ 7,825 | ||||||||||||||||||||
Ocean Crystal Panamax vessel | |||||||||||||||||||||
Disposal Date | Nov. 7, 2016 | ||||||||||||||||||||
Vessels total sale price | $ 3,720 | ||||||||||||||||||||
Sonoma Panamax vessel | |||||||||||||||||||||
Disposal Date | Nov. 15, 2016 | ||||||||||||||||||||
Vessels total sale price | $ 3,950 | ||||||||||||||||||||
Sorrento Panamax vessel | |||||||||||||||||||||
Disposal Date | Nov. 22, 2016 | ||||||||||||||||||||
Vessels total sale price | $ 6,700 | ||||||||||||||||||||
Ocean Crystal, Sonoma, Sorreto Panamax vessels | |||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ 3,020 | $ (641) | |||||||||||||||||||
Amalfi and Samatan Panamax vessels | |||||||||||||||||||||
Disposal Date | Oct. 31, 2016 | ||||||||||||||||||||
Vessels held for sale | |||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (18,266) | $ (13,395) | $ (967,144) | ||||||||||||||||||
Offshore Support Vessels | |||||||||||||||||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (65,712) | ||||||||||||||||||||
Drybulk Carrier Vessels | |||||||||||||||||||||
Number of vessels | 13 | ||||||||||||||||||||
Gain on reclassification of vessels | $ 1,851 | ||||||||||||||||||||
Amalfi, Galveston and Samatan | |||||||||||||||||||||
Number of vessels | 3 | ||||||||||||||||||||
Vessels total sale price | $ 15,000 | ||||||||||||||||||||
Debt assumed | $ 73,620 | ||||||||||||||||||||
Additional paid in capital | $ (476) | ||||||||||||||||||||
Amount tranferred to the new owners | $ 58,619 |
Acquisition Of Nautilus Offsh64
Acquisition Of Nautilus Offshore Services Inc. - Purchase Price Allocation Schedule (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Assets: | ||
Current assets | $ 22,609 | |
Vessels | 97,100 | |
Goodwill | 7,002 | $ 0 |
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 Offsh65
Acquisition of Nautilus Offshore Services Inc. - Amortization Schedule (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Amount Acquired | $ 12,474 | |
Amortization as of the end of the year | 9,507 | $ 11,007 |
2,017 | $ 1,500 |
Acquisition Of Nautilus Offsh66
Acquisition Of Nautilus Offshore Services Inc. - Results Of Operations Since The Acquisition Date (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Pro forma revenues | $ 1,011,674 | $ 2,233,015 |
Pro forma operating income/(loss) | (866,317) | 554,870 |
Pro forma net loss | $ (2,838,322) | $ (38,874) |
Pro forma per share amounts: | ||
Basic net loss per share | $ (6,402.62) | $ (127.87) |
Acquisition Of Nautilus Offsh67
Acquisition Of Nautilus Offshore Services Inc Impairment Charges (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill | $ 7,002 | ||
Goodwill impairment charge | (7,002) | $ 0 | $ 0 |
Goodwill | 0 | 7,002 | |
Nautilus | |||
Goodwill | 7,002 | ||
Goodwill impairment charge | (7,002) | ||
Goodwill | $ 0 | $ 7,002 |
Acquisition Of Nautilus Offsh68
Acquisition Of Nautilus Offshore Services Inc. (Details) $ in Thousands | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||
Oct. 21, 2015USD ($) | Nov. 24, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Fair value of non controlling interest | $ 1,500 | ||||
Carrying amount of vessels | $ 95,550 | 96,428 | |||
Number of time charter | 7 | ||||
Revenues | $ 51,934 | 969,825 | $ 2,185,524 | ||
Net losses | (198,686) | (2,808,086) | 58,020 | ||
Amortization of fair value of acquired time charters | 4,346 | 2,840 | 7,443 | ||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (106,343) | (1,057,116) | $ (38,148) | ||
Nautilus | Offshore Support Vessels | |||||
Number of vessels | 6 | ||||
Nautilus | Oil Spill Recovery Vessels | |||||
Number of vessels | 4 | ||||
Nautilus | Platform Supply Vessels | |||||
Number of vessels | 2 | ||||
Nautilus | |||||
Ownership percentage to Nautilus | 97.44% | 2.56% | |||
Acquisition Net Debt Assumed | $ 33,000 | ||||
Fair value of non controlling interest | $ 1,500 | ||||
Amortization method of time-chartered contracts | straight-line | ||||
Revenues | 8,118 | ||||
Net losses | (2,100) | ||||
Amortization of fair value of acquired time charters | $ 4,346 | 1,467 | |||
Impairment loss and loss from sale of vessels and vessel owning companies | $ 5,161 | ||||
Nautilus | Termination of contracts | |||||
Number of time charter | 3 | ||||
Amortization of fair value of acquired time charters | $ 941 | ||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ 5,161 | ||||
Nautilus | Vessels | |||||
Carrying amount of vessels | 99,370 | ||||
Fair value adjustment | $ 2,270 |
Other Non-Current Assets (Tab69
Other Non-Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | Dec. 31, 2016 | Dec. 31, 2015 |
Security deposits for derivatives | $ 0 | $ 727 |
Belmar, Calida, Lipari and Petalidi vessels | ||
Security deposits for derivatives | $ 0 | $ 727 |
Investment in an Affiliate - Pa
Investment in an Affiliate - Participation Percentage (Table) (Details) | Apr. 05, 2016 | Apr. 04, 2016 | Jun. 08, 2015 |
Ocean Rig | |||
Schedule of Equity Method Investments [Line Items] | |||
Ocean Rig | 0.00% | 40.40% | 47.20% |
Investment in an Affiliate (Det
Investment in an Affiliate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Apr. 05, 2016 | Jun. 08, 2015 | Aug. 13, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 04, 2016 | Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Carrying value of the investment | $ 0 | $ 91,410 | ||||||
Gain/(loss) due to deconsolidation | 0 | (1,347,106) | $ 0 | |||||
Equity in net losses of affiliated company | 41,454 | 349,872 | 0 | |||||
Debt facility amount exchanged | 8,750 | 10,000 | 0 | |||||
Cash consideration from sale | 49,911 | 0 | $ 0 | |||||
$120,000 Note | Loan from Affilliate | Ocean Rig | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Debt facility amount exchanged | $ 80,000 | |||||||
Number Of Shares Exchanged To Repay Debt | 17,777,778 | |||||||
Ocean Rig | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest in Ocean Rig | 0.00% | 47.20% | 40.40% | |||||
Carrying value of the investment | 401,878 | $ 208,176 | ||||||
Market value of the investment | $ 514,047 | 91,410 | $ 45,985 | |||||
Share Price | $ 6.96 | |||||||
Gain/(loss) due to deconsolidation | $ (1,347,106) | |||||||
Equity in net losses of affiliated company | 41,454 | 349,872 | ||||||
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 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Less: Deferred financing costs | $ (124) | $ (636) |
Total debt | 16,811 | 217,549 |
Less: Current portion | (16,811) | (217,549) |
Long-term portion | 0 | 0 |
Secured Credit Facilities | Drybulk Segment | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 16,935 | $ 218,185 |
Long-term Debt - Loan Movements
Long-term Debt - Loan Movements (Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |
December 31, 2015 | $ 218,185 |
New Loans/ Interest capitalized | 754 |
Repayments/ Transfers/ Write offs | (202,004) |
December 31, 2016 | $ 16,935 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Loan agreement date | Oct. 5, 2007 |
Original Amount | $ 90,000 |
December 31, 2015 | 43,700 |
New Loans/ Interest capitalized | 0 |
