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. George Economou
, Chairman and Chief Executive Officer, commented: "We are very pleased to have employed one of our newly acquired vessels upon its delivery, at a gross charter rate, which will be highly accretive to the Company's earnings and will provide visible cash flow."
He added: "We continue to execute our strategy to restore the Company's earnings capacity, taking advantage of the positive developments in the drybulk market."
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.