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DryShips acquires two new vessels

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Dry Bulk,

Athens-based dry bulk shipping company DryShips Inc. (DryShips), has agreed to acquire one 2013-built newcastlemax dry bulk carrier and one 2017-built suezmax tanker, both of which were constructed in China.

According to the company, the vessels will be acquired from entities that may be deemed to be affiliates of the company’s Chairman and CEO, George Economou, for an aggregate purchase price of US$93.8 million, including the associated bank debt of US$50.3 million. The transaction remains subject to documentation and customary closing conditions, and is expected to close in June 2018.

The purchase price was determined based on the average fair market value of each vessel as determined by independent third-party broker valuations and the transaction was approved by the independent directors of the company’s board of directors.

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