January 14, 2005

Economou in $100 million dry bulk IPO

Greek shipowner and MIT graduate George Economou is looking to raise upwards of $100 million to expand his DryShips Inc. dry bulk operation. DryBulk currently has a fleet of six dry bulk carriers and has entered into agreements to purchase an additional eleven. Six of these ships belong to a company controlled by Economou's sister.

The DryShips vessels are managed by Economou's Cardiff Marine, Inc.

Yesterday, DryShips http://www.sec.gov/Archives/edgar/data/1308858/000104746905000777/a2149919zf-1.htmannounced that it had filed a Registration Statement with the U.S. Securities and Exchange Commission in connection with its proposed initial public offering of 7,100,000 shares of common stock, par value $0.01 per share. The offering price is expected to be between $16 and $18 per share. Sales to the public are expected to commence in January 2005. Meantime, you can access the F-1 filing here: http://www.sec.gov/Archives/edgar/data/1308858/000104746905000777/a2149919zf-1.htm.

As is usual with such filings, this one is packed with interesting information.

The offering will be led by Cantor Fitzgerald & Co., Hibernia Southcoast Capital, Oppenheimer & Co., Dahlman Rose & Company and HARRISdirect.

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