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George Economou News

06 Jan 2020

Signal, Heidmar Join Forces on Tanker Fleet

Greek commercial ship management company Signal Maritime Services and tanker vessel trader Heidmar join forces to deliver commercial management to the global tanker market.Both companies have agreed a milestone partnership, under which Signal will manage a joint tanker fleet using its proprietary technology and analytical approach, said a press release.Signal’s Artificial-Intelligence-backed solution to pool management has consistently delivered superior earnings to its pool members since its launch in 2018.Commercial management of 18 Aframax vessels in Heidmar’s Sigma Pool will be handled by Signal with immediate effect, with a transition period of one month.Signal will also be working with the Heidmar team to manage the LR2 vessels in its Sigma Pool…

14 Oct 2019

SPII Holdings Finalizes Acquisition of DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction, the DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.Evercore acted as financial advisor and Fried…

17 Sep 2019

DryShips Installs Scrubbers on 7 Vessels

Greek diversified owner and operator of ocean going cargo vessels DryShips announced that further to its plan to future proof its fleet, it has completed the dry-docking, installation of ballast water treatment systems (BWTS) and scrubbers on 7 vessels.DryShips has incurred approximately $26.1 million of total costs and 300 off-hire days future Proofing of the its fleet."Within 2020, we expect to continue to execute our plan to upgrade additional vessels and we expect to incur approximately 843 off-hire days for a total estimated cost of $65.8 million," said a release from the company."In connection with the installation of scrubbers on our vessels we have entered into agreements…

20 Aug 2019

SPII Holdings Acquires DryShips

The dry bulk shipping company based in Athens DryShips Inc. will be acquired by SPII Holdings Inc. a company controlled by George Economou, under which SPII will acquire the outstanding shares for $5.25 per share in cash, without interest.As previously disclosed, DryShips is to be merged into a subsidiary of SPII Holdings, a company controlled by DryShips’ chairman and CEO George Economou.The deal is expected to close in the fourth quarter of 2019. The $5.25 per share price represents a premium of approximately 66% over the company's $3.16 closing stock price on June 12.The $5.25 per share price reflects an increase of approximately 31% over the purchase price of $4.00 per share proposed in the Initial Offer.The company’s board of directors…

09 Jul 2019

DryShips Appoints Advisors for Economou Offer

The dry bulk shipping company  DryShips has appointed financial and legal advisors to help its board members consider George Economou’s non-binding takeover proposal.The Greek ship owner and operator said in media release that its Chairman and Chief Executive Officer, George Economou, has retained Evercore as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor.It also have appointed a special committee which is comprised of the independent and disinterested directors: George Kokkodis (Chair), Andreas Argyropoulos and George Demathas.The special committee is considering and evaluating the Proposal, and no decisions have been made with respect to the special committee’s response to the proposal.

14 Jun 2019

SPII Holdings Bids for DryShips

Greece-based dry bulk shipping company DryShips Inc said announced it has received a non-binding offer letter from SPII Holdings, which proposes a transaction pursuant to which the Company would be merged into a subsidiary of SPII Holdings.SPII Holdings is controlled by DryShips' Chairman and Chief Executive Officer, George Economou.The board of directors of the diversified owner and operator of ocean going cargo vessels has formed a special committee consisting solely of disinterested directors to consider the proposal.As of June 13, 2019, DryShips operates a fleet of 32 vessels comprised of (i) 6 Panamax drybulk vessels; (ii) 9 Newcastlemax drybulk vessels…

10 Jun 2019

DryShips Acquires 100% of Heidmar

DryShips, the Nasdaq-listed company controlled by Greek shipowner George Economou, has completed the acquisition of 100% of the issued and outstanding shares of Heidmar, a global tanker pool operator.The diversified owner and operator of ocean going cargo vessels said in a press release that prior to the transaction, it indirectly owned approximately 49.8% of Heidmar.As part of the transaction, DryShips acquired the remaining approximately 50.2% of Heidmar currently held by other unaffiliated entities, for an aggregate consideration of approximately $17 million. The transaction was approved by the independent directors of the Company.

