DryShips Sells VLGC Quartet and Two Panamaxes

DryShips

DryShips, a diversified owner and operator of ocean going cargo vessels, announced the following:

  • The entry into agreements with unaffiliated buyers for the sale of its two oldest 2000-built Panamax drybulk carriers. The vessels are scheduled for delivery to their buyers during the third quarter of 2018.
  • The entry into agreements with unaffiliated buyers for the sale of its four Very Large Gas Carriers (“VLGCs”), including the existing time charter contracts for each VLGC. The sale remains subject to charterers’ consent, which is not to be unreasonably withheld. The VLGCs are scheduled for delivery to their buyers during the third quarter of 2018.
  • The entry into an index linked time charter for the Company’s recently acquired Newcastlemax bulk carrier with an entity that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and Chief Executive Officer. Under the charter, the Company can give 60-days advance termination notice and can then seek alternative or fixed rate employment.

If all vessel sales announced to date materialize, the Company expects to realize an aggregate gain on vessels sales compared to the book value of these assets.

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