DryShips backs out of Gas Ships spin-off

DryShips backs out of Gas Ships spin-off

George Economou’s DryShips appears to have given up on plans to spin off its gas carrier business, having withdrawn the F-1 registration statement for Gas Ships with the U.S. Securities & Exchange Commission.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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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1 Comment

  1. Avatar
    george mccormick
    June 20, 2018 at 12:03 pm

    i was speculating in DRYS STOCK and sold some stock on february 22 2017 about $4.00 now i see the price showes it was set at about $6000.00 am i entitiled to more money per share?.