-- The company has entered into an agreement to purchase a 2000 built,
73,288 dwt Panamax bulk carrier for US$ 72 million. The vessel will be
delivered charter free during the second quarter of 2008.
-- The Company has entered into an agreement to sell the 1996 built,
73,008 dwt Panamax bulk carrier, the MV Lanzarote, for US$ 65 million.
Delivery to the new owners will take place during the second quarter of
2008. Once the sale is concluded the Company expects to realize a gain of
approximately US$36.3 million.
George Economou, Chairman and CEO of DryShips Inc., commented: "We are
pleased to continue with our strategy of fleet renewal. With our latest
transaction, we have managed to swap a 12 year old Panamax bulk carrier
with a vessel 4 years younger for a price difference of only $7 million. In
addition, we expect that the younger vessel will earn about 10% more, as
compared to the older ship it is substituting, mainly due to differences in
the commercial design characteristics of the two vessels. We continue to
believe in the strong fundamentals of the dry bulk industry and we remain
uniquely positioned to take advantage of the strong freight environment
with our modern fleet."
About DryShips Inc.
DryShips Inc. is an international provider of drybulk cargo marine
transportation services. Headquartered in Athens, Greece, DryShips
currently owns and operates a fleet of 46 drybulk carriers comprising 5
Capesize, 31 Panamax, 2 Supramax and 8 newbuilding drybulk vessels, with a
combined deadweight tonnage of over 4 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 US Securities and Exchange Commission.
Visit our website at www.dryships.com
E-mail: management@dryships.com
Contact Information: Investor Relations / Media Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 email: Dryships@capitallink.com