UPDATE 1-DryShips says no plans yet on further stock offer
Mon Jun 1, 2009 9:33am EDT
* Says about $200 mln in debt still need covenant waivers
* Says 38 pct of remaining operating days in 2009 are spot
* Shares up 3 pct in early trade
June 1 (Reuters) - Greek shipping company DryShips Inc (DRYS.O) said on Monday it has no plans for a further at-the-market stock offering, and about $200 million of its debt would still need covenant waivers.
"There is nothing on the table right now. It (stock offering) is not something we have on the table to be considered by the board," Chief Executive George Economou said in a call with investors.
He also said that all of the company's debt would be eventually classified as long-term debt.
In March, the company said it got a going-concern notice from its auditors and reclassified $1.8 billion of long-term debt as current.
The shipping company, which has raised about $1 billion in two at-the-market stock offerings since January, said about 38 percent of remaining operating days in 2009 are exposed to short-term spot market as opposed to long-term charter contracts.
"We raised cash not because we have been pressed by the banks, it is because we wanted to take advantage of opportunities," Economou said.
Shares of the company were up 3 percent at $8.46 in morning trade on Nasdaq. (Reporting by Sakthi Prasad in Bangalore; Editing by Ratul Ray Chaudhuri)
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