DryShips Enters into Newcastlemax Contract

 

The Company anticipates a total gross backlog of $7.1 million, and the contract to commence upon the delivery of the vessel, expected before the end of April 2017.

 

Mr. George Economou, Chairman and Chief Executive Officer, commented: "We are very pleased to have employed one of our newly acquired vessels upon its delivery, at a gross charter rate, which will be highly accretive to the Company's earnings and will provide visible cash flow."

 

He added: "We continue to execute our strategy to restore the Company's earnings capacity, taking advantage of the positive developments in the drybulk market."

 

DryShips is a diversified owner of ocean going cargo vessels that operate worldwide. 

 

The Company owns a fleet of 13 Panamax drybulk vessels, four Newcastlemax drybulk vessels, which are expected to be delivered in the second quarter of 2017 and three Kamsarmax drybulk vessels among others.