Greek dry bulk shipping firm Dryships has acquired 100% of the issued and outstanding shares of tanker pool operator Heidmar.

Dryships indirectly owned almost 49.8% of Heidmar and has acquired the remaining 50.2% stake from other unaffiliated entities, including American investment bank Morgan Stanley, for $17m.

The transaction received approval from the independent directors of Dryships.

In 2006, Morgan Stanley purchased Heidmar in a transaction valued at approximately $200m to strengthen its presence in commodities markets.

Just two years later, the American bank divested nearly 50% to Heidmar’s owner George Economou.

In January 2017, Financial Times reported that Morgan Stanley was planning to offload the remaining stake in Heidmar.

DryShips chairman and CEO George Economou: “We are excited to complete the acquisition of 100% of Heidmar and to simplify its ownership structure that will allow us to develop Heidmar to its full potential as an independent business line.”

Pursuant to the terms of the transaction, Pankaj Khanna has been named as the new CEO of Heidmar with immediate effect.

Khanna said: “I look forward to working with all of the Heidmar stakeholders to deliver a first-class service always consistent with Heidmar’s core values of transparency, relationships and performance.”

Heidmar operates a fleet of 32 vessels comprising 20 dry bulk vessels, one very large crude carrier, five tankers, and six offshore support vessels.