Samsun Logix Corporation News

DryShips Inc. DryShips previously entered into an agreement to sell the M/V Paragon, a 1995 built 71,259 dwt Panamax drybulk carrier, for a sale price of approximately $61m and has reached an agreement with the buyers whereby the price will be reduced to $30.8m. Delivery of the vessel took place earlier today and DryShips expects to recognize a gain of approximately $2.4m which will be recognized in the first quarter of 2009. DryShips previously entered into an agreement to sell the M/V La Jolla, a 1997 built Panamax drybulk carrier, for a sale price of $66m and has agreed to settle its dispute with the buyers in connection with buyers’ failure to take delivery under the relevant Memorandum of Agreement.

Genco Shipping & Trading Limited announced that it has taken delivery of the Genco Cavalier, a 2007-built Supramax vessel. The Genco Cavalier is the second vessel to be delivered to the Company under Genco's agreements previously announced on May 12, 2008 to acquire three drybulk vessels from Bocimar International N.V. and Delphis N.V. The Genco Cavalier is expected to be delivered to its charterer, Samsun Logix Corporation, on or about July 19, 2008, to commence a time charter for 24 to 26.5 months at a cash rate of $48,500 per day, less a 5 percent third party brokerage commission. The charter is due to expire between July 2010 and October 2010.