NASDAQ Capital Market-listed shipowner DryShips has agreed to acquire a 2017-built newcastlemax dry bulk vessel from an entity connected to the company’s chairman and CEO George Economou.
DryShips says the purchase price of $50m was based on the average fair market value of the bulker, as determined by independent third party broker valuations.
VesselsValue data shows the vessel is likely the Yangzijiang-built 209,000 dwt Netadola, which is owned by Economou’s Cardiff Marine and currently valued at $51.51m according to the online valuation portal.
The acquisition includes existing financing on the vessel, and the transactions will see the vessel initially fixed out to DryShips on long-term bareboat charter party with a purchase obligation.
The vessel will be delivered to DryShips by the end of June, and will go out on an index-linked time charter to an entity that is also connected to Economou. DryShips has an option to convert the charter to a fixed rate charter.
Economou’s TMS Dry will manage the vessel on the same terms that it manages other company vessels.