George Economou’s DryShips appears to have given up on plans to spin off its gas carrier business, having withdrawn the F-1 registration statement for Gas Ships with the U.S. Securities & Exchange Commission.
DryShips announced the Gas Ships spin-off in February, which would have seen the company retain a 51% stake and shareholders take a 49% in the publicly-traded company.
The plans had yet to be declared effective by the SEC.
DryShips picked up four VLGC newbuild contracts in January 2017 via a “zero cost” option agreement with TMS Cardiff Gas, also controlled by Economou. All four of the $83.5m vessels have now delivered from Hyundai Heavy Industries in Korea and are operating on long-term charters.