DryShips reenters the tanker market

Dryships Chairman and CEO George Economou: We are vey excited to have reentered the tanker market

FEBRUARY 21, 2017 — Athens headquartered DryShips Inc. (NASDAQ: DRYS) announced today that it has entered into agreements with unaffiliated third parties to acquire two tankers for a total price of around $102.5 million.

The ships are a 113,644 dwt Aframax tanker currently under construction at a South Korean shipyard and a 320,105 dwt Very Large Crude Carrier built in 2011.

Dryships expects to take delivery both vessels in the second quarter of 2017 and they are both expected to be employed in the spot market.

Dryships Chairman and CEO George Economou commented: “We are very excited to have reentered the tanker market by acquiring a modern Aframax tanker of ecodesign 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.”

Investors did not seem to share Mr. Economou’s excitement. The company’s shares were trading some 26% down as of mid morning.