Repayments/ Transfers/ Write offs | (43,700) |
December 31, 2016 | $ 0 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Loan agreement date | Jun. 20, 2008 |
Original Amount | $ 103,200 |
December 31, 2015 | 18,250 |
New Loans/ Interest capitalized | 316 |
Repayments/ Transfers/ Write offs | (16,566) |
December 31, 2016 | $ 2,000 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Loan agreement date | Nov. 16, 2007 |
Original Amount | $ 47,000 |
December 31, 2015 | 12,500 |
New Loans/ Interest capitalized | 0 |
Repayments/ Transfers/ Write offs | (12,500) |
December 31, 2016 | $ 0 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Loan agreement date | Mar. 13, 2008 |
Original Amount | $ 130,000 |
December 31, 2015 | 27,567 |
New Loans/ Interest capitalized | 0 |
Repayments/ Transfers/ Write offs | (27,567) |
December 31, 2016 | $ 0 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Loan agreement date | Mar. 31, 2006 |
Original Amount | $ 753,637 |
December 31, 2015 | 101,572 |
New Loans/ Interest capitalized | 0 |
Repayments/ Transfers/ Write offs | (101,572) |
December 31, 2016 | $ 0 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Loan agreement date | Mar. 19, 2012 |
Original Amount | $ 19,065 |
December 31, 2015 | 14,596 |
New Loans/ Interest capitalized | 438 |
Repayments/ Transfers/ Write offs | (99) |
December 31, 2016 | $ 14,935 |
Long-term Debt - Principal Paym
Long-term Debt - Principal Payments (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, by Maturity [Abstract] | ||
2,017 | $ 16,935 | |
Total principal payments | 16,935 | $ 218,185 |
Less: Financing fees | (124) | (636) |
Total debt | $ 16,811 | $ 217,549 |
Long-term Debt - Term Bank Loan
Long-term Debt - Term Bank Loans and Credit Facilities (Details) - USD ($) $ in Thousands | 8 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||
Sep. 09, 2016 | Nov. 07, 2016 | Nov. 30, 2016 | Nov. 18, 2016 | Nov. 15, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2016 | Sep. 21, 2016 | Mar. 31, 2016 | Mar. 24, 2016 | |
Debt Instrument [Line Items] | ||||||||||||
Maturity Date | Mar. 31, 2020 | |||||||||||
Payment terms | quarterly installments | |||||||||||
Amount used for repayment of debt | $ 119,758 | $ 782,366 | $ 2,008,826 | |||||||||
Aggregate available unused amount | $ 0 | $ 0 | ||||||||||
Variable rate basis | LIBOR | |||||||||||
Weighted Average Interest Rate | 3.15% | 4.98% | 6.60% | |||||||||
Interest expense and debt amortization cost | $ 8,299 | $ 177,537 | $ 367,996 | |||||||||
Outstanding balance | 16,935 | 218,185 | ||||||||||
Gain on debt restructuring | 10,477 | 0 | $ 0 | |||||||||
Loan agreements reclassified as current | $ 14,935 | 218,185 | ||||||||||
Rangiroa, Negonego and Fakarava | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Mar. 31, 2016 | |||||||||||
Debt assumed | $ 87,070 | $ 102,070 | ||||||||||
Coronado Panamax vessel | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Sep. 9, 2016 | |||||||||||
Oregon Panamax vessel | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Sep. 21, 2016 | |||||||||||
Debt assumed | $ 12,500 | |||||||||||
Amalfi, Galveston and Samatan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt assumed | $ 73,620 | |||||||||||
Ocean Crystal Panamax vessel | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Nov. 7, 2016 | |||||||||||
Sonoma Panamax vessel | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Nov. 15, 2016 | |||||||||||
Amalfi and Samatan Panamax vessels | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Oct. 31, 2016 | |||||||||||
Secured Credit Facility at March 31, 2006 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 753,637 | |||||||||||
Amount used for repayment of debt | $ 4,250 | $ 3,720 | $ 3,950 | 11,920 | ||||||||
Outstanding balance | 0 | 101,572 | ||||||||||
Secured Credit Facility at June 20, 2008 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | 103,200 | |||||||||||
Amount used for repayment of debt | $ 8,200 | |||||||||||
Outstanding balance | $ 2,000 | $ 18,250 | ||||||||||
Gain on debt restructuring | $ 8,366 | |||||||||||
Two Syndicated Loans | Sifnos Shareholders Inc. | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding balance | $ 85,066 | |||||||||||
Write off of debt | $ 1,825 |
Long-Term Debt - Covenant Descr
Long-Term Debt - Covenant Description and Compliance (Details) - Ocean Rig UDW Inc. | 12 Months Ended |
Dec. 31, 2016 | |
Debt instrument covenant compliance | As of December 31, 2016, the Company was in breach of certain financial covenants regarding its secured credit facility dated March 19, 2012 and has not made principal repayments and interest payments under this agreement. However, the Company is in settlement discussions with the related commercial lender, while all other commercial credit facilities had been either settled or refinanced as discussed above. As a result of this non-compliance and in accordance with guidance related to the classification of obligations that are callable by the creditor, the Company has classified the respective bank loan amounting to $14,935, as current liability, at December 31, 2016. |
Debt instrument covenant description | The loans contain covenants that restrict, without the bank's prior consent, changes in management and ownership of the vessels, the incurrence of additional indebtedness and mortgaging of vessels and changes in the general nature of the Company's business. The loans also contain certain financial covenants relating to the Company's financial position, operating performance and liquidity, including maintaining working capital above a certain level. The Company's secured credit facilities impose operating and negative covenants on the Company and its subsidiaries. These covenants may limit Dryships' subsidiaries' ability to, among other things, without the relevant lenders' prior consent (i) incur additional indebtedness, (ii) change the flag, class or management of the vessel mortgaged under such facility, (iii) create or permit to exist liens on their assets, (iv) make loans, (v) make investments or capital expenditures, and (vi) undergo a change in ownership or control. |
Financial Instruments and Fai78
Financial Instruments and Fair Value Measurements - Consolidated Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 0 | 411 |
Total derivatives liabilities | 0 | 2,604 |
Financial instruments - current assets | ||
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps, assets | 0 | 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 | 0 | 2,604 |
Financial instruments - non-current liabilities | ||
Derivative Not Designated as Hedging Instruments | ||
Interest rate swaps, liabilities | $ 0 | $ 0 |
Financial Instruments and Fai79
Financial Instruments and Fair Value Measurements - Derivatives not Designated as Hedging Instruments (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Not Designated as Hedging Instruments | |||
Interest rate swaps | $ 403 | $ (11,601) | $ (15,528) |
Not Designated as Hedging Instrument | |||
Derivative Not Designated as Hedging Instruments | |||
