DryShips Inc. (DRYS)
Q2 2012 Earnings Call
August 17, 2012, 08:00 am ET
ExecutivesGeorge Economou - Chairman, President & CEO Ziad Nakhleh - CFO Pankaj Khanna - COO Analysts Justin Yagerman - Deutsche Bank Michael Webber - Wells Fargo Natasha Boyden - Global Hunter Brandon Oglenski - Barclays Fotis Giannakoulis - Morgan Stanley Martin Korsvold - Pareto Randy Loffman - Imperial Capital David Epstein - CRT Capital Presentation
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Ziad Nakhleh Thank you. Good morning everyone. I am on slide four. For the second quarter 2012, DryShips posted a U.S. GAAP net loss of $18.2 million or $0.05 per share. Our shipping segments are slipping further into [duress] as our time-charter equivalent rates continue to slide as a result of both drybulk vessels coming off charter and spot markets deteriorate. The bright spots for the quarter are positive EBITDA and cash provided by operations mainly fueled by offshore segment.