Dryships Reports Sale

Press Release
Monday, January 14, 2013

DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, has  announced the sale, via novation, of two of its tankers under construction at Samsung Heavy Industries, Esperona and Blanca, to a third‐party buyer.

 

Under the terms of the two novation agreements dated December 27, 2012, the buyer assumes all rights, benefits, liabilities and obligations under both shipbuilding contracts, in exchange for cash consideration of $21.4 million (that is, $10.7 million for each vessel) paid by the Company to the Buyer.


As a result of this transaction, Dryships is released from all its obligations under the shipbuilding contracts, both as the contracting party and as a guarantor.


George Economou, Chairman and Chief Executive Officer of the Company, commented: ‘‘As we have stated recently, the reduction or elimination of CAPEX has become a top priority for the Company. With the sale of these vessels, Dryships has reduced its CAPEX by approx. $101 million, after taking into consideration the payment of $21.4 million to the Buyer of the vessels.’’

Maritime Today


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

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

People & Company News

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Contracts

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

How France Sank Japan's Sub Dream

Ousting of Japan ally PM Abbott opened door to rivals; Tokyo slow to respond to new competitive process. In 2014, a blossoming friendship between Australian

Tanker Trends

Russia Diesel Exports from Primorsk to Rise in May

Russia is set to export 1.256 million tonnes of ultra-low sulphur diesel from the Baltic Sea port of Primorsk in May, slightly up from 1.209 million tonnes in April, trading sources said on Friday.

New Shipping Firm Sets up in Vancouver

A new shipping company has established itself in Vancouver as the Vancouver International Maritime Centre (VIMC) completes its Asia tour, launching in Tokyo, Singapore and Hong Kong.

Pressure Steady on LNG Shipping Rates -Drewry

LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition

Bulk Carrier Trends

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Aging Seaborne Steel Products

In 2015, seaborne steel products trade accounted for around a fifth of minor bulk trade, having grown on average by 6 percent per annum since 2010, according to Clarksons Research.

Entrance to Port of Santos Reopens

The entrance to Brazil's largest  reopened on Thursday, after rough seas prevented ships from entering or leaving for more than 30 hours during peak soy export season.

Ship Sales

How France Sank Japan's Sub Dream

Ousting of Japan ally PM Abbott opened door to rivals; Tokyo slow to respond to new competitive process. In 2014, a blossoming friendship between Australian

Samsung Heavy Loses $4.6-bln FLNG Order

South Korea’s shipbuilder Samsung Heavy Industries (SHI), the world’s third-largest shipbuilder,  has received a contract termination for three floating liquefied

Japan wants Australian Explaination for Failed Sub Bid

Japan wants Australia to explain why it decided not to pick a Japanese design for a new fleet of submarines choosing instead a proposal from France's DCNS. "The decision was deeply regrettable,

Finance

MARAD: $5 Mln Available for Marine Highway Projects

The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding

Baltic Index Down on Lower Capesize, Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

News

Mercury Marine Expands Manufacturing Capacity

Mercury Marine is adding a 53,000 square foot manufacturing capacity expansion to its global headquarters in Fond du Lac, Wisc. The expansion will consist of 45,

Conquest Installs 850t Crane on Allseas Solitaire

Conquest Offshore was contracted by Allseas to remove a 300-ton crane and transport and install a 850-ton Huisman crane on board of one of the largest pipe-lay vessels in the world, Allseas Solitaire.

MARAD: $5 Mln Available for Marine Highway Projects

The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding

Vessels

Conquest Installs 850t Crane on Allseas Solitaire

Conquest Offshore was contracted by Allseas to remove a 300-ton crane and transport and install a 850-ton Huisman crane on board of one of the largest pipe-lay vessels in the world, Allseas Solitaire.

Canadian Navy Frigate Refit Program Completed

Seaspan joined Harjit S. Sajjan, Canada’s Minister of National Defense, at an official ceremony today to celebrate the completion of the Halifax-Class Modernization/Frigate

Fincantieri Delivers Carnival Vista

Carnival Vista, the new flagship of the fleet of Carnival Cruise Line, brand of the Carnival Group, was delivered today at Fincantieri’s shipyard in Monfalcone.

 
 
Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Sonar Winch
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: 0.1473 sec (7 req/sec)