DRYSHIPS INC. CONTINUES FLEET RENEWAL AND EXPANSION
May 1, 2008. Athens, Greece. DryShips Inc., (NASDAQ: DRYS) a global provider of
marine transportation services for drybulk cargoes announced today that the Company
has entered into agreements to:
- Sell the Panamax vessel MV Waikiki 75,473 dwt built in 1995 for US$ 63
million. Delivery to the new owners will take place during the third quarter of
2008. Once the sale is concluded, the company expects to realize a gain of
approximately US$ 36.5 million.
- Sell the Panamax vessel MV Solana 75,100 dwt built in 1995 for US$ 63
million. Delivery to the new owners will take place during the third quarter of
2008. Once the sale is concluded, the company expects to realize a gain of
approximately US$ 28.7 million.
- Sell the Panamax vessel MV Lacerta 71,862 dwt built in 1994 for US$ 55.5
million. Delivery to the new owners will take place during the third quarter of
2008. Once the sale is concluded, the company expects to realize a gain of
approximately US$ 44 million.
- Acquire a 76,500 dwt Panamax vessel built in 2004 for US$ 86.75 million.
The vessel will be delivered to the company, charter free, during the third
quarter of 2008.
- Acquire a 170,012 dwt Capesize vessel built in 2004 for US$ 158 million.
The vessel will be delivered to the company, charter free, during the third
quarter of 2008.
- Acquire a 177,000 dwt Capesize vessel under construction in China for
US$ 153 million to be delivered during the first quarter of 2009.
George Economou, Chairman and CEO of DryShips Inc. stated that “We continue
with our strategy of fleet renewal and expansion and are pleased to announce a series of
vessel acquisitions and disposals. With these latest transactions, we have further reduced
the average age of our fleet to 7.7 years; about 5.5 years below the industry average. In
addition, by replacing three Panamax vessels with one Panamax and two Capesize
vessels, we have significantly enhanced the earnings capacity of the fleet. These
renewals reiterate our positive outlook on the fundamentals of the drybulk industry and
reinforce our position to take advantage of the strong freight environment with our large,
versatile and modern fleet.”
About DryShips Inc.
DryShips Inc. is engaged in ocean transportation services of drybulk cargoes worldwide
through the ownership and operation of dry bulk carrier vessels. As of April 30, 2008
DryShips owns and operates a fleet of 47 drybulk carriers comprising 4 Capesize, 32
Panamax, 2 Supramax and 9 newbuilding drybulk vessels, with a combined deadweight
tonnage of over 4 million tons.
DryShips Inc.'s common stock is listed on NASDAQ Global Market where it trades
under the symbol "DRYS".
DryShips Inc. Press Release