Total | 403 | (11,601) | (15,528) |
Gain/(Loss) on interest rate swaps | Not Designated as Hedging Instrument | |||
Derivative Not Designated as Hedging Instruments | |||
Interest rate swaps | $ 403 | $ (11,601) | $ (15,528) |
Financial Instruments and Fai80
Financial Instruments and Fair Value Measurements - Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Recurring measurements: | ||
Interest rate swaps - asset position | $ 0 | $ 411 |
Interest rate swaps - liability position | 0 | (2,604) |
On recurring basis | ||
Recurring measurements: | ||
Interest rate swaps - asset position | 0 | 411 |
Interest rate swaps - liability position | 0 | (2,604) |
Total | 0 | (2,193) |
On recurring basis | Significant Other Observable Inputs (Level 2) | ||
Recurring measurements: | ||
Interest rate swaps - asset position | 0 | 411 |
Interest rate swaps - liability position | 0 | (2,604) |
Total | $ 0 | $ (2,193) |
Financial Instruments and Fai81
Financial Instruments and Fair Value Measurements - Non-Recurring Measurements (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Non-Recurring measurements: | ||
Vessels held for sale | $ 0 | $ 216,026 |
On nonrecuring basis | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | ||
Non-Recurring measurements: | ||
Investment in affiliate (Note 10) | 514,047 | |
Total | 514,047 | |
On nonrecuring basis | Significant Other Observable Inputs (Level 2) | ||
Non-Recurring measurements: | ||
Vessels held for sale | 208,099 | |
Total | $ 208,099 | $ 95,550 |
Financial Instruments and Fai82
Financial Instruments and Fair Value Measurements - Non-Recurring Measurements for Long-lived Assets (Table) (Details) - On nonrecuring basis - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | ||
Non-Recurring measurements: | ||
Total | $ 514,047 | |
Significant Other Observable Inputs (Level 2) | ||
Non-Recurring measurements: | ||
Long-lived assets held and used | $ 95,550 | |
Total | $ 208,099 | $ 95,550 |
Financial Instruments And Fai83
Financial Instruments And Fair Value Measurements - Interest Rate Swaps (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2010USD ($) | |
Interest Rate Derivatives [Abstract] | ||||
Number of interest rate swaps agreements | 0 | 9 | 24 | |
Notional amount of derivative asset | $ 0 | $ 288,400 | $ 2,400,000 | |
Reclassification of losses on previously designated cash flow hedges associated with capitalized interest to Depreciation and amortization | (110) | (466) | (550) | |
Gain/(loss) on interest rate swaps | 403 | (11,601) | (15,528) | |
Security deposits for derivatives | 0 | 727 | ||
Cash flow hedge realized | ||||
Interest Rate Derivatives [Abstract] | ||||
(Unrealized)/ realized losses on cash flow hedges accumulated in other comprehensive income / loss | $ (16,463) | |||
Cash flow hedge unrealized | ||||
Interest Rate Derivatives [Abstract] | ||||
Gain/(loss) on interest rate swaps | 2,193 | 10,848 | $ 29,304 | |
Belmar, Calida, Lipari and Petalidi vessels | ||||
Interest Rate Derivatives [Abstract] | ||||
Security deposits for derivatives | $ 0 | $ 727 |
Financial Instruments and Fai84
Financial Instruments and Fair Value Measurements - Senior Notes, Credit Facilities and Additional Information (Details) $ in Thousands | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 08, 2015USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 05, 2016 | Apr. 04, 2016 | |
Gain/(loss) due to deconsolidation | $ 0 | $ (1,347,106) | $ 0 | ||||
Vessels, net | 95,550 | 96,428 | |||||
Impairment loss and loss from sale of vessels and vessel owning companies | (106,343) | (1,057,116) | (38,148) | ||||
Assets held for sale | |||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (18,266) | ||||||
Additional Charges | |||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (113,019) | ||||||
One of its drybulk vessels | |||||||
Vessels, net | 95,937 | ||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (83,937) | $ (38,148) | |||||
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) | ||||||
10 Capesize bulk carriers, 4 Panamax bulk carriers and 3 Capesize bulk carriers | |||||||
Number of vessels | 17 | ||||||
Vessels Held For Sale Including Impairment | 748,320 | ||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (375,090) | ||||||
20 Panamax and 2 Supramax bulk carriers | |||||||
Number of vessels | 22 | ||||||
Impairment loss and loss from sale of vessels and vessel owning companies | (422,404) | ||||||
Supramax | |||||||
Number of vessels | 2 | ||||||
Vessels, net | 17,820 | ||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (6,035) | ||||||
Rangiroa, Negonego and Fakarava | |||||||
Number of vessels | 3 | ||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (23,018) | ||||||
Coronado Panamax vessel | |||||||
Impairment loss and loss from sale of vessels and vessel owning companies | 1,084 | ||||||
Ocean Crystal, Sonoma, Sorreto Panamax vessels | |||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ 3,020 | $ (641) | |||||
Drybulk Carrier Vessels | |||||||
Number of vessels | 13 | ||||||
Gain on reclassification of vessels | $ 1,851 | ||||||
Offshore Support Vessels | |||||||
Impairment loss and loss from sale of vessels and vessel owning companies | $ (65,712) | ||||||
Ocean Rig | |||||||
Gain/(loss) due to deconsolidation | $ (1,347,106) | ||||||
Equity Method Investment Ownership Percentage | 47.20% | 0.00% | 40.40% |
Common Stock and Additional P85
Common Stock and Additional Paid-in Capital - Net loss Attributable to DryShips and Transfers to the Non-controlling Interest (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Loss Attributable To DryShips Inc And Transfers To Noncontrolling Interest [Abstract] | |||
Net loss attributable to Dryships Inc. | $ (198,686) | $ (2,847,061) | $ (47,512) |
Transfers to the non-controlling interest: | |||
Decrease in Dryships Inc. equity for reduction in subsidiary ownership | 0 | (49,444) | (4,758) |
Net transfers to the non-controlling interest | 0 | (49,444) | (4,758) |
Net loss attributable to Dryships Inc. and transfers to/from the non-controlling interest | $ (198,686) | $ (2,896,505) | $ (52,270) |
Common Stock and Additional P86
Common Stock and Additional Paid-in Capital - Issuance of common shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||
Jan. 30, 2017 | Jan. 23, 2017 | Mar. 11, 2016 | Apr. 05, 2016 | Mar. 24, 2016 | Dec. 31, 2016 | Jun. 08, 2016 | Jun. 04, 2015 | Jul. 06, 2016 | Dec. 31, 2016 | Aug. 15, 2016 | Aug. 03, 2016 | Aug. 13, 2015 | Sep. 13, 2016 | Sep. 01, 2016 | Oct. 05, 2016 | Nov. 04, 2016 | Nov. 01, 2016 | Oct. 31, 2016 | Oct. 29, 2014 | Nov. 16, 2016 | Dec. 31, 2016 | Dec. 23, 2016 | Dec. 31, 2015 | Dec. 30, 2015 | Dec. 31, 2014 | Jun. 08, 2015 | |
Net proceeds from stock issuance | $ 123,810 | $ 0 | $ 421,911 | ||||||||||||||||||||||||
Common stock shares issued | 4,617,142 | 4,617,142 | 4,617,142 | 59,014 | |||||||||||||||||||||||
Senior Notes maturity date | Mar. 31, 2020 | ||||||||||||||||||||||||||
Par value of common shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||
