The Andrew Feldstein-led financial firm told the US Securities & Exchange Commission (SEC) that as of 9 April, it held nearly 33.4 million shares in the company, which owns bulkers, tankers and most of driller Ocean Rig.

With DryShips shares hovering within pennies of their all-time low, BlueMountain’s remaining stake is worth $26.1m at today’s prices on the Nasdaq stock exchange.

Late last year, BlueMountain revealed that it owned more than 71.4 million DryShips shares as of 24 October, which gave it a 10.4%