DryShips Inc. Announces Fleet Update
July 10 2018 - 8:45AM
DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a
diversified owner and operator of ocean going cargo vessels, today
announced the following:
- The entry into agreements with unaffiliated buyers for the sale
of its two oldest 2000-built Panamax drybulk carriers. The vessels
are scheduled for delivery to their buyers during the third quarter
of 2018.
- 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. The sale remains
subject to charterers’ consent, which is not to be unreasonably
withheld. The VLGCs are scheduled for delivery to their buyers
during the third quarter of 2018.
- 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 Mr. George Economou, the
Company’s Chairman and Chief Executive Officer. Under the charter,
the Company can give 60-days advance termination notice and can
then seek alternative or fixed rate employment.
If all vessel sales announced to date materialize,
the Company expects to realize an aggregate gain on vessels sales
compared to the book value of these assets.
About DryShips Inc.
The Company is a diversified owner and operator of
ocean going cargo vessels that operate worldwide. As of July 10,
2018, and not giving effect to any pending vessel transactions, the
Company operates a fleet of 36 vessels comprising of (i) 11 Panamax
drybulk vessels; (ii) 5 Newcastlemax drybulk vessels; (iii) 5
Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2
Aframax tankers; (vi) 2 Suezmax tanker; (vii) 4 Very Large Gas
Carriers; and (viii) 6 Offshore Support Vessels, including 2
Platform Supply and 4 Oil Spill Recovery Vessels.
DryShips’ common stock is listed on the NASDAQ
Capital Market where it trades under the symbol “DRYS.”
Visit the Company’s website at
www.dryships.com
Forward-Looking Statement
Matters discussed in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with such safe
harbor legislation.
Forward-looking statements reflect the Company’s
current views with respect to future events and financial
performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in the Company’s records and other data
available from third parties. Although the Company believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are
beyond the Company’s control, the Company cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections.
Important factors that, in the Company’s view,
could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of
world economies and currencies, general market conditions,
including changes in charter rates, utilization of vessels and
vessel values, failure of a seller or shipyard to deliver one or
more vessels, failure of a buyer to accept delivery of a vessel,
the Company’s inability to procure acquisition financing, default
by one or more charterers of the Company’s ships, changes in demand
for drybulk, oil or natural gas commodities, changes in demand that
may affect attitudes of time charterers, scheduled and unscheduled
drydockings, changes in the Company’s voyage and operating
expenses, including bunker prices, dry-docking and insurance costs,
changes in governmental rules and regulations, changes in the
Company’s relationships with the lenders under its debt agreements,
potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of
shipping routes due to accidents, international hostilities and
political events or acts by terrorists.
Risks and uncertainties are further described in
reports filed by DryShips with the U.S. Securities and Exchange
Commission, including the Company’s most recently filed Annual
Report on Form 20-F.
Investor Relations / Media:
Nicolas BornozisCapital Link, Inc. (New York)Tel.
212-661-7566E-mail: dryships@capitallink.com
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