Reverse Stock Split | 1-for-25 reverse stock split of the Company's common shares, with which seven fractional shares were cashed out | 1-for-4 reverse stock split of the Company's common shares, with which five fractional shares were cashed out | 1-for-15 reverse stock split of the Company's common shares, with which nine fractional shares were cashed out | ||||||||||||||||||||||||
Debt facility amount exchanged | $ 8,750 | $ 10,000 | 0 | ||||||||||||||||||||||||
Cash consideration from sale | $ 49,911 | $ 0 | 0 | ||||||||||||||||||||||||
Treasury stock, shares | 3,009 | 3,009 | 3,009 | 3,009 | |||||||||||||||||||||||
Debt Conversion, Amount | $ 8,750 | $ 0 | $ 0 | ||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||
Reverse Stock Split | 1-for-8 reverse stock split of the Company's common shares, with which four fractional shares were cashed out | ||||||||||||||||||||||||||
Convertible preferred shares | |||||||||||||||||||||||||||
Number of shares issued | 856,352 | ||||||||||||||||||||||||||
Preferred warrants | |||||||||||||||||||||||||||
Number of shares issued | 3,090,405 | ||||||||||||||||||||||||||
Prepaid warrants | |||||||||||||||||||||||||||
Number of shares issued | 44,822 | ||||||||||||||||||||||||||
Preferred stock | |||||||||||||||||||||||||||
Issuance of preferred stock, shares (Note 13) | 41,688 | 8,333 | |||||||||||||||||||||||||
Shares converted | 12,522 | ||||||||||||||||||||||||||
Preferred stock | Preferred warrants | |||||||||||||||||||||||||||
Dividends on preferred stock converted | $ 5,551 | ||||||||||||||||||||||||||
Shares converted | 80,000 | ||||||||||||||||||||||||||
Ocean Rig | |||||||||||||||||||||||||||
Price per common share | $ 6.96 | ||||||||||||||||||||||||||
Cash consideration from sale | $ 49,911 | ||||||||||||||||||||||||||
Stockholders Rights Agreement | |||||||||||||||||||||||||||
Stockholders Rights Agreement Description | The Company's Board of Directors declared a dividend payable of one preferred share purchase right, ("Right"), to purchase one one-thousandth of a share of the Company's Series A Participating Preferred Stock for each outstanding common share. | ||||||||||||||||||||||||||
Number of Rights exercised | 0 | ||||||||||||||||||||||||||
5% Convertible Notes | |||||||||||||||||||||||||||
Senior Notes maturity date | Dec. 1, 2014 | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 700,000 | ||||||||||||||||||||||||||
5% Convertible Notes | Repurchase of indebtedness | |||||||||||||||||||||||||||
Net proceeds from stock issuance | $ 332,852 | ||||||||||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | |||||||||||||||||||||||||||
Debt Conversion, Amount | $ 8,750 | $ 8,750 | $ 7,500 | $ 10,000 | |||||||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Preferred stock | |||||||||||||||||||||||||||
Number of preferred shares converted | 29,166 | ||||||||||||||||||||||||||
Preferred Stock, Voting Rights | voting power of 5:1 | ||||||||||||||||||||||||||
Before 1-for-8 reverse stock split | |||||||||||||||||||||||||||
Common stock shares issued | 36,937,133 | 36,937,133 | 36,937,133 | 472,109 | |||||||||||||||||||||||
Treasury stock, shares | 24,078 | 24,078 | 24,078 | 24,078 | |||||||||||||||||||||||
Before 1-for-8 reverse stock split | Convertible preferred shares | |||||||||||||||||||||||||||
Number of shares issued | 6,850,817 | ||||||||||||||||||||||||||
Before 1-for-8 reverse stock split | Preferred warrants | |||||||||||||||||||||||||||
Number of shares issued | 24,723,235 | ||||||||||||||||||||||||||
Before 1-for-8 reverse stock split | Prepaid warrants | |||||||||||||||||||||||||||
Number of shares issued | 358,575 | ||||||||||||||||||||||||||
Before 1-for-8 reverse stock split | Sifnos Shareholders Inc. | Revolving Credit Facility | Preferred stock | |||||||||||||||||||||||||||
Number of preferred shares converted | 233,333 | ||||||||||||||||||||||||||
$120,000 unsecured facility | Ocean Rig | Loan from Affilliate | |||||||||||||||||||||||||||
Ownership in Ocean Rig | 4,444,444 | ||||||||||||||||||||||||||
Number of Ocean Rig shares pledged as security | 20,555,556 | ||||||||||||||||||||||||||
Debt facility amount exchanged | $ 40,000 | ||||||||||||||||||||||||||
$120,000 Exchangeable Promissory Note | Ocean Rig | Loan from Affilliate | |||||||||||||||||||||||||||
Ownership in Ocean Rig | 17,777,778 | ||||||||||||||||||||||||||
Debt facility amount exchanged | $ 80,000 | ||||||||||||||||||||||||||
Series C Convertible Preferred Stock | |||||||||||||||||||||||||||
Preferred shares annual rate | 8.00% | ||||||||||||||||||||||||||
Series D Convertible Preferred Stock | George Economou | |||||||||||||||||||||||||||
Preferred Stock, Voting Rights | 100.000 votes | ||||||||||||||||||||||||||
Series D Convertible Preferred Stock | Sifnos Shareholders Inc. | Revolving Credit Facility | |||||||||||||||||||||||||||
Number of preferred shares converted | 29,166 | ||||||||||||||||||||||||||
Preferred Stock, Voting Rights | 100.000 votes | ||||||||||||||||||||||||||
Series D Convertible Preferred Stock | Before 1-for-8 reverse stock split | Sifnos Shareholders Inc. | Revolving Credit Facility | |||||||||||||||||||||||||||
Number of preferred shares converted | 233,333 | ||||||||||||||||||||||||||
Series E-1 Convertible Preferred Stock | Convertible preferred shares | |||||||||||||||||||||||||||
Dividends on preferred stock converted | $ 1,400 | ||||||||||||||||||||||||||
Shares converted | 20,000 | ||||||||||||||||||||||||||
At-the-market offering | |||||||||||||||||||||||||||
Common stock shares issued | 20,833 | ||||||||||||||||||||||||||
Par value of common shares | $ 0.01 | ||||||||||||||||||||||||||
At-the-market offering | George Economou | |||||||||||||||||||||||||||
Net proceeds from stock issuance | $ 80,000 | ||||||||||||||||||||||||||
Common stock shares issued | 4,762 | ||||||||||||||||||||||||||
At-the-market offering | Before 1-for-8 reverse stock split | |||||||||||||||||||||||||||
Common stock shares issued | 166,667 | ||||||||||||||||||||||||||
Price per common share | $ 1.4 | ||||||||||||||||||||||||||
At-the-market offering | Before 1-for-8 reverse stock split | George Economou | |||||||||||||||||||||||||||
Common stock shares issued | 38,095 | ||||||||||||||||||||||||||
Securities Purchase Agreement | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 310 | ||||||||||||||||||||||||||
Number of shares issued | 149,189 | 28,697 | |||||||||||||||||||||||||
Common stock issued as dividend | 70 | 17 | 278 | 328 | 339 | ||||||||||||||||||||||
Securities Purchase Agreement | Before 1-for-8 reverse stock split | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 2,483 | ||||||||||||||||||||||||||
Number of shares issued | 1,193,512 | 229,580 | |||||||||||||||||||||||||
Common stock issued as dividend | 562 | 134 | 2,222 | 2,627 | 2,715 | ||||||||||||||||||||||
Securities Purchase Agreement | Series C Convertible Preferred Stock | |||||||||||||||||||||||||||
Proceeds from the offering of preferred shares | $ 5,000 | ||||||||||||||||||||||||||
Proceeds from warrants | $ 5,000 | ||||||||||||||||||||||||||
Dividends on preferred stock converted | $ 344 | $ 400 | |||||||||||||||||||||||||
