-- One 2003 built, 51,201 dwt Supramax bulk carrier, scheduled to be
delivered in the third quarter of 2007. Upon delivery to DryShips, the
vessel will commence a bareboat charter back to the seller for a period of
between 13 and 15 months at a daily bareboat charter rate of $27,000.
-- One 2002 built, 74,204 dwt Panamax bulk carrier scheduled to be
delivered in the fourth quarter of 2007.
-- One 2004 built, 76,500 dwt Panamax bulk carrier scheduled to be
delivered in the first quarter of 2008.
-- Three 180,000 dwt Capesize bulk carriers under construction in S.
Korea for delivery in the second and fourth quarters of 2009 and the first
quarter of 2010, respectively.
-- Two 82,000 dwt Kamsarmax bulk carriers under construction in China for
delivery in the first half of 2010.
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."
About DryShips
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."
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future events
or performance, and underlying assumptions and other statements, which are
other than statements of historical facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical
operating trends, data contained in our records and other data available
from third parties. Although DryShips Inc. believes that these assumptions
were reasonable when made, because these assumptions are inherently subject
to significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, DryShips Inc. cannot
assure you that it will achieve or accomplish these expectations, beliefs
or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include
the strength of world economies and currencies, general market conditions,
including changes in charter hire rates and vessel values, changes in
demand that may affect attitudes of time charterers to scheduled and
unscheduled drydocking, changes in DryShips Inc.'s operating expenses,
including bunker prices, dry-docking and insurance costs, or actions taken
by regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts
by terrorists.
Risks and uncertainties are further described in reports filed by DryShips,
Inc., with the U.S. Securities and Exchange Commission.
Visit our website at www.dryships.com
Email: management@dryships.com
Contact Information: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 E-mail: nbornozis@capitallink.com