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DryShips: latest fleet update

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Dry Bulk,

On 10 July, Athens-based dry bulk shipping company DryShips Inc. (DryShips) provided an update on its fleet.

The company announced the following:

  • The entry into agreements with unaffiliated buyers for the sale of its two oldest 2000-built panamax dry bulk carriers. The vessels are scheduled for delivery to their buyers in 3Q18.
  • 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. According to the company, the sale remains subject to charterers’ consent, which is not to be unreasonably withheld. DryShips expects the delivery of VLGCs to their buyers to take place in 3Q18.
  • 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 Chairman and CEO of DryShips, George Economou. Under the charter, the company can reportedly give 60 days advance termination notice and can then seek alternative or fixed rate employment.

Assuming all vessel sales announced to date materialise, the company expects to see an aggregate gain on vessels sales compared to the book value of these assets.

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