DryShips adds Dry Bulk Carriers

Thursday, December 28, 2006
Greek shipping company DryShips Inc., which specializes in dry bulk carriers, has sold a pair of older ships and added two newer vessels to its fleet. The company sold its 24-year-old Panamax bulk carrier MV Striggla for $12.1 million and its 17-year-old Panamax bulk carrier MV Daytona for $25.3 million. DryShips expects to book a combined gain of about $15 million from the divestitures. Meanwhile, the company bought a 10-year-old Capesize bulk carrier, MV Cape Venture, for $62 million. The vessel is scheduled for a charter-free delivery in the first quarter of 2007. DryShips also purchased MV Sea Epoch, an 8-year-old Panamax bulk carrier, for $38 million. It is scheduled for a charter-free delivery in the second quarter of next year. DryShips Chairman and Chief Executive George Economou said the transactions reflect the company's strategy of fleet renewal by replacing older vessels with younger, more modern ships. The company's fleet of 36 vessels now averages 9.5 years old.

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