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DryShips Inc. Re- Enters the Tanker Market, Acquires two Modern Tanker Vessels

February 21, 2017

DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a diversified owner of ocean going cargo vessels, announced today that it has entered into agreements with unaffiliated third parties to acquire:

– one 113,644 DWT Aframax tanker currently under construction in South Korea. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market.

– one 320,105 DWT Very Large Crude Carrier built in 2011. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market.

The total gross price for the two vessels will be about $102.5 million.

George Economou, Chairman and Chief Executive Officer commented: “We are very excited to have re-entered 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.”

Source credit: http://dryships.irwebpage.com/press/dryspr022117.pdf

 

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