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Tuesday, July 23, 2019

Maritime Logistics Professional

February 21, 2017

DryShips Sails Back into Tanker Market with Two Modern Vessels

Image: DryShips Inc

Image: DryShips Inc

 Greek owner of drybulk carriers DryShips Inc. has announced that it is re-entering the tanker shipping market as it agreed to purchase an Aframax tanker and a very large crude carrier (VLCC).

 
DryShips has entered into agreements with unaffiliated third parties to acquire:
 
-  One 113,644 DWT Aframax tanker currently under construction in South Korea. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market.
 
- One 320,105 DWT Very Large Crude Carrier built in 2011. The Company expects to take delivery of this vessel sometime in the second quarter of 2017. The vessel is expected to be employed in the spot market. 
 
The total gross price for the two vessels will be about $102.5 million.
 
George Economou, Chairman and Chief Executive Officer said: "We are very excited to have re-entered the tanker market by acquiring a modern Aframax tanker of eco-design and one Very Large Crude Carrier at historical low prices. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage."
 
The Company owns a fleet of 13 Panamax drybulk carriers with a combined deadweight tonnage of approximately 1.0 million tons, 1 Very Large Gas Carrier newbuilding, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.
 
DryShips Inc.George Economoularge crude carrier