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DryShips sells VLGCs to exit gas sector

George Econonou’s DryShips has announced the sale of its four VLGCs less than a month after it withdrew a proposed spin-off of the vessels to form Gas Ships.

DryShips picked up four the VLGCs after acquiring newbuild contracts for them in January 2017 via a “zero cost” option agreement with Economou’s TMS Cardiff Gas. All four of the $83.5m vessels have now delivered from Hyundai Heavy Industries in Korea and are operating on long-term charters.

DryShips is selling the vessels, including the charters, to an unaffiliated buyer with delivery scheduled before the end of September. Neither the buyer or the price were revealed.

Separately, the company has also sold of its two oldest panamax dry bulk vessels, the 2000-built Marbela and Redondo. The pair are scheduled for delivery to their buyers, during the third quarter of 2018.

DryShips also revealed that it has fixed a newcastlemax bulker on an index linked time charter to an entity linked to Economou.

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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