DryShips sells bulker, seals sale and leaseback for five others

DryShips sells bulker, seals sale and leaseback for five others

George Economou’s DryShips has sold off one of its bulkers, while also sealing a deal to sell five other bulkers that it will take back on bareboat charter.

2001-built panamax Maganari has been sold to an unaffiliated buyer for $9.7m, with delivery to the buyer scheduled before the end of the month.

Additionally, the company is selling five more bulkers to a major Chinese leasing company, which will see the ships come back to DryShips on eight-year bareboat charters. The vessels are newcastlemaxes Marini, Morandi and Bacon and Kamsarmaxes Castellani and Nasaka. The total price for the vessels is $164m and DryShips has purchase options starting from the end of the first year.

A similar deal was completed with a Chinese leasing company last month for kamsarmax Kelly.

DryShips announced the deals while releasing its first quarter results, posting a net profit of $800,000.

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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