DryShips stopped making payments across all its credit facilities as it negotiates with banks amid the bulker market slump.
The George Economou-led bulker and offshore vessel owner said it missed the balloon payment on two bank facilities that have matured.
And the company “elected to suspend” repayment of principal on the remainder of its credit facilities.
Long trough
“Given the prolonged market downturn in the dry-bulk segment and the continued depressed outlook on freight rates, the Company is presently engaged in discussions with its lenders for the restructuring of its debt facilities,” DryShips said as it reported fourth-quarter earnings.
The
