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September 10, 2015

DryShips agrees to sell 17 vessels for $377m

Marine transportation services provider DryShips has signed a series of firm sales agreements to sell its 17 vessels for $377m.

By SamuelKt SamuelKt

Marine transportation services provider DryShips has signed a series of firm sales agreements to sell its 17 vessels for $377m.

The deals were reached with entities controlled by the company’s chairman and CEO George Economou.

The 13 Capesize and four Panamax bulk carriers are part of the transaction, including existing employment agreements and $236.7m debt as of 10 September.

"The latest deal comes after DryShips agreed in June, to sell its six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona to the entities owned by Economou."

While certain transactions are subject to applicable lending banks approval, the individual deals are expected to conclude in this fourth quarter.

With these transactions, the company expects to record an impairment charge of around $373m in its results for the third quarter.

The board of directors have decided to put up for sale the remaining 20 Panamax and two Supramax bulk carriers in the company’s fleet.

Consequently, the company could record an additional impairment charge of approximately $422m third quarter results.

The latest deal comes after DryShips agreed in June, to sell its six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona to the entities owned by Economou.

Through its majority owned subsidiary Ocean Rig UDW, DryShips owns 13 offshore ultra deepwater drilling units, including two ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships.

The company’s 39 drybulk carriers have a combined deadweight tonnage of around 4.3 million tonnes, while its tankers have a combined deadweight tonnage of over 1.3 million tonnes.

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