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DryShips acquires newcastlemax and suezmax from Economou

Greek owner DryShips has entered into agreement to acquire one 2013-built newcastlemax bulker and one 2017-built suezmax tanker.

The vessels will be acquired from affiliates of the company’s chairman George Economou for a total price of $93.8m, including the associated bank debt of $50.3m.

The company expects the deal to complete in June.

DryShips recently sold off one of its bulkers, the 2001-built panamax Magnari for $9.7m, and another five bulkers to a major Chinese leasing company under a sale and leaseback agreement.

DryShips operates a fleet of 34 vessels comprising of 20 bulkers, four tankers, four gas carriers and six offshore support vessels. In February it announced plans to spin off the gas carriers into a separate company, Gas Ships.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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