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DryShips enters time charter contract for one of its newcastlemax vessels

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Dry Bulk,

DryShips Inc., a diversified owner of ocean going cargo vessels, has entered into a one year time charter with a major grain house for one of its 206 000 DWT newcastlemax dry bulk vessels for an expected duration of about one year.

The company anticipates a total gross backlog of $7.1 million, and the contract to commence upon the delivery of the vessel, expected before the end of April 2017.

George Economou, Chairman and Chief Executive Officer, commented: "We are very pleased to have employed one of our newly acquired vessels upon its delivery, at a gross charter rate, which will be highly accretive to the company's earnings and will provide visible cash flow. We continue to execute our strategy to restore the Company's earnings capacity, taking advantage of the positive developments in the dry bulk market."

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Grain cargo news