The Nasdaq-listed shipowner’s shares lost 21% to close the day at $1.47, putting it as the biggest decliner among sharply declining maritime stocks. The drop slashed $169m from the company’s market capitalisation.
As TradeWinds reported earlier in the day, DryShips announced that it withdrew a $700m secured notes offering aimed at refinancing existing convertible notes.
Still, chief executive officer George Economou said that with a $350m bridge loan and a $100m in proceeds from refinancing of another loan, the company is confident it will refinance the notes “in a timely manner”.
