DryShips buys newcastlemax bulker from George Economou for $50m

DryShips buys newcastlemax bulker from George Economou for $50m

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.

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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