DryShips Agrees to Buyout Offer from Chairman and CEO

NASDAQ-listed shipowner DryShips has entered into a definitive agreement to sell all outstanding shares of the company to a holding company controlled by DryShips' Chairman and Chief Executive Officer, George Economou. Under the terms of the agreement, the holding company, SPII Holdings Inc., will acquire the outstanding shares that it does not already own for $5.25 per … [Read more...]

DryShips Continues to Diversify with Purchase of Four Newcastlemax Bulk Carriers

DryShips Inc. (NASDAQ: DRYS) announced Monday that it has entered into agreements to acquire four modern Newcastlemax bulk carriers as the company continues to diversify its fleet. The agreements were entered into with unaffiliated third parties. The four Newcastlemax bulk carriers are approximately 206,000 DWT each and have an average age of 3.0 years. DryShips said it … [Read more...]

DryShips Re-Enters Tanker Market

George Economou's DryShips on Tuesday announced plans re-enter the tanker market with the acuisition of a VLCC and Aframax from two unrelated third parties.   The vessels named DryShips has agreed to purchase include one 113,644 DWT Aframax tanker currently under construction in South Korea. The other is a 320,105 DWT Very Large Crude Carrier built in 2011. Both … [Read more...]

Shares of DryShips Fall with Reverse Stock Split Announcement

Shares of stock in Dryships, Inc. (NASDAQ: DRYS) were trading just over $1 on Friday, down more than 70% since the beginning of the year, after the company announced an 1 for 8 reverse stock split on Thursday. You may remember shares of DryShips Inc, an owner of dry bulk, offshore and now gas carrier vessels, soared 1500% on a combination of optimism in the market and the … [Read more...]

DryShips Expands Into Gas Carrier Market With Option to Purchase Four VLGCs

Athens-based drybulk shipowner DryShips announced Friday it has entered into a "zero cost" agreement with companies controlled by its Chairman and CEO George Economou to purchase up to four high-specification Very Large Gas Carriers currently under construction in South Korea. The deal marks DryShips' first venture into the gas carrier market. Each of the four VLGCs are … [Read more...]