Dryships Inc. Continues Fleet Renewal and Expansion
July 3rd, 2008, ATHENS, GREECE - DryShips Inc. (NASDAQ: DRYS) a global
provider of marine transportation services for drybulk cargoes announced today that it
has entered into the following agreements:
Vessel Disposals
The Company has entered into agreements to sell:
• The Panamax vessel MV Primera 72,495 dwt built in 1998 for US$ 75 million.
Delivery to the new owners is expected to take place during the fourth quarter of
2008. Once the sale is concluded, the company expects to realize a gain of
approximately US$ 40 million.
• The Panamax vessel MV Paragon 71,259 dwt built in 1995 for US$ 61 million.
Delivery to the new owners is expected to take place during the first quarter of
2009. Once the sale is concluded, the company expects to realize a gain of
approximately US$ 31 million.
• The Panamax vessel MV Menorca 71,662 dwt built in 1997 for US$ 77 million.
Delivery to the new owners took place in June, 2008. The company realized a
gain of approximately US$ 37 million.
Vessel Acquisitions and Time Charters
In line with its strategy of selling older vessels and replacing them with modern vessels,
the Company has entered into agreements to acquire the following vessels from
companies beneficially owned by George Economou, Chairman and CEO of DryShips
Inc., on terms that the Company believes are comparable to those that may be obtained
from an independent third party.
The Company has entered into agreements to acquire:
A 75,228 dwt Panamax vessel built in 2008 which is expected to be delivered
within 2008. The Company has entered into an agreement to time charter the
vessel for a period of approximately four years with an unrelated first class
charterer at a daily rate of US$ 43,750 per day. The time charter is expected to
commence concurrently with the vessel’s delivery to the Company.
• A 75,204 dwt Panamax vessel built in 2007 which is expected to be delivered
within 2008. The Company has entered into an agreement to time charter the
vessel for a period of approximately four years with an unrelated first class
charterer at a daily rate of US$ 43,750 per day. The time charter is expected to
commence concurrently with the vessel’s delivery to the Company.
• A 75,000 dwt Panamax vessel under construction in China scheduled to be
delivered during the fourth quarter of 2008.
• A 75,000 dwt Panamax vessel under construction in China scheduled to be
delivered during the first quarter of 2009.
The en bloc acquisition price of the above four Panamax bulk carriers will be US$ 400
million.
George Economou, Chairman and CEO of DryShips Inc. stated that “I am pleased to
announce the above vessel acquisition and disposals, which are in line with our stated
strategy of continued fleet renewal and expansion. The transactions reiterate our positive
outlook on the fundamentals of the drybulk industry and reinforce our position of taking
advantage of the strong freight environment with our large, versatile and modern fleet.”
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate
worldwide. As of the day of this release, DryShips owns a fleet of 47 drybulk carriers
comprising 6 Capesize, 29 Panamax, 2 Supramax, 10 newbuilding drybulk vessels, with
a combined deadweight tonnage of over 4 million tons.
DryShips Inc.'s common stock is listed on the NASDAQ Global Market where it trades
under the symbol "DRYS".
Visit our website at www.dryships.com
DryShips Inc. Press Release