In a statement, theNasdaq-listed company said the periodic sale of common shares will be led byEvercore, an investment bank based in the US.
“Drybulk shipping rates and ship values have increasedrecently and we believe this trend will continue particularly in the largerasset classes,” said chief executive George Economou.
“Given the improved market backdrop, we believe thisis an opportune time to flexibly access the equity capital markets to reducesome or all of our funding needs through 2014 that we currently estimate at$150m.”
In addition, Economousaid his company is “nearing agreements with certain banking syndicates” toreduce debt service payments over the next 12 months and “adjust certainfinancial covenants”.
“Finally, we are pleased to report that Ocean Rigcontinues to improve its level of performance,” he continued in reference toDryShips’ majority-owned drilling offshoot.
“Preliminary data for the third quarter of 2013indicates that the Ocean Rig fleet operated at a 98.5% operating efficiency onavailable for drilling days, which is a record for Ocean Rig.”
While news of the ATM cameat the close of trading Friday and will likely prompt concerns about dilutionthe move caught few off guard as Economou has been talking about the need toraise additional equity for some time.
On Friday theAthens-based operator’s shares were fetching $3.78, which is just shy of a52-week high of $4.00 but well above a low of $1.46. Like many bulker ownersits stock has benefited as of late from the recent rise in freight rates.
