Lenders have declared George Economou-led DryShips in default and auditors have again expressed doubts about its ability to continue.

The New York-listed bulker and offshore vessel owner said in an annual report to the Securities & Exchange Commission (SEC) that some of its creditors made the default declaration as of 31 March.

Athens-based DryShips announced last month that it stopped making balloon and principal payments across all its credit facilities.

Talks