NEW YORK (TheStreet) -- DryShips (DRYS) made gains over Tuesday, adding 5% to $3.81 by late afternoon. The heavy-volume stock saw 11.7 million shares change hands, 5 million less than its three-month average daily trading volume.
On Friday, the dry-bulk shipper announced the approval of loan amendments. The Greece-based business entered into an Amendment and Restatement Agreement to its July 2013 credit agreement.
"We are pleased with the successful closing of this important transaction which extends Ocean Rig's debt maturities. We effectively refinanced the short-term tranche of the Term Loan B Facility with a fungible add-on to the long-term tranche. Post transaction, the entire $1.9 billion facility will mature not earlier than the third quarter of 2020," said DryShips CEO George Economou in a statement.
The Baltic Dry Index, which measures activity along the world's major shipping routes, saw a 5-point decrease to 1,091 on Tuesday.
TheStreet Ratings team rates DRYSHIPS INC as a Hold with a ratings score of C-. The team has this to say about their recommendation:
"We rate DRYSHIPS INC (DRYS) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."