ATHENS – DryShips Inc. (NASDAQ: DRYS) announced today the sale, via novation, of two of its 158,000 DWT suezmax dry bulk carriers, the Esperona and Blanca, which are under construction at Samsung Heavy Industries.
The tankers were initially ordered by Dryships at the end of 2010 with a staggered delivery over a two year period. Dryships’ idea at the time, according to their Chairman and CEO George Economou, was that “the staggered deliveries for our newbuildings over the next three years will allow us to take advantage of an improvement in market conditions.”
For the dry bulk market, conditions have been quite challenging since 2010.
This sale was no ordinary sale either…
Under the terms of the agreements dated December 27, 2012, the undisclosed buyer assumes all rights, benefits, liabilities and obligations under both shipbuilding contracts, in exchange for cash consideration of $21.4 million (that is, $10.7 million for each vessel) paid by Dryships to the buyer.
As a result of this transaction, Dryships is released from all its obligations under the shipbuilding contracts, both as the contracting party and as a guarantor.
George Economou, Chairman and Chief Executive Officer of Dryships, commented: ‘‘As we have stated recently, the reduction or elimination of CAPEX has become a top priority for the company. With the sale of these vessels, Dryships has reduced its CAPEX by approximately $101 million, after taking into consideration the payment of $21.4 million to the buyer of the vessels.’’
By Malte Humpert (gCaptain) – Just days after securing funding in the FY 2025 budget to acquire a commercial icebreaker, the U.S. Coast Guard says it has made little headway...
by Kirstin Ridley (Reuters) Newcastle United football club co-owner Amanda Staveley on Monday lost a London High Court battle with a Greek shipping tycoon over a historic debt of nearly...
SYDNEY, March 21 (Reuters) – Fiji will strike a deal with Australia to upgrade ports and shipbuilding infrastructure, months after its prime minister said it was likely to partner with China on the...
March 21, 2024
Total Views: 752
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.