DryShips Inc. (NASDAQ:DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced two transactions to reduce its future financial commitments and improve its financial strength. These transactions include: the disposal of three Capesize newbuildings, and the cancellation of the acquisition of nine Capesize vessels (including five newbuildings) previously agreed to by the company. These two transactions will reduce the company's capital expenditure commitments by over $1.5b in initial transaction value. In addition, during this period of lower freight rates and an impaired credit market, the company will suspend dividend payments on its common stock.
