Oil Spill Recovery Vessels News

Portland, Ore. shipbuilder Gunderson Marine announced plans to open a new training center aimed at addressing a demand for skilled trades workers. For many shipyards across the U.S., hiring and retaining a skilled workforce has become a major challenge.Gunderson's new training center, scheduled to open this spring, will serve as a central hub for trades skills development, offering paid training programs in areas such as in basic metals fitting, industrial safety practices and various welding techniques, the company said.

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…

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…

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.

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…

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…

Owners of offshore support vessels (OSV) are beginning to examine the possibility of reactivating some of their fleet even as the consistent volatility of oil prices and a healthy stream of ships projected from global shipyards keeps their enthusiasm in check.According to Clarksons, demand for the versatile ships, which support offshore exploration and production activities around the world, edged up 3% in 2018, with marginally higher day rates tempting some units out of lay-up.Most of the idle OSV fleet is unlikely to become active this year…

Greece-based DryShips announced that it has entered into an agreement with an unaffiliated buyer for the sale of one of its 2001-built Panamax drybulk carrier.The vessel is scheduled for delivery to its buyer no later than the end of this month.The diversified owner and operator of ocean going cargo vessels expects to realize a gain on vessels sales compared to the book value of this asset.DryShips operates worldwide. As of August 15, 2018, and not giving effect to any pending vessel transactions, the Company operates a fleet of 33 vessels comprising of (i) 8 Panamax drybulk vessels; (ii) 5 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels…

DryShips announced that it has entered into agreements with unaffiliated buyers, for the sale of two of its older Panamax drybulk carriers, built in 2002. The diversified owner and operator of ocean going cargo vessels said that the sale took place for an aggregate gross sales price of $18.8 million. The vessels are scheduled for delivery to their buyers during the third quarter of 2018. The Company is a diversified owner and operator of ocean going cargo vessels that operate worldwide. As of June 15, 2018, the Company operates a fleet of 36 vessels comprising of (i) 11 Panamax drybulk vessels; (ii) 5 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk 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…

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…

DryShips, a diversified owner of ocean going cargo vessels, announced today that it has taken delivery of its fourth high specification very large gas carrier (VLGC) newbuilding. The VLGC will be employed under a fixed rate time charter with ten years firm duration to an oil major trading company. The Company expects a total gross backlog associated with this time charter of up to $103.8 million. DryShips has now taken delivery of all of the 17 vessels it has  acquired since the beginning of 2017. The Company owns a fleet of 35 vessels comprising of (i) 12 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels…

DryShips, a diversified owner of ocean going cargo vessels, announced that, on November 5, 2017, its third Very Large Gas Carrier commenced its time charter on a fixed rate with ten years firm duration to an oil major trading company.   The Company expects a total gross backlog associated with this time charter of up to $103.8 million.   DryShips owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers, 1 of which is expected to be delivered in January 2018; and (viii) 6 offshore support vessels, comprising 2 platform supply and 4 oil spill recovery vessels.

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that it has taken delivery of the previously announced high specifications third newbuilding Very Large Gas Carrier (VLGC). The VLGC will be employed under a time charter on a fixed rate with ten years firm duration to an oil major trading company. The Company expects a total gross backlog associated with this time charter of up to $103.8 million. Since the beginning of this year, DryShips has taken delivery of 16 vessels and expects to take delivery of one more at the beginning of next year. DryShips owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels…

DryShips, a diversified owner of ocean going cargo vessels, announced today that, its second Very Large Gas Carrier commenced its time charter on a fixed rate with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years. The Company expects a total gross backlog associated with this time charter of up to USD 92.7 million including the optional periods. Five days ago, DryShips announced that it has taken delivery of the previously announced high specifications second newbuilding VLGC. Since the beginning of this year, DryShips has taken delivery of 15 vessels and expects to take delivery of two more by the end of the year. The Company is a diversified owner of ocean going cargo vessels that operate worldwide.

DryShips Inc, a diversified owner of ocean going cargo vessels, has announced that it has taken delivery of the previously announced high specifications second newbuilding Very Large Gas Carrier (VLGC). The VLGC will be employed under a time charter on a fixed rate with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years. The Company expects a total gross backlog associated with this time charter of up to $92.7 million including the optional periods. Since the beginning of this year, DryShips has taken delivery of 15 vessels and expects to take delivery of two more by the end of the year. The Company is a diversified owner of ocean going cargo vessels that operate worldwide.

DryShips Inc., a diversified owner of ocean going cargo vessels, announced that it has entered into a time charter with a major coal and steel trader for its fourth and last of its 206,000 dwt Newcastlemax drybulk vessels. The contract has a duration of about one year, with a gross rate linked to the Baltic Capesize Index (5 T/C route) plus 20% and will commence upon the delivery of the vessel, expected in July 2017. DryShips owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels, 3 of which are expected to be delivered in the third quarter of 2017; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier…

DryShips announced that it has taken delivery of the previously announced 81,300 deadweight tons newbuilding re-sale Kamsarmax drybulk carrier. The vessel will be employed in the spot market. Since the beginning of this year, DryShips has taken delivery of ten vessels and expects to take delivery of seven more by the end of the year. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels, 3 of which are expected to be delivered in the second quarter of 2017; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier…

DryShips Inc., a diversified owner of ocean group cargo vessels, announced that it has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for a purchase price of $83.5 million. The Company financed the closing price of $21.9 million by using part its undrawn liquidity under the $200.0 million New Sifnos Revolver, which now stands at $142.9 million. The $61.6 million balance of the purchase price for the VLGC will be 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.

DryShips has announced that it has successfully completed the previously announced $200.0 million common stock offering, in which the Company raised net proceeds of $198.0 million, pursuant to the Common Stock Purchase Agreement entered into by the Company on December 23, 2016. Following the completion of the offering, the Company has approximately 36,253,870 common shares outstanding. Mr. The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, 1 Very Large Gas Carrier newbuilding and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.

Greek owner of drybulk carriers DryShips Inc. has announced that it is re-entering the tanker shipping market as it agreed to purchase an Aframax tanker and a very large crude carrier (VLCC). -  One 113,644 DWT Aframax tanker currently under construction in South Korea. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market. - One 320,105 DWT Very Large Crude Carrier built in 2011. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market. The total gross price for the two vessels will be about $102.5 million.

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…

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.