DryShips enters tanker sector with $102.5m double acquisition

DryShips enters tanker sector with $102.5m double acquisition

George Economou’s DryShips has acquired two tankers, an aframax and VLCC, for $102.5m as it re-enters the tanker sector in a move to further diversify after a recent foray into LPG carriers.

DryShips has acquired a 113,644 dwt aframax tanker currently under construction in South Korea and due for delivery in the second quarter of 2017. It has also purchased a 2011-built 320,105 dwt VLCC, also expected to be delivered in the second quarter of 2017.

George Economou, chairman and CEO of DryShips, commented: “We are very excited to have re-entered the tanker market by acquiring a modern Aframax tanker of eco- design and one Very Large Crude Carrier at historical low prices. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage.”

Both vessels will be traded in the spot market.

Brokers have also linked DryShips this week with the purchase of four Chinese-built newcastlemax dry bulk 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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