Issuance of preferred stock, shares (Note 13) | 5,000 | ||||||||||||||||||||||||||
Number of warrants | 5,000 | ||||||||||||||||||||||||||
Total proceeds | $ 10,000 | ||||||||||||||||||||||||||
Shares converted | 5,000 | 5,000 | |||||||||||||||||||||||||
Agreement with Kalani | |||||||||||||||||||||||||||
Net proceeds from stock issuance | $ 15,000 | ||||||||||||||||||||||||||
Proceeds from sale of subsidiary's common stock | $ 14,850 | ||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 388,342 | ||||||||||||||||||||||||||
Maximum value of shares to be sold within 24 months | $ 200,000 | ||||||||||||||||||||||||||
Amount of common stock as commitment fee | $ 1,500 | ||||||||||||||||||||||||||
Fee charged | 1.00% | ||||||||||||||||||||||||||
Agreement with Kalani | Subsequent Event | |||||||||||||||||||||||||||
Net proceeds from stock issuance | $ 198,000 | ||||||||||||||||||||||||||
Price per common share | $ 6.3 | ||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 32,028,079 | ||||||||||||||||||||||||||
Agreement with Kalani | Commitment Fee | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 13,342 | ||||||||||||||||||||||||||
Agreement with Kalani | Before 1-for-8 reverse stock split | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 3,106,733 | ||||||||||||||||||||||||||
Agreement with Kalani | Before 1-for-8 reverse stock split | Commitment Fee | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 106,733 | ||||||||||||||||||||||||||
Securities Purchase Agreement with Kalani | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 13 | ||||||||||||||||||||||||||
Total proceeds | $ 100,000 | ||||||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Subject to adjustment | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 46,609 | ||||||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Before 1-for-8 reverse stock split | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 100 | ||||||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Before 1-for-8 reverse stock split | Subject to adjustment | |||||||||||||||||||||||||||
Issuance of common stock, shares (Note 13) | 372,874 | ||||||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Series E-1 Convertible Preferred Stock | |||||||||||||||||||||||||||
Issuance of preferred stock, shares (Note 13) | 20,000 | ||||||||||||||||||||||||||
Number of warrants | 30,000 | ||||||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Series E-2 Convertible Preferred Stock | |||||||||||||||||||||||||||
Number of warrants | 50,000 |
Equity Incentive Plan - Non-ves
Equity Incentive Plan - Non-vested shares (Table) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of non-vested shares | |||
Number of non vested shares | |||
Balance | 400 | 603 | 472 |
Granted | 275 | ||
Vested | (175) | (203) | (144) |
Balance | 225 | 400 | 603 |
Weighted average grant date fair value per non vested shares | |||
Weighted average grant date fair value per non vested shares | |||
Balance | $ 48,240 | $ 45,720 | $ 61,080 |
Granted | 22,440 | ||
Vested | 43,160 | 40,560 | 51,720 |
Balance | $ 52,232.56 | $ 48,240 | $ 45,720 |
Equity Incentive Plan - Vested
Equity Incentive Plan - Vested Shares (Table) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of vested shares | |||
Number of vested shares | |||
Balance at beginning of year | 1,175 | 972 | 828 |
Granted and vested | 33 | ||
Non vested shares granted in prior years and vested in year | 175 | 203 | 111 |
Balance at end of year | 1,350 | 1,175 | 972 |
Weighted average grant date fair value per vested shares | |||
Weighted average grant date fair value per vested shares | |||
Balance at beginning of year | $ 120,360 | $ 137,040 | $ 151,920 |
Granted and vested | 39,120 | ||
Non vested shares granted in prior years and vested in current year | 43,160 | 40,560 | 55,560 |
Balance at end of year | $ 110,354 | $ 120,360 | $ 137,040 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 12, 2011 | Aug. 19, 2014 | Aug. 20, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 30, 2014 | Jan. 25, 2010 |
Common stock par value | $ 0.01 | $ 0.01 | ||||||
Unrecognized compensation cost related to non-vested share arrangements granted | $ 2,419 | $ 5,999 | $ 12,589 | |||||
Weighted average period of recognition for unrecognised compensation cost | 2 years | |||||||
Allocated Share-based Compensation Expense | $ 3,580 | 6,590 | 7,516 | |||||
Total fair value of shares vested | $ 5 | $ 477 | $ 2,561 | |||||
Number of shares forfeited | 0 | 0 | 0 | |||||
Equity Incentive Plan 2008 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 21,834,055 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | ||||||||
Ocean Rig's shares granted | 750 | |||||||
Vesting period | 8 years | |||||||
Vested number of shares | 583 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche One | ||||||||
Vested number of shares on grant date | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche Two | ||||||||
Rights exercise period | 11 months 18 days | |||||||
Vested in period | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche Three | ||||||||
Rights exercise period | 1 year 11 months 18 days | |||||||
Vested in period | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Four | ||||||||
Rights exercise period | 2 years 11 months 18 days | |||||||
Vested in period | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Five | ||||||||
Rights exercise period | 3 years 11 months 18 days | |||||||
Vested in period | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Six | ||||||||
Rights exercise period | 4 years 11 months 18 days | |||||||
Vested in period | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Seven | ||||||||
Rights exercise period | 5 years 11 months 18 days | |||||||
Vested in period | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Eight | ||||||||
Rights exercise period | 6 years 11 months 18 days | |||||||
Vested in period | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Nine | ||||||||
Rights exercise period | 7 years 11 months 18 days | |||||||
Vested in period | 83 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | ||||||||
Ocean Rig's shares granted | 6,000 | |||||||
Grant date fair value | $ 5.5 | |||||||
Vested number of shares | 4,667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche One | ||||||||
Vested number of shares on grant date | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche Two | ||||||||
Vested in period | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche Three | ||||||||
Vested in period | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share Based Compensation Award, Tranche Four | ||||||||
Vested in period | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share Based Compensation Award, Tranche Five | ||||||||
Vested in period | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share Based Compensation Award, Tranche Six | ||||||||
Vested in period | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share Based Compensation Award, Tranche Seven | ||||||||
