DryShips Inc. continues its fleet renewal
DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, today announced that it has entered into the following agreements with unaffiliated third parties:
-- To purchase a 2005 built, 74,477 dwt Panamax bulk carrier, to be renamed "M/V Majorca," for $53.5 million, scheduled to be delivered charter free in the second quarter of 2007.
-- To sell the 2005 built, 55,566 dwt Supramax bulk carrier, "M/V Hille Oldendorff," for $50.5 million with delivery to the new owners scheduled to occur during the second quarter of 2007. DryShips expects to realize a book gain on this sale of approximately $12.7 million.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented: "We are continuing with our strategy of fleet renewal. With the sale of the 2005 built Supramax 'M/V Hille Oldendorff' and purchase of the 2005 built Panamax 'M/V Majorca,' we have succeeded in replacing, for a small premium, a smaller vessel with a larger vessel of the same age that has significantly higher earnings potential."
DryShips Inc. is an international provider of drybulk carriers. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 34 drybulk carriers comprising 5 Capesize, 24 Panamax, 3 Handymax and 2 newbuilding Panamax vessels, with a combined deadweight tonnage of approximately 2.9 million. DryShips Inc.'s common stock is listed on NASDAQ Global Market where it trades under the symbol "DRYS."
-- To purchase a 2005 built, 74,477 dwt Panamax bulk carrier, to be renamed "M/V Majorca," for $53.5 million, scheduled to be delivered charter free in the second quarter of 2007.
-- To sell the 2005 built, 55,566 dwt Supramax bulk carrier, "M/V Hille Oldendorff," for $50.5 million with delivery to the new owners scheduled to occur during the second quarter of 2007. DryShips expects to realize a book gain on this sale of approximately $12.7 million.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented: "We are continuing with our strategy of fleet renewal. With the sale of the 2005 built Supramax 'M/V Hille Oldendorff' and purchase of the 2005 built Panamax 'M/V Majorca,' we have succeeded in replacing, for a small premium, a smaller vessel with a larger vessel of the same age that has significantly higher earnings potential."
DryShips Inc. is an international provider of drybulk carriers. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 34 drybulk carriers comprising 5 Capesize, 24 Panamax, 3 Handymax and 2 newbuilding Panamax vessels, with a combined deadweight tonnage of approximately 2.9 million. DryShips Inc.'s common stock is listed on NASDAQ Global Market where it trades under the symbol "DRYS."