DryShips, Inc., a global provider of marine transportation services for drybulk cargoes, today announced that it has entered into agreements with unaffiliated third parties to acquire eight drybulk vessels.
The aggregate purchase price of the vessels is approximately $620 million. The Company intends to finance the acquisition of the vessels mainly through operating cash and additional borrowings.
Mr. George Economou, Chairman and CEO of DryShips, Inc., commented: "We are pleased to expand our fleet at a time when there is robust demand for dry bulk shipping and freight rates are at such attractive levels. With the latest acquisitions, we reaffirm our commitment to maintain a leadership position in dry bulk shipping through accretive transactions, and our focus on enhancing our earnings while creating shareholder value both in the short and long term."
DryShips Inc. is an international provider of drybulk cargo marine transportation services. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 35 drybulk carriers comprising 5 Capesize, 27 Panamax, 1 Handymax and 2 newbuilding Panamax vessels, with a combined deadweight tonnage of approximately 3 million tons.
DryShips, Inc.'s common stock is listed on NASDAQ Global Market where it trades under the symbol "DRYS."
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