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DryShips to spin off its gas ships

DryShips has announced plans to spin off its gas carrier business to form Gas Ships, and has taken the initial step of filing a F-1 registration statement with the U.S. Securities & Exchange Commission.

The company will retain 51% and distribute to its shareholders 49% of the issued and outstanding shares of Gas Ships, which will then be a publicly-traded company.

George Economou, chairman and CEO of DryShips, commented: “The filing of the Form F-1 Registration Statement is an important step in the process of establishing Gas Ships Limited as a new, stand-alone company with its own strategic focus, independence and priorities. We believe that this business is well-positioned for success as a separate company.”

DryShips picked up four VLGC newbuild contracts in January 2017 via a “zero cost” option agreement with TMS Cardiff Gas, also controlled by Economou. All four of the $83.5m vessels have now delivered from Hyundai Heavy Industries in Korea and are operating on long-term charters.

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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