ECONOMY

Greece-based DryShips Inc’s loss is wider than expected

Dry-bulk shipper and offshore contract driller DryShips Inc’s quarterly loss was wider than analysts’ estimates as interest and finance costs more than doubled, but the company reported an 18 percent rise in revenue.

Shares of the Greece-based company fell almost 6 percent in extended trading after the company reported results, but were later down about 1 percent.

DryShips’ revenue from offshore drilling contracts rose 15 percent to $328.5 million in the third quarter.

Total revenue increased to $404.9 million.

“The dry-bulk market continues its recovery lately in the larger asset classes and, as a result, asset prices across the board are rising,” Chief Executive George Economou said in a statement.

“We are cautiously optimistic, expecting a sustainable recovery in 2014.”

Oversupply of vessels, coupled with weak demand, have suppressed the rates over the last five years for dry-bulk ships, which carry commodities such as coal, ore and grains.

[Reuters]