03 May 2019

DryShips Acquires Newcastlemax Drybulker

Greece-based dry bulk shipping company DryShips Inc announced that it has agreed to acquire from an entity that may be deemed to be beneficially owned by its Chairman and CEO, George Economou, one Newcastlemax drybulk carrier built in 2017, for a purchase price of approximately $50.0 million. The purchase price was based on the average fair market value of the vessel, as determined by independent third party broker valuations, and the transaction was unanimously approved by the board of the Company and a special committee of independent and disinterested directors and remains subject to satisfactory documentation, said a press release…

29 May 2018

DryShips Acquires Two Vessels

DryShips, a diversified owner and operator of ocean going cargo vessels, announced that it has agreed to acquire one 2013-built Newcastlemax drybulk carrier and one 2017-built Suezmax tanker, each constructed in China. The vessels will be acquired from entities that may be deemed to be affiliates of Mr. George Economou, the Company’s Chairman and Chief Executive Officer, for an aggregate purchase price of $93.8 million, including the associated bank debt of $50.3 million. The transaction remains subject to documentation and customary closing conditions, and is expected to close in June 2018. The purchase price was determined based on…

08 Feb 2018

DryShips to Spin Off of Its Gas Carrier Business

DryShips, a diversified owner of ocean going cargo vessels, announced that its wholly owned subsidiary, Gas Ships Limited has filed a registration statement on Form F-1 with the U.S. Securities & Exchange Commission, to spin off of its gas carrier business from the Company. In the spin-off, DryShips will distribute to holders of its common stock 49% of the issued and outstanding shares of Gas Ships Limited's common stock. Following the spin-off, Gas Ships Limited will be a publicly-traded company, and DryShips will retain a 51% ownership interest in Gas Ships Limited. George Economou, the Company's Chairman and Chief Executive Officer…

01 Jan 2018

Pankaj Khanna Appointed As CEO of Ocean Rig

Pankaj Khanna has been appointed as President and Chief Executive Officer of Ocean Rig UDW, a global provider of offshore deepwater drilling services,  effective January 1, 2018. Khanna is 47 years old with 29 years of varied experience in the maritime & offshore industry. He last served as Chief Executive Officer of Pioneer Marine Inc, a drybulk company that he founded in 2013. Prior to his position at Pioneer Marine Inc Khanna served as Chief Marketing Officer at Ocean Rig UDW Inc. from January 1, 2012 to October 2, 2012. Mr. Khanna served as the Chief Operating Officer of DryShips, Inc. from March 2009 to October 2, 2012. Prior to joining DryShips, he served in C-Suite roles at Excel Maritime Carriers Ltd and Alba Maritime Services S.A.

31 Aug 2017

DryShips Commenses USD 100mln Rights Offering

DryShips Inc. announced the commencement of its previously announced rights offering of shares of common stock, par value $0.01 per share. The Rights Offering is being made through the pro-rata distribution of non-transferrable subscription rights to purchase, in the aggregate, up to 36,363,636 shares of Common Stock at a subscription price of $2.75 per share, to shareholders of the Company on August 31, 2017 resulting in gross proceeds of up to $100 million. The deadline for participating in the Rights Offering is 5:00 p.m., New York City Time, on October 2, 2017, unless the Rights Offering is extended. The Company has engaged American Stock Transfer & Trust Company, LLC to serve as the subscription agent for the Rights Offering and Advantage Proxy Inc. to serve as the information agent.

18 Jul 2017

Lundin Extends Contract for Ocean Rig

Ocean Rig UDW, contractor of offshore deepwater drilling services, has announced that Lundin Norway AS, has declared their third option to extend the existing contract of the Leiv Eiriksson. In addition, Ocean Rig has granted Lundin 2 additional options to drill further wells in the future. As a result of these developments, the rig now has firm employment until at least the end of September of 2017 and should Lundin exercise its additional seven one-well options, currently un-declared, the rig could be employed until the first quarter of 2019. The total expected revenue backlog, including all the optional wells, is expected to be $85 million.

16 May 2017

Dryships Adds Second Aframax Tanker

DryShips Inc, a diversified owner of ocean going cargo vessels, announced that it has taken delivery of the previously announced 115,666 deadweight tons Aframax tanker built in 2012, which will be employed in the spot market. "Since the commencement of our acquisition program, in addition to the above, we have successfully taken delivery of a total of three vessels," the company said in a statement. On May 10, 2017, one Kamsarmax drybulk vessel built in 2014 of 81,918 deadweight tons. On May 2, 2017, one Newcastlemax drybulk vessel built in 2014 of 205,855 deadweight tons. On April 27, 2017, one Aframax newbuilding tanker of 113,644 deadweight tons.

11 May 2017

DryShips Acquires Suezmax Newbuilding

Greece-based DryShips, a diversified owner of ocean going cargo vessels,  entered into an agreement with an entity affiliated with the Company’s Chairman and CEO, George Economou, to acquire one 158,000 deadweight tons Suezmax tanker currently under construction in China. The Company will finance the total gross purchase price of approximately $64.0 million using cash on hand and expects to take delivery of the vessel during May 2017. The vessel will be time chartered back to the seller and employed from the time of delivery under a five year time charter plus optional periods in charterer's option at a base rate plus profit share. The charterer will also be granted purchase options at the end of each firm period.

