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DryShips sells supramax pair, the first in its fleet sell-off

DryShips has sold its first vessels since announcing plans to sell 22 bulk carriers, comprising 20 panamaxes and two supramaxes.

Brokers told Splash in October that 15 panamaxes and two supramaxes were being marketed for sale so far.

Today, brokers report the Athens-based owner has sold two 51,200-dwt supramaxes, Byron (built 2003) and Galveston (built 2002), en bloc to an unnamed Middle Eastern buyer for $6.3m and $5.8m respectively. Both ships are geared and were built at the New Century shipyard in China.

DryShips bought the sisterships in 2007, near the height of the market, from Germany’s Harren & Partner KG for $51.6m and $55.5m respectively. Their sale will doubtless incur a significant impairment loss for DryShips.

In September, the NASDAQ-listed company sold 13 capesizes and four panamax bulk carriers to a private firm owned by its CEO George Economou as part of a bigger plan to revitalise DryShips. The 17 ships were sold at an impairment loss of $795m.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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