DryShips plans to “vigorously defend” class action allegations
JULY 18, 2017 — As more law firms filed class action suits against George Economou’s DryShips Inc. (NASDAQ: DRYS) and certain of its officers, the company said, in response to one of
Economou
Law firms plan class action suits against DryShips
MAY 2, 2017 – An item in the Wall Street Journal has been followed by announcements from a number of law firms saying that they are investigating potential securities claims on behalf
DryShips finds work for newly acquired Newcastlemax
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
DryShips to buy four Newcastlemax bulkers
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
DryShips reenters 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
TMS Tankers opts for Wartsila FPPs with EnergoProFins
MARCH 24, 2016 — Athens headquartered TMS Tankers Ltd, part of George Economou’s Cardiff Marine Group, has selected Wärtsilä fixed pitch propellers (FPPs) for its new vessels under construction in China. The
DryShips to acquire Nautilus Offshore Services
OCTOBER 23, 2015—DryShips Inc., Athens, Greece, the largest U.S.-listed dry bulk fleet operator, has inked a deal to acquire about 98% of Nautilus OffShore Services Inc. for a purchase price of $87
DRYS sells 17 ships to Economou, takes impairment charge
Analysts see the sell off as part of a longer term plan to recapitalize the business.
“Basically the company just has too much debt relative to its earning powers, relative to what rates are. They need to do something like this to recapitalize the company,” one leading analyst is quoted as saying.
The 17 vessels, comprised of 13 Capesize and 4 Panamax bulk carriers, are being sold for an aggregate price of $377.0 million, including their existing employment agreements and the assumption of $236.7 million of debt as of September 10, 2015, associated with some of the vessels. All of the individual transactions are expected to close in the fourth quarter of 2015 and some remain subject to the approval of the applicable lending banks. These transactions were approved by the independent directors of the company.
As a result of the company’s decision to sell these vessels, the company expects to recognize an impairment charge of approximately $373 million in its results for the third quarter of 2015.
In addition, the company’s Board of Directors, has decided to classify all of the remaining vessels in the fleet, comprised of 20 Panamax and 2 Supramax bulk carriers, as held for sale, and as a result the company expects to recognize an additional impairment charge of approximately $422 million in its results for the third quarter of 2015.
Ocean Rig orders another drillship
SEPTEMBER 3, 2013 — Ocean Rig UDW Inc. (NASDAQ: ORIG) has signed a contract to construct a seventh generation ultra deepwater drillship at Samsung Heavy Industries. It will be a sister ship
DryShips gets $141 million tanker construction loan
DryShips Inc. (NASDAQ: DRYS) reports the signing of a $141 million syndicated secured term loan facility to partially finance the construction costs of the tankers Belmar, Calida, Lipari and Petalidi. The lead