DryShips pays to sell two newbuilding Suezmax tankers

14 January 2013 (Last Updated January 14th, 2013 18:30)

DryShips, through its majority-owned subsidiary Ocean Rig UDW, has announced that it has sold its two Suezmax tankers being built at South Korea's Samsung Heavy Industries (SHI) to an unnamed third-party buyer.

DryShips, through its majority-owned subsidiary Ocean Rig UDW, has announced that it has sold its two Suezmax tankers being built at South Korea’s Samsung Heavy Industries (SHI) to an unnamed third-party buyer.

Sale of the under-construction vessels has been carried out via novation agreements, in which the buyer will assume all of DryShips’ rights, benefits, liabilities, and obligations under both shipbuilding contracts.

The deal has seen DryShips pay $21.4m to the unnamed third party buyer, after which the buyer will assume the obligation to get the 158,000dwt Esperona and Blanca off its balance sheet.

Following the deal, Dryships is now free from all its obligations under the shipbuilding contracts, both as the contracting party and as a guarantor.

DryShips chairman and chief executive officer George Economou said the company has reduced about $101m from its capital expenditure (CAPEX) after selling the two vessels.

"As we have stated recently, the reduction or elimination of CAPEX has become a top priority for the company," Economou said.

Initially, the two Suezmax vessels were ordered by Dryships at the end of 2010 for about $70m each, with scheduled delivery in two years.

DryShips owns a fleet of 46 drybulk carriers, including newbuildings, with a combined deadweight tonnage of about 5.1 million tonnes, which includes 12 Capesize, 28 Panamax, two Supramax vessels, as well as four newbuilding very large ore carriers (VLOC).

The company also has ten tankers (including newbuildings), which include four Suezmax and six Aframax, with a combined deadweight tonnage of over 1.3 million tonnes.