Greek owner DryShips has announced it has sold five of its panamax vessels for $29.4m in total.
The company sold its two panamax vessels Amalfi and Samatan, along with their associated bank debt, to entities controlled by the company’s chairman and CEO, George Economou.
In addition, the company sold another three panamax vessels, Ocean Crystal, Sonoma and Sorrento to un-affiliated buyers.
All the proceeds from the sales will be used to pay down the vessels’ respective loan facilities. The vessels are scheduled to be delivered to their new owners during November 2016.
