DryShips acquires newcastlemax and suezmax from Economou

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.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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