ATHENS, GREECE, May 01 (MARKET WIRE) --
DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation
services for drybulk cargoes, announced today that the Company has entered into
agreements to:
-- Sell the Panamax vessel MV Waikiki 75,473 dwt built in 1995 for US$ 63
million. Delivery to the new owners will take place during the third
quarter of 2008. Once the sale is concluded, the company expects to
realize a gain of approximately US$ 36.5 million.
-- Sell the Panamax vessel MV Solana 75,100 dwt built in 1995 for US$ 63
million. Delivery to the new owners will take place during the third
quarter of 2008. Once the sale is concluded, the company expects to
realize a gain of approximately US$ 28.7 million.
-- Sell the Panamax vessel MV Lacerta 71,862 dwt built in 1994 for US$
55.5 million. Delivery to the new owners will take place during the third
quarter of 2008. Once the sale is concluded, the company expects to
realize a gain of approximately US$ 44 million.
-- Acquire a 76,500 dwt Panamax vessel built in 2004 for US$ 86.75
million. The vessel will be delivered to the company, charter free, during
the third quarter of 2008.
-- Acquire a 170,012 dwt Capesize vessel built in 2004 for US$ 158
million. The vessel will be delivered to the company, charter free, during
the third quarter of 2008.
-- Acquire a 177,000 dwt Capesize vessel under construction in China for
US$ 153 million to be delivered during the first quarter of 2009.
George Economou, Chairman and CEO of DryShips Inc., stated that "We
continue with our strategy of fleet renewal and expansion and are pleased to
announce a series of vessel acquisitions and disposals. With these latest
transactions, we have further reduced the average age of our fleet to 7.7
years; about 5.5 years below the industry average. In addition, by
replacing three Panamax vessels with one Panamax and two Capesize vessels, we
have
significantly enhanced the earnings capacity of the fleet. These renewals
reiterate our positive outlook on the fundamentals of the drybulk industry and
reinforce our position to take advantage of the strong freight environment with
our large, versatile and modern fleet."
About DryShips Inc.
DryShips Inc. is engaged in ocean transportation services of drybulk cargoes
worldwide through the ownership and operation of dry bulk carrier vessels. As of
April 30, 2008 DryShips owns and operates a fleet of 47 drybulk carriers
comprising 4 Capesize, 32 Panamax, 2 Supramax and 9 newbuilding drybulk
vessels, with a combined deadweight tonnage of over 4 million tons.
DryShips Inc.'s common stock is listed on NASDAQ Global Market where it
trades under the symbol "DRYS."
Please visit our website at www.dryships.com
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect our current views with respect to future
events and financial performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
historical facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including
without limitation, management's examination of historical operating trends,
data
contained in our records and other data available from third parties. Although
DryShips Inc. believes that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are beyond
our control, DryShips Inc. cannot assure you that it will achieve or accomplish
these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
changes in charterhire rates and vessel values, changes in demand that may
affect attitudes of time charterers to scheduled and unscheduled drydocking,
changes
in DryShips Inc.'s operating expenses, including bunker prices, dry-docking and
insurance costs, or actions taken by regulatory authorities, potential liability
from pending or future litigation, domestic and international political
conditions,
potential disruption of shipping routes due to accidents and political
events or acts by terrorists.
Risks and uncertainties are further described in reports filed by DryShips
Inc.
with the US Securities and Exchange Commission.
Company Contact:
E-mail: management@dryships.com
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc., New York
Tel. 212-661-7566
E-mail: dryships@capitallink.com
Copyright 2008, Market Wire, All rights reserved.
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