DryShips finds work for newly acquired Newcastlemax

George Economou: "We continue to execute our strategy to restore the company's earnings capacity, taking advantage of the positive developments in the dry bulk market"

APRIL 12, 2017 — DryShips Inc. (NASDAQ: DRYS) has entered into a one year time charter with a major grain house for one of its four recently acquired 206,000 dwt Newcastlemax dry bulk vessels for an expected duration of about one year.

The company says that it anticipates a total gross backlog of $7.1 million and that the contract is to commence upon the delivery of the vessel, expected before the end of April 2017.

Mr. George Economou, Chairman and Chief Executive Officer, commented: “We are very pleased to have employed one of our newly acquired vessels upon its delivery, at a gross charter rate, which will be highly accretive to the company’s earnings and will provide visible cash flow. We continue to execute our strategy to restore the company’s earnings capacity, taking advantage of the positive developments in the dry bulk market.”

George Economou:” We continue to execute our strategy to restore the company’s earnings capacity, taking advantage of the positive developments in the dry bulk market”