22-02-2017

DryShips Inc. Re-Enters the Tanker Market, Acquires Two Modern Tanker Vessels

Dryships

DryShips Inc., a diversified owner of ocean going cargo vessels, announced today that it has entered into agreements with unaffiliated third parties to acquire:

  • one 113,644 DWT Aframax tanker currently under construction in South Korea. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market.
  • one 320,105 DWT Very Large Crude Carrier built in 2011. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market.

The total gross price for the two vessels will be about $102.5 million.

George Economou, Chairman and Chief Executive Officer commented:

“We are very excited to have re-entered the tanker market by acquiring a modern Aframax tanker of eco-design and one Very Large Crude Carrier at historical low prices. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage.”

The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, 1 Very Large Gas Carrier newbuilding, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.

DryShips’ common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.”

Source: DryShips Inc.

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