DryShips Initiates New Quarterly Dividend, Will Total $0.07/Share

Dryships Inc. DRYS, a diversified owner of ocean going cargo vessels, announced it will initiate a new dividend, paying back $2.5 million to common shareholders on a quarterly basis, starting with shareholders on record as of March 15,2017. The dividend will likely work out to around $0.07 per share on a quarterly basis.

DryShips shares have experienced extreme volatility since the November 8 election; a new dividend could bring stability to the stock. In November, shares of Dryships went from $38.46 to $584 within a week.

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There have been four DryShips reverse stock splits in the past year. All together, each share of DryShips stock represented 1,200 shares a year ago. On a reverse split-adjusted basis, DryShips’ 52-week high is $2,227.

"We are very excited to initiate our new dividend policy which is a testament to the dramatic transformation of the Company's finances over the last 6 months. We continue to transform DryShips and we are confident that the results of our efforts will become evident in the near future," said Dryships Chairman and CEO, George Economou.

Shares reacted positively after the announcement, up about 28 percent to $2.35 in after-hours trading.