After removing the $7.6MM one time charge from the 3Q report, net revenue would have come in around ($10MM). Assuming a min gross of $40MM for this quarter, net should be around break even. That would account for the 2 Panamax ships being out of commission for most of the quarter. So adding those back into the mix next quarter along with the 4th VLGC sometime in January should get DRYS back to net profits. The wrinkle, of course, is that 1Q is historically a lull in the shipping sector given all of the holidays and weather in Asia. DRYS has always had their ships busy, but spot rates trend lower during the quarter.
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