Dryships Sells M/V Toro

Tuesday, February 10, 2009

On Feb. 6, DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced an agreement to sell the M/V Toro at a reduced sale price.

On July 17, 2008, DryShips entered into an agreement to sell the M/V Toro, a 1995 built 73,034 dwt Panamax drybulk carrier, for a price of approximately $63.4m. DryShips has reached an agreement with the buyers whereby the price will be reduced to $36m. The M/V Toro is currently employed in the spot market. DryShips expects to recognize a gain of approximately $10m which will be recognized in the first or second quarter of 2009. As part of the agreement the buyers will release the deposit of $6.3m to DryShips immediately and will make a new deposit of $1.5m.

If the buyers fail to remit the remainder of the new purchase price, DryShips will retain the vessel and will be entitled to claim compensation for the difference between the current market price and the original contract price of $63.4m. The vessel is expected to be delivered to the buyers by April 2009.

George Economou, Chairman and Chief Executive Officer, said “We are very pleased to reach an amicable solution with the buyers of the M/V Toro that secures the sale of a 14-year old vessel that is trading in the spot market. The price achieved of $36m compares favorably to the latest Baltic Sale & Purchase Assessment of January 26, 2009 of $28.1m for a charter free 5-year old vessel.”

(www.dryships.com)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

Vale Sells 3 Valemax Iron Ore Ships to ICBC

Brazil's Vale SA said it has sold three of its giant "Valemax" iron ore ships to a group led by Industrial and Commercial Bank of China, continuing efforts to unload

Jinhui Sells Supramax

Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong.

Navig8 Chemical Adds New Tanker from Kitanihon

Chemical shipping company Navig8 Chemical Tankers Inc. has taken delivery of its first stainless steel chemical tanker, the Navig8 Sirius, from Japanese shipbuilder Kitanihon Shipbuilding Co.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0640 sec (16 req/sec)