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DryShips acquires three kamsarmax dry bulk vessels

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Dry Bulk,

DryShips Inc., a diversified owner of ocean going cargo vessels, has entered into agreements with unaffiliated third parties to acquire three kamsarmax dry bulk vessels. This includes:

One 81 918 DWT kamsarmax dry bulk carrier built in 2014. The company expects to take delivery of this vessel during 2Q17.

Two 81 129 DWT kamsarmax dry bulk carriers built in 2014. The purchase of these two secondhand kamsarmaxes was previously announced and the company has now physically inspected and accepted the vessels. DryShips expects to take delivery of the vessels during 2Q17.

DryShips intends to finance the total gross purchase price of approximately $68 million using cash on hand, which currently stands at $429 million.

George Economou, Chairman and CEO, commented: “We are very pleased to have further grown the size of our dry bulk fleet to 21 dry bulk carriers through the acquisition of three modern vessels, which will also rejuvenate the average age of our fleet. The above acquisition allows us to immediately deploy our available liquidity and is expected to be accretive to our earnings and cash flows.”

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Dry bulk shipping market Dry cargo news