Revenue during the quarter plunged 30.63 percent to $11.81 million from $17.02 million in the previous year period.

Operating loss for the quarter was $8.09 million, compared with an operating loss of $55.87 million in the previous year period.

Adjusted EBITDA for the quarter stood at negative $7.45 million compared to negative $10.44 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 63.07 percent for the quarter compared to negative 61.35 percent in the last year period.

George Economou, Chairman and Chief Executive Officer of the Company, commented: "DryShips has come a long way since last year when we were fighting for the Company's survival. Since then we have cleaned up the Company's balance sheet and almost doubled our fleet by acquiring modern quality vessels. With this rapid expansion phase behind us we look forward to taking delivery of the vessels we have acquired in the last few months at historically low asset values and starting to generate revenue that will improve our bottom line and demonstrate the earnings capacity of our fleet over the next few quarters."

The company has spent $36.12 million cash to meet investing activities during the quarter as against cash outgo of $2.97 million in the last year period.

Cash flow from financing activities was $376.32 million for the quarter, up 4,349.33 percent or $367.87 million, when compared with the last year period.

Cash and cash equivalents stood at stood at $397.83 million as at Mar. 31, 2017.