DryShips to purchase three Kamsarmax drybulk vessels


Greece-based cargo shipping company DryShips has signed agreements with undisclosed parties for the purchase of three modern Kamsarmax drybulk carriers.

The deals include one 81,918dwt Kamsarmax drybulk carrier and two second-hand 81,129dwt Kamsarmax carriers, which were built in 2014 and are scheduled for delivery by the second quarter of this year.

DryShips plans to fund the total gross purchase price of around $68m using cash on hand, which currently stands at $429m.

DryShips chairman and CEO George Economou said: “We are very pleased to have further grown the size of our drybulk fleet to 21 drybulk carriers through the acquisition of three modern vessels, which will also rejuvenate the average age of our fleet.

“The above acquisition allows us to immediately deploy our available liquidity and is expected to be accretive to our earnings and cash flows.”

"The acquisition allows us to immediately deploy our available liquidity, and is expected to be accretive to our earnings and cash flows."

The company currently owns a mixed fleet of 13 Panamax drybulk vessels, as well as four Newcastlemax drybulk vessels that are expected to be delivered in the second quarter of this year.

DryShips previously entered into agreements to acquire six vessels for a total gross price of $268m earlier this month.

The agreement includes two Kamsarmax drybulk vessels that were built in 2014, as well as an additional Kamsarmax ship that is still under construction, and an Aframax tanker that was built in 2012.

Additionally, the deals feature two very large gas carriers (VLGCs) currently undergoing construction, which were purchased under a previously announced ‘zero cost’ option agreement.