02 May 2017

Newcastlemax Bulker Delivered to DryShips

Ship owner DryShips Inc. announced that it has taken delivery of a 205,855 DWT Newcastlemax drybulk vessel built in 2014.   The vessel was delivered to its one year time charter with a major grain house, which is expected to provide a total gross backlog of $7.1 million.   George Economou, DryShips chairman and chief executive officer, said, “We are very pleased to take delivery of our first modern Newcastlemax vessel. With three sister vessels to follow, two of which are also employed under time charter contracts, we expect our earnings and cash flows will built up during the second half of 2017.”

20 Apr 2017

DryShips Acquires Three Kamsarmax Bulkers

DryShips has entered into agreements with unaffiliated third parties to purchase three Kamsarmax drybulk carriers built in 2014. One 81,918 DWT Kamsarmax drybulk carrier is built in 2014. The company expects to take delivery of this vessel during the second quarter of 2017. Two 81,129 DWT Kamsarmax drybulk carriers are also built in 2014. The purchase of these two second-hand Kamsarmaxes was previously announced and the company has now physically inspected and accepted the vessels. The company will finance the total gross purchase price of approximately $68 million using cash on hand, which currently stands at $429 million. George Economou…

12 Apr 2017

DryShips Enters into Newcastlemax Contract

DryShips Inc has entered into a one year time charter with a major grain house for one of its 206,000 dwt Newcastlemax drybulk vessels for an expected duration of about one year. The Company anticipates a total gross backlog of $7.1 million, and the contract to commence upon the delivery of the vessel, expected before the end of April 2017. Mr. DryShips is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk vessels, four Newcastlemax drybulk vessels, which are expected to be delivered in the second quarter of 2017 and three Kamsarmax drybulk vessels among others.

03 Apr 2017

DryShips Acquires Six Vessels

DryShips Inc. has entered into agreements to acquire six vessels for a total gross price of $268 million. It has also entered into an agreement with Kalani Investments Limited. These vessels are comprised of one Aframax tanker built in 2012, three Kamsarmax drybulk vessels, one currently under construction and two built in 2014, and two very large gas carriers (VLGCs) currently under construction pursuant to the previously announced "zero cost" option agreement. The Aframax and the two second-hand Kamsarmaxes are expected to be delivered in the second quarter of 2017, the newbuilding re-sale Kamsarmax in the third quarter of 2017 and the two VLGCs before the end of the year.

28 Mar 2017

Ocean RIG Files for Bankruptcy Protection in US

Photo: Ocean RIG

Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country.

28 Mar 2017

Dryships Acquires Four Newcastlemax Vessels

DryShips Inc. has entered into agreements with unaffiliated third parties to acquire four Newcastlemax bulk carriers of approximately 206,000 DWT and with an average age of 3 years. The company expects to take delivery of the vessels before the end of June 2017. DryShips will finance the total gross purchase price of approximately $124 million using cash on hand. Current liquidity stands at approximately $455 million. Two of the vessels will be employed under time charter contracts, while the other two will trade in the spot market. George Economou, Chairman and Chief Executive Officer commented, "We are very pleased to have increased the size of our drybulk fleet by acquiring four modern sister vessels at historical low prices.

17 Mar 2017

DryShips Completes Common Stock Offering

DryShips Inc. has successfully completed the previously announced $200 million common stock offering, in which the Company raised net proceeds of $198 million, pursuant to the prospectus supplement filed on February 17, 2017. Following the completion of the offering, the Company has approximately 152,055,576 common shares outstanding. George Economou, Chairman and CEO commented: "We are very pleased to have successfully raised an additional $198 million of equity, which will increase our total available liquidity to about $455 million. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of (i) 13 Panamax drybulk carriers…

06 Mar 2017

DryShips Opts for Second VLGC Newbuild

DryShips Inc., owner of ocean going cargo vessels, said it has exercised its second option under a previously announced option agreement to acquire up to four very large gas carriers (VLGCs) currently under construction at Hyundai Heavy Industries Co., Ltd. (HHI) for a purchase price of $83.5 million. Approximately 25 percent of the purchase price will be paid on closing, expected within March 2017, with the balance payable in installments until the vessel’s delivery from HHI. The VLGC will be employed on a fixed rate time charter with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years.