Athens: DryShips has agreed to write off $16.6m in overdue hire due on 11 of its bulk carriers timechartered to an unnamed party.
The specific vessels in question were not disclosed, but are likely to be capesizes. All 13 of DryShips’ capes are currently fixed on long-term timecharters at an average daily rate of around $25,000. The rest of DryShips’ bulker fleet trades primarily in the spot market.
The charterer has agreed not to exercise certain “in-the-money” purchase options related to seven vessels it has on timecharter, DryShips said.
New charters have been agreed for the 11 vessels at a gross daily rate of $12,500, with a 50-50 profit sharing arrangement starting as of June 1, for an average period of about 4.5 years.
“We are pleased to have reached an agreement with one of our charterers that allows DryShips to put a floor on its downside while providing upside potential. With the negative conditions in the drybulk market we believe this is a prudent way to take advantage of market volatility,” said George Economou, DryShips’ chairman and CEO (pictured).