Vested in period | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share Based Compensation Award, Tranche Eight | ||||||||
Vested in period | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before 1-for-8 reverse stock split | Share Based Compensation Award, Tranche Nine | ||||||||
Vested in period | 667 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | ||||||||
Ocean Rig's shares granted | 83 | |||||||
Vesting period | 2 years | |||||||
Common stock par value | $ 0.01 | |||||||
Vested number of shares | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | Share-based Compensation Award, Tranche One | ||||||||
Vested number of shares on grant date | 28 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | Share-based Compensation Award, Tranche Two | ||||||||
Rights exercise period | 1 year | |||||||
Vested in period | 28 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | Share-based Compensation Award, Tranche Three | ||||||||
Rights exercise period | 2 years | |||||||
Vested in period | 28 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | Before 1-for-8 reverse stock split | ||||||||
Ocean Rig's shares granted | 667 | |||||||
Grant date fair value | $ 2.01 | |||||||
Vested number of shares | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche One | ||||||||
Vested number of shares on grant date | 222 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche Two | ||||||||
Vested in period | 222 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche Three | ||||||||
Vested in period | 222 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | ||||||||
Ocean Rig's shares granted | 100 | |||||||
Vesting period | 3 years | |||||||
Common stock par value | $ 0.01 | |||||||
Vested number of shares | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | Share-based Compensation Award, Tranche One | ||||||||
Rights exercise period | 4 months 13 days | |||||||
Vested in period | 33 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | Share-based Compensation Award, Tranche Two | ||||||||
Rights exercise period | 1 year 4 months 13 days | |||||||
Vested in period | 33 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | Share-based Compensation Award, Tranche Three | ||||||||
Rights exercise period | 2 years 4 months 13 days | |||||||
Vested in period | 33 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | Before 1-for-8 reverse stock split | ||||||||
Ocean Rig's shares granted | 800 | |||||||
Grant date fair value | $ 3.26 | |||||||
Vested number of shares | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche One | ||||||||
Vested in period | 267 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche Two | ||||||||
Vested in period | 267 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche Three | ||||||||
Vested in period | 267 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | ||||||||
Ocean Rig's shares granted | 175 | |||||||
Vesting period | 3 years | |||||||
Common stock par value | $ 0.01 | |||||||
Vested number of shares | 117 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | Share-based Compensation Award, Tranche One | ||||||||
Rights exercise period | 1 year 1 day | |||||||
Vested in period | 58 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | Share-based Compensation Award, Tranche Two | ||||||||
Rights exercise period | 2 years 1 day | |||||||
Vested in period | 58 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | Share-based Compensation Award, Tranche Three | ||||||||
Rights exercise period | 3 years 1 day | |||||||
Vested in period | 58 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | Before 1-for-8 reverse stock split | ||||||||
Ocean Rig's shares granted | 1,400 | |||||||
Grant date fair value | $ 1.07 | |||||||
Vested number of shares | 934 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche One | ||||||||
Vested in period | 467 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche Two | ||||||||
Vested in period | 467 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | Before 1-for-8 reverse stock split | Share-based Compensation Award, Tranche Three | ||||||||
Vested in period | 467 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Charter Revenue (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Unbilled Receivables, Not Billable at Balance Sheet Date [Abstract] | |
Twelve months ending December 31, 2017 | $ 9,694 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 25, 2015 | |
Loss Contingencies [Line Items] | ||||
Number Charter Agreements Amended | 11 | |||
Number Of Charter Agreements | 7 | |||
Gain/ (Loss) on contract termination | $ 0 | $ (28,241) | $ (1,307) | |
Increase (Decrease) in Contract Receivables, Net | (35,000) | |||
Cash Received Under Charter Agreement | 5,000 | |||
Allowance for Doubtful Accounts Receivable, Write-offs | 16,471 | |||
Amount of receivables amortized | (6,759) | |||
Loss of hire insurance recoveries recognized as revenue | 51,934 | 969,825 | 2,185,524 | |
Legal Settlements And Other | $ (258) | $ (2,948) | (2,013) | |
Minimum | ||||
Loss Contingencies [Line Items] | ||||
Time Charter Agreement Duration | 4 years | |||
Sale Of Vessel | ||||
Loss Contingencies [Line Items] | ||||
Sales Discounts Vessels | $ 5,000 | |||
Termination Of Contract | ||||
Loss Contingencies [Line Items] | ||||
Gain/ (Loss) on contract termination | $ 5,000 | |||
Ocean Rig Corcovado | ||||
Loss Contingencies [Line Items] | ||||
Loss of hire insurance recoveries recognized as revenue | 20,200 | |||
Proceeds from legal settlements | 20,200 | |||
Ocean Rig Mylos | ||||
Loss Contingencies [Line Items] | ||||
Loss of hire insurance recoveries recognized as revenue | $ 39,600 |
Accumulated other comprehensi92
Accumulated other comprehensive income (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total | $ 0 | $ 233 |
Total | ||
Cash flows hedges realized gain | 0 | 225 |
Actuarial pension gain | 0 | 8 |
Total | 0 | 233 |
Attributable to Dryships | ||
Cash flows hedges realized gain | 0 | 225 |
Actuarial pension gain | 0 | 8 |
Total | 0 | 233 |
Attributable to non controlling interest | ||
Cash flows hedges realized gain | 0 | 0 |
Actuarial pension gain | 0 | 0 |
Total | $ 0 | $ 0 |
Interest and Finance Costs (T93
Interest and Finance Costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Finance Costs [Abstract] | |||
Interest incurred on long-term debt | $ 6,164 | $ 150,061 | $ 317,445 |
Interest, amortization and write off of financing fees on loan from affiliate and related party | 1,563 | 3,642 | 0 |
Amortization and write-off of financing fees | 572 | 23,834 | 50,551 |
Discount on receivable from drilling contract | 0 | 4,048 | 0 |
Amortization of convertible notes discount | 0 | 0 | 45,261 |
Amortization of share lending agreement-note issuance costs | 0 | 0 | 2,733 |
Commissions, commitment fees and other financial expenses and related party | 558 | 2,607 | 34,256 |
Capitalized interest | 0 | (12,060) | (39,225) |
Total | $ 8,857 | $ 172,132 | $ 411,021 |
Segment Information (Table) (De
Segment Information (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Voyage revenues, net | $ 51,934 | $ 244,020 | $ 368,447 |
