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DryShips agrees refinancing package

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Dry Bulk,

The agreement with Sifnos Shareholders, an entity controlled by Economou, provides for the refinancing of most of DryShip’s outstanding debt vie a new senior secured revolving facility. Under this facility, Sifnos will extend a new loan of up to US$200 million to DryShips.

Combined with a recent share placement that raised US$100 million, the new Sifnos loan facility will total available liquidity of between US$119 million and US$129 million, according to the company’s President and Chief Financial Officer, Anthony Kandylidis.

“The will not only give us comfort to fund operations but also gives us the opportunity to evaluate the possible acquisition of assets at distressed value,” Kandylidis continued. “We believe that given where we are in the cycle in both the tanker and dry bulk markets, we are faced with a unique entry point to acquire vessels in these sectors are historic low prices.”

In addition to the new financing, DryShips also announced new agreements with TMS Bulkers Ltd and TMS Offshore Services to streamline its ship management services. Under the new agreement, the all-in base cost for providing services will be reduced to US$1633 per day per vessel – a 33% reduction from current levels.

The rate is based on a minimum of 20 vessels, with the per vessel cost falling to US$1500 per day for each subsequent vessel included in the agreement. DryShips currently owns dry bulk carriers and offshore support vessels, including 13 panamax ships.

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