DryShips gets charter for newcastlemax

DryShips gets charter for newcastlemax

Greek dry bulk owner DryShips has fixed one of its newcasltemax bulkers on a one year time charter with a major grain house.

DryShips says the contract will commence upon delivery of the vessel, expected before the end of April, and will generate revenues of around $7.1m.

George Economou, chairman and CEO of DryShips, commented: “We are very pleased to have employed one of our newly acquired vessels upon its delivery, at a gross charter rate, which will be highly accretive to the Company’s earnings and will provide visible cash flow. We continue to execute our strategy to restore the Company’s earnings capacity, taking advantage of the positive developments in the drybulk market.”

DryShips acquired the vessel as part of a deal for four newcastlemax vessels last month, paying a total of $124m. Last week it announced the acquisition of a further six vessels, made up of an aframax tanker, three kamsarmax bulkers, and two newbuild VLGCs which it took via options from Economou’s TMS Cardiff last year at no cost.

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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