Service revenues, net | 0 | 725,805 | 1,817,077 |
Revenues | 51,934 | 969,825 | 2,185,524 |
Vessels and drilling units operating expenses | 45,563 | 371,074 | 844,260 |
Depreciation and amortization | 3,466 | 227,652 | 449,792 |
Goodwill impairment | 7,002 | 0 | 0 |
Loss on contract cancellation | 0 | 28,241 | 1,307 |
Impairment loss, gain/loss from sale of vessels and vessel owning companies and other | 106,343 | 1,057,116 | 38,148 |
General and administrative expenses | 39,708 | 104,912 | 193,686 |
Gain/(loss) on interest rate swaps | 403 | (11,601) | (15,528) |
Gain on debt restructuring | 10,477 | 0 | 0 |
Income taxes | (38) | (37,119) | (77,823) |
Net income/(loss) | (198,686) | (2,808,086) | 58,020 |
Net income/(loss) attributable to Dryships Inc. | (198,686) | (2,847,061) | (47,512) |
Interest and finance cost | (8,857) | (177,655) | (412,185) |
Interest income | 81 | 6,050 | 13,310 |
Change in fair value of derivatives (gain)/loss | (2,193) | (10,848) | (29,304) |
Total assets | 193,730 | 476,052 | 10,476,589 |
Drybulk Segment | |||
Voyage revenues, net | 30,777 | 115,598 | 205,630 |
Vessels and drilling units operating expenses | 30,969 | 87,704 | 90,376 |
Depreciation and amortization | 0 | 65,607 | 99,631 |
Loss on contract cancellation | 0 | 28,241 | 1,307 |
Impairment loss, gain/loss from sale of vessels and vessel owning companies and other | 35,470 | 1,000,485 | 38,148 |
General and administrative expenses | 29,822 | 44,519 | 48,441 |
Gain/(loss) on interest rate swaps | 917 | (567) | (1,142) |
Gain on debt restructuring | 10,477 | 0 | 0 |
Net income/(loss) | (69,966) | (1,180,056) | (206,303) |
Net income/(loss) attributable to Dryships Inc. | (69,966) | (1,180,056) | (206,303) |
Interest and finance cost | (8,706) | (45,321) | (102,806) |
Interest income | 66 | 76 | 1,074 |
Change in fair value of derivatives (gain)/loss | (1,957) | (10,768) | (21,069) |
Total assets | 162,532 | 342,287 | 1,731,295 |
Offshore Support Segment | |||
Voyage revenues, net | 21,157 | 8,118 | |
Vessels and drilling units operating expenses | 14,587 | 3,977 | |
Depreciation and amortization | 3,466 | 672 | |
Goodwill impairment | 7,002 | ||
Impairment loss, gain/loss from sale of vessels and vessel owning companies and other | 70,873 | 0 | |
General and administrative expenses | 9,849 | 2,858 | |
Income taxes | (38) | (188) | |
Net income/(loss) | (86,553) | (2,711) | |
Net income/(loss) attributable to Dryships Inc. | (86,553) | (2,657) | |
Interest and finance cost | (93) | (105) | |
Interest income | 13 | 2 | |
Change in fair value of derivatives (gain)/loss | 0 | (6) | |
Total assets | 31,191 | 131,124 | |
Drilling Segment | |||
Service revenues, net | 0 | 725,805 | 1,817,077 |
Vessels and drilling units operating expenses | 0 | 259,623 | 727,832 |
Depreciation and amortization | 0 | 155,352 | 325,744 |
General and administrative expenses | 0 | 46,989 | 131,745 |
Gain/(loss) on interest rate swaps | 0 | (9,588) | (12,671) |
Income taxes | 0 | (36,931) | (77,823) |
Net income/(loss) | (41,454) | (1,601,451) | 259,654 |
Net income/(loss) attributable to Dryships Inc. | (41,454) | (1,640,480) | 154,122 |
Interest and finance cost | 0 | (123,463) | (298,839) |
Interest income | 0 | 5,954 | 12,227 |
Change in fair value of derivatives (gain)/loss | 0 | 349 | (15,909) |
Total assets | 0 | 0 | 8,095,212 |
Tanker Segment | |||
Voyage revenues, net | 0 | 120,304 | 162,817 |
Vessels and drilling units operating expenses | 7 | 19,770 | 26,052 |
Depreciation and amortization | 0 | 6,021 | 24,417 |
Impairment loss, gain/loss from sale of vessels and vessel owning companies and other | 0 | 56,631 | 0 |
General and administrative expenses | 37 | 10,546 | 13,500 |
Gain/(loss) on interest rate swaps | (514) | (1,446) | (1,715) |
Net income/(loss) | (713) | (23,868) | 4,669 |
Net income/(loss) attributable to Dryships Inc. | (713) | (23,868) | 4,669 |
Interest and finance cost | (58) | (8,766) | (10,540) |
Interest income | 2 | 18 | 9 |
Change in fair value of derivatives (gain)/loss | (236) | (422) | 7,674 |
Total assets | $ 7 | $ 2,641 | $ 650,082 |
Segment Information - Reconcili
Segment Information - Reconciliation of Interest and Finance Costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Interest and finance costs | $ 8,857 | $ 172,132 | $ 411,021 |
Interest income | 81 | 527 | 12,146 |
Total Assets | 193,730 | 476,052 | 10,359,370 |
Total Assets for reportable segments | |||
Segment Reporting Information [Line Items] | |||
Interest and finance costs | 8,857 | 177,655 | 412,185 |
Interest income | 81 | 6,050 | 13,310 |
Total Assets | 193,730 | 476,052 | 10,476,589 |
Elimination of intersegment interest/ receivables | |||
Segment Reporting Information [Line Items] | |||
Interest and finance costs | 0 | (5,523) | (1,164) |
Interest income | 0 | (5,523) | (1,164) |
Total Assets | $ 0 | $ 0 | $ (117,219) |
Segment Information - Revenue p
Segment Information - Revenue per country - Drilling Segment (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total leasing and service revenues | $ 0 | $ 725,805 | $ 1,817,077 |
Congo | |||
Total leasing and service revenues | 0 | 31,807 | 0 |
Norway | |||
Total leasing and service revenues | 0 | 101,584 | 220,044 |
Brazil | |||
Total leasing and service revenues | 0 | 253,283 | 581,635 |
Ivory Coast | |||
Total leasing and service revenues | 0 | 12,065 | 97,232 |
Angola | |||
Total leasing and service revenues | 0 | 275,410 | 807,742 |
Falkland | |||
Total leasing and service revenues | 0 | 51,656 | 0 |
Gabon/ West Africa | |||
Total leasing and service revenues | $ 0 | $ 0 | $ 110,424 |
Segment Information Revenue Per
Segment Information Revenue Per Country - Offshore Segment (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total revenues | $ 51,934 | $ 244,020 | $ 368,447 |
Offshore Support Segment | |||
Total revenues | 21,157 | 8,118 | |
Brazil | Offshore Support Segment | |||
Total revenues | 19,312 | 8,118 | |
Europe | Offshore Support Segment | |||
Total revenues | $ 1,800 | $ 0 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Carrying amount | $ 95,550 | $ 96,428 |
Offshore Support Vessels | Brazil | ||
Number of vessels | 3 | |
Carrying amount | $ 13,625 | $ 96,428 |
Offshore Support Vessels | Europe | ||
Carrying amount | $ 13,625 |
Losses per share (Table) (Detai
Losses per share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings per Share Reconciliation [Abstract] | |||
Net loss attributable to DryShips Inc. | $ (198,686) | $ (2,847,061) | $ (47,512) |
Less: Convertible Preferred stock dividends | (7,695) | ||
Less: Non-vested common stock dividends declared and undistributed earnings | (570) | (697) | |
Basic LPS | |||
Loss available to common stockholders | $ (206,381) | $ (2,847,631) | $ (48,209) |
Weighted-average number of outstanding shares (denominator) | 444,056 | 55,413 | 38,003 |
Amount per share | $ (464.76) | $ (51,389.22) | $ (1,268.56) |
Diluted LPS | |||
Loss available to common stockholders | $ (206,381) | $ (2,847,631) | $ (48,209) |
