August 6, 2007
DryShips buys eight ships
Athens headquartered bulker specialist DryShips, Inc., (NasdaqGS:DRYS) says it has entered into agreements with unaffiliated third parties that will see it pay about $620 million to acquire eight ships.
The agreements cover:
DryShips intends to finance the acquisition of the vessels mainly through operating cash and additional borrowings.
Chairman and CEO George Economou commented: "We are pleased to expand our fleet at a time when there is robust demand for dry bulk shipping and freight rates are at such attractive levels. With the latest acquisitions, we reaffirm our commitment to maintain a leadership position in dry bulk shipping through accretive transactions, and our focus on enhancing our earnings while creating shareholder value both in the short and long term."