MARCH 27, 2017 – DryShips Inc. (NASDAQ: DRYS) said today that it has entered into agreements with unaffiliated third parties to acquire four modern Newcastlemax bulk carriers of approximately 206,000 dwt and with an average age of three years.
The company expects to take delivery of the vessels before the end of June 2017 and says it will finance the total gross purchase price of approximately $124 million using cash on hand. Current liquidity stands at approximately $455 million.
Two of the vessels will be employed under time charter contracts, ]the other two will trade in the spot market.
George Economou, Chairman and Chief Executive Officer commented:
“We are very pleased to have increased the size of our dry bulk fleet by acquiring four modern sister vessels at historical low prices. Spot rates for dry bulk vessels have continued to improve since the beginning of the year and our outlook for dry bulk is positive given the modest order-book and the continued strength of the Chinese economy that generates demand for raw commodities. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage.”