Weighted-average number of outstanding shares (denominator) | 444,056 | 55,413 | 38,003 |
Amount per share | $ (464.76) | $ (51,389.22) | $ (1,268.56) |
Losses Per Share (Details)
Losses Per Share (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||
Jan. 30, 2017 | Mar. 10, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Issued During Period Value New Issues | $ 14,434 | $ (228) | $ 422,375 | ||
Securities Purchase Agreement | |||||
Stock Issued During Period Shares New Issues | 388,342 | ||||
Subsequent Event | Securities Purchase Agreement | |||||
Stock Issued During Period Value New Issues | $ 200,000 | ||||
Stock Issued During Period Shares New Issues | 32,028,079 | ||||
Subsequent Event | Purchase Agreement dated February 17, 2017 | |||||
Stock Issued During Period Shares New Issues | 103,867,307 |
Income Taxes - Ocean Rig Income
Income Taxes - Ocean Rig Income/(Losses) Before Taxes by Country (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total income before taxes | $ (157,194) | $ (1,073,989) | $ 135,843 |
Drilling Segment | |||
Domestic income / (loss) (Republic of the Marshall Islands) | 90,181 | (161,913) | |
Foreign income | 42,277 | 499,539 | |
Total income before taxes | $ 132,458 | $ 337,626 |
Income Taxes - Entity's Total I
Income Taxes - Entity's Total Income Tax Expense for the Period and Statutory Tax Rate (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income taxes | $ 38 | $ 37,119 | $ 77,823 |
Drilling Segment | |||
Current Tax expense | 37,119 | 77,823 | |
Income taxes | $ 37,119 | $ 77,823 | |
Effective tax rate | 28.00% | 23.10% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Tax Expense (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total | $ 38 | $ 37,119 | $ 77,823 |
Drilling Segment | |||
Income tax | 37,119 | 70,441 | |
Taxes on litigation matters subject to statutory rates, including interest and penalties | 0 | 7,382 | |
Total | $ 37,119 | $ 77,823 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets (Table) (Details) - Drilling Segment - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Net operations loss carry forward | $ 0 | |
Accelerated depreciation of assets | 55 | |
Pension | 904 | |
Total deferred tax assets | 959 | |
Less: valuation allowance | (959) | $ (1,285) |
Total deferred tax assets, net | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Drilling Segment | |||
Valuation allowance for deferred tax assets | $ 959 | $ 1,285 | |
Angola | |||
Withholding Tax as a percentage of Current Tax Expense | 48.00% | 64.00% | |
Republic of the Marshall Islands | |||
Percentage Of Marshall Islands And Malta Subsidiaries Stock Treated As Owned By Individuals Resident In Marshall Islands | 100.00% | 100.00% | 100.00% |
Tax rate | 0.00% | 0.00% | 0.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands | Jan. 12, 2017USD ($) | Feb. 10, 2017 | Jan. 30, 2017USD ($)$ / sharesshares | Jan. 23, 2017 | Jan. 19, 2017USD ($) | Mar. 10, 2017USD ($)shares | Feb. 27, 2017USD ($) | Feb. 17, 2017USD ($) | Feb. 16, 2017USD ($) | Feb. 14, 2017USD ($) | Mar. 11, 2016 | Aug. 15, 2016 | Nov. 01, 2016 | Nov. 18, 2016USD ($) | Dec. 31, 2016USD ($)shares | Dec. 23, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Debt Conversion, Amount | $ 8,750 | $ 0 | $ 0 | |||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-25 reverse stock split of the Company's common shares, with which seven fractional shares were cashed out | 1-for-4 reverse stock split of the Company's common shares, with which five fractional shares were cashed out | 1-for-15 reverse stock split of the Company's common shares, with which nine fractional shares were cashed out | |||||||||||||||
Stock Issued During Period Value New Issues | 14,434 | (228) | 422,375 | |||||||||||||||
Proceeds From Issuance Of Common Stock | 123,810 | 0 | 421,911 | |||||||||||||||
Repayments Of Debt | 119,758 | 782,366 | 2,008,826 | |||||||||||||||
Payment of dividends | 0 | $ 20,526 | $ 30,563 | |||||||||||||||
Securities Purchase Agreement | ||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 15,000 | |||||||||||||||||
Maximum value of shares to be sold within 24 months | $ 200,000 | |||||||||||||||||
Amount of common stock as commitment fee | $ 1,500 | |||||||||||||||||
Stock Issued During Period Shares New Issues | shares | 388,342 | |||||||||||||||||
Secured Credit Facility at June 20, 2008 | ||||||||||||||||||
Repayments Of Debt | $ 8,200 | |||||||||||||||||
Subsequent Event | ||||||||||||||||||
Stockholders' Equity, Reverse Stock Split | 1-for-8 reverse stock split of the Company's common shares, with which four fractional shares were cashed out | |||||||||||||||||
Payment of dividends | $ 2,500 | |||||||||||||||||
Date of dividend record | Mar. 15, 2017 | |||||||||||||||||
Date of dividend payment | Mar. 31, 2017 | |||||||||||||||||
Subsequent Event | Securities Purchase Agreement | ||||||||||||||||||
Stock Issued During Period Value New Issues | $ 200,000 | |||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 198,000 | |||||||||||||||||
Share Price | $ / shares | $ 6.3 | |||||||||||||||||
Stock Issued During Period Shares New Issues | shares | 32,028,079 | |||||||||||||||||
Subsequent Event | Agreement with Kalani | ||||||||||||||||||
Proceeds From Issuance Of Common Stock | $ 182,094 | |||||||||||||||||
Maximum value of shares to be sold within 24 months | $ 200,000 | |||||||||||||||||
Amount of common stock as commitment fee | $ 1,500 | |||||||||||||||||
Stock Issued During Period Shares New Issues | shares | 103,867,307 | |||||||||||||||||
Subsequent Event | Secured Credit Facility at June 20, 2008 | ||||||||||||||||||
Repayments Of Debt | $ 667 | |||||||||||||||||
Subsequent Event | Very Large Gas Carriers (VLGCs) | ||||||||||||||||||
Number of vessels | 1 | 1 | ||||||||||||||||
Price Per Vessel | $ 83,500 | $ 83,500 | ||||||||||||||||
Delivery Date | June 2,017 | September 2,017 | ||||||||||||||||
Remaining payable amount | $ 61,650 | $ 61,650 | ||||||||||||||||
Time Charter Agreement Duration | 5 years | 5 years | ||||||||||||||||
Subsequent Event | Very Large Gas Carriers (VLGCs) | LPG Option Agreement | ||||||||||||||||||
Number of vessels | 4 | |||||||||||||||||
Price Per Vessel | $ 83,500 | |||||||||||||||||
Subsequent Event | Aframax Tanker | ||||||||||||||||||
Number of vessels | 1 | |||||||||||||||||
Delivery Date | second quarter of 2017 | |||||||||||||||||
DWT | 113,644 | |||||||||||||||||
Subsequent Event | Very Large Crude Carrier | ||||||||||||||||||
Number of vessels | 1 | |||||||||||||||||
Delivery Date | second quarter of 2017 | |||||||||||||||||
DWT | 320,105 | |||||||||||||||||
Subsequent Event | Aframax Tanker and Very Large Crude Carrier | ||||||||||||||||||
Vessels total sale price | $ 102,515 | |||||||||||||||||
Number of vessels | 2 | |||||||||||||||||
Subsequent Event | New Revolving Credit Facility | ||||||||||||||||||
Line of credit facility amount outstanding | $ 142,850 | $ 164,700 | ||||||||||||||||
Subsequent Event | New Revolving Credit Facility | Very Large Gas Carriers (VLGCs) | ||||||||||||||||||
Amount drawn down | $ 21,850 | $ 21,850 |