DryShips seals loans worth $125m, offloads panamax for $8.5m

DryShips seals loans worth $125m, offloads panamax for $8.5m

Greek shipowner DryShips has announced it has sealed two new credit facilities while also offloading one of its ageing dry bulk vessels.

DryShips has two firm commitments for senior secured credit facilities of up to $125m, secured by four tankers and three bulkers. The facilities, with commercial lenders, will have a tenor of five and six years bearing an interest rate of LIBOR plus margin.

Meanwhile, the company has sold its 2001-built panamax Ecola to an unnamed buyer for $8.5m. Delivery is scheduled imminently.

George Economou, chairman and CEO of DryShips, commented: “This year has been transformational for DryShips. We continue to execute on our business plan with the support of our lenders, which is a testament to the strength of the company’s balance sheet.”

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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