DryShips Announces Fleet Update

Friday, July 22, 2011

ATHENS, GREECE – July 21, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the following sale and purchase activities:

 

  • The Company sold the 72,126 DWT Panamax bulker M.V. La Jolla (built in 1997). Delivery of the vessel took place in July 2011
  • The Company sold the 75,607 DWT Panamax bulker M.V. Conquistador (built in 2000). Delivery of the vessel is expected to take place in July 2011
  • The Company sold the 151,066 DWT Capesize bulker M.V. Brisbane (built in 1995). Delivery of the vessel is expected to take place in September 2011
  • The Company sold the 150,393 DWT Capesize bulker M.V. Samsara (built in 1996). Delivery of the vessel is expected to take place in August 2011
     

The aggregate sale price for all four vessels amounted to $75.5 million, resulting in an aggregate book loss of $106.9 million.  George Economou, Chairman and CEO, commented: “The Company has sold a number of older dry bulk vessels recently as part of a fleet renewal program. The prevailing low freight rates, due to the current fleet oversupply, has led to a decline in asset values in general but specifically for older ships the decline was even sharper. Given the number of newbuildings that have joined the fleet and expected deliveries over the next two years we expect heightened charterer discrimination against older vessels and a consequential acceleration in the decline in values. With this in mind we have sold eight older vessels since January 2010. In the near term we will focus on replacing these vessels by acquiring vessels or fleets with fixed rate employment and financing in place.”


DryShips Inc., based in Greece, is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 5 of which remain to be delivered to the Company during 2011 and 2013. As of the day of this release, DryShips owns a fleet of 38 drybulk carriers (including newbuildings), comprising 9 Capesize, 27 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.4 million tons, and 12 tankers (including newbuildings), comprising 6 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.6 million tons. DryShips’ common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “DRYS.” On the WEB: www.dryships.com.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Danish Bunker Trader Joins GAC in London

GAC Bunker Fuels says it has appointed former GAC Denmark Shipping Assistant Ida Ryberg as a Bunker Trader with its UK team. Ryberg joins Andy Boichat and Resham

Costa Tow Update: Climate Onboard 'Calm'

According to the latest update, after approximately 30 hours of navigation, the Concordia has travelled 63 nautical miles at an average speed of 2 knots, informs

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Contracts

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

Gulf Island Fab Sign Bechtel Offshore Cooperation Agreement

Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.

Bulk Carrier Trends

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

China Issues New Rules on US DDG Imports

China's Import Inspection Authority, AQSIQ, is now requiring U.S. distiller's dried grains imports to be officially certified free of the MIR 162 GMO trait, the U.

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Finance

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop,

News

USCG Leadership Development Center Change of Command

The Coast Guard’s Leadership Develop Center will have its first change of command ceremony Thursday, July 31 at 11 a.m. in front of Yeaton Hall at the U.S. Coast Guard Academy in New London, Conn.

6 MW Offshore Wind Turbine of Siemens Certified

Siemens Energy has obtained type certification of DNV GL for the company's innovative D6 offshore wind turbine. The model Siemens SWT-6.0-154 is equipped with a modern direct drive generator,

Turkey Approves EIA Report for South Stream’s Offshore Section

The Ministry of Environment and Urban Planning of Turkey approved the Environmental Impact Assessment (EIA) Report and issued a positive opinion of the EIA results

People in the News

Danish Bunker Trader Joins GAC in London

GAC Bunker Fuels says it has appointed former GAC Denmark Shipping Assistant Ida Ryberg as a Bunker Trader with its UK team. Ryberg joins Andy Boichat and Resham

Crowley Christens New DP2 Tugboat 'Ocean Sky'

Crowley Maritime Corp. says that the third of four tugboats in the Ocean-class series, 'Ocean Sky' has been christend  in Houston.  The ceremony served to formally

UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1548 sec (6 req/sec)