NetworkNewsBreaks – DryShips, Inc. (NASDAQ: DRYS) Acquires Four Modern Newcastlemax Vessels

DryShips (NASDAQ: DRYS) this morning said that it has entered into agreements with unaffiliated third parties to acquire four modern Newcastlemax bulk carriers of approximately 206,000 DWT and with an average age of 3.0 years. Two of the vessels will be employed under time charter contracts, while the other two will trade in the spot market. DryShips will finance the total gross purchase price of approximately $124 million using cash on hand, and it expects to take delivery of the vessels before the end of June 2017. “We are very pleased to have increased the size of our drybulk fleet by acquiring four modern sister vessels at historical low prices. Spot rates for drybulk vessels have continued to improve since the beginning of the year and our outlook for drybulk is positive given the modest order-book and the continued strength of the Chinese economy that generates demand for raw commodities,” chairman and chief executive officer George Economou stated in the news release.

To view the full press release, visit: http://nnw.fm/Rf1N5

About DryShips

Dryships is a diversified owner of ocean going cargo vessels that operate worldwide. The company owns a fleet of (i) 13 Panamax drybulk carriers, which have a combined deadweight tonnage of approximately 1.0 million dwt, (ii) one Very Large Crude Carrier and one Aframax tanker newbuilding, each of which are expected to be delivered in the second quarter of 2017, (iii) 2 Very Large Gas Carrier newbuildings which are expected to be delivered in the second and third quarter of 2017, respectively, and (iv) six offshore support vessels, comprising two platform supply and four oil spill recovery vessels. Visit the company’s website at www.dryships.com.

About NetworkNewsBreak

NetworkNewsBreak (NNB) provides a rapid summary of corporate news that caught the attention of NetworkNewsWire (NNW). NNB keeps you up-to-date on active US Public Companies complementary to NNW’s broader scope as a provider of news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

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