DryShips Agrees to Sell, Buy and Build

Tuesday, September 26, 2006
Greece-based industrial shipper DryShips Inc. on Monday said it plans to sell an older bulk carrier, buy a newer model and signed $66.5min contracts to build two dry bulk vessels. The company said it agreed to sell its 1995-built panamax bulk carrier for about $35 million, with delivery scheduled for the end of the year. The company will buy a larger panamax bulk carrier, built in 2000, for about $40.8 million for delivery in the fourth quarter. The newer ship has deadweight tonnage of 74,716 compared with the 71,747 deadweight tonnage for the older vessel.

In addition, DryShips arranged contracts to build two panamax dry bulk vessels at a China shipyard for roughly $33.3 million each. The ships are slated for delivery in the last quarter of 2009 and first quarter of 2010. Panamax vessels have the maximum dimensions required to pass through the locks of the Panama Canal. DryShips currently owns a fleet of 32 dry bulk carriers. Shares of DryShips fell 19 cents to $13.53 in morning trading on the Nasdaq.


People & Company News

MN100: Viega LLC

The Company: Viega was founded in Germany in 1899. By 1901, the company began to manufacture home plumbing products, growing and expanding internationally. In 1999,

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

MN100: Glosten

The Company: Glosten is an employee-owned full-service consulting firm of naval architects, marine engineers, electrical engineers, and ocean engineers. Founded in 1958,

Contracts

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.0899 sec (11 req/sec)