Dryships to Purchase Eight Drybulk Vessels

Monday, August 06, 2007
DryShips, Inc., a provider of marine transportation services for drybulk cargoes, today announced that it has entered into agreements with unaffiliated third parties to acquire: • One 2003 built, 51,201 dwt Supramax bulk carrier, scheduled to be delivered in the third quarter of 2007. Upon delivery to DryShips, the vessel will commence a bareboat charter back to the seller for a period of between 13 and 15 months at a daily bareboat charter rate of $27,000. • One 2002 built, 74,204 dwt Panamax bulk carrier scheduled to be delivered in the fourth quarter of 2007. • One 2004 built, 76,500 dwt Panamax bulk carrier scheduled to be delivered in the first quarter of 2008. • Three 180,000 dwt Capesize bulk carriers under construction in S. Korea for delivery in the second and fourth quarters of 2009 and the first quarter of 2010, respectively. • Two 82,000 dwt Kamsarmax bulk carriers under construction in China for delivery in the first half of 2010. The aggregate purchase price of the vessels is approximately $620 million. The company plans to finance the acquisition of the vessels mainly through operating cash and additional borrowings.
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