DryShips safely navigated volatile shipping markets to come in with a third quarter result above expectations only to run aground with a big loss on interest rate swaps.
A $31.5m hit on interest rate swaps took a big bite out of the quarterly result more than halving what would have otherwise have been a good result.
George Economou led DryShips does not indicate in its quarterly report if the interest rate play was hedging of market exposure or speculative but swaps have been a feature of the company’s finances for quite some time.
