SOURCE: DryShips Inc.

November 13, 2007 08:30 ET

DryShips Inc. Continues to Take Advantage of Strong Freight Environment

ATHENS, GREECE--(Marketwire - November 13, 2007) - DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, today announced that it has entered into short-term charters for two of its Capesize and one of its Panamax vessels with first class charterers. Specifically, DryShips has agreed to:

--  Enter its 1996 built 150,393 dwt Capesize bulk carrier MV Samsara into
    a time charter for a period of about 12 months at a daily rate of $139,000.
    The vessel commenced its new charter retroactively from November 7, 2007.
    
--  Enter its 1995 built 151,066 dwt Capesize bulk carrier MV Brisbane
    into a time charter for a period of about 12 months at a daily rate of
    $145,000. The vessel is expected to commence its new charter on or about
    December 1, 2007.
    
--  Enter its 2000 built 72,561 dwt Panamax bulk carrier MV Marbella into
    a time charter for a period of about 12 months at a daily rate of $82,500.
    The vessel is expected to commence its new charter on or about November 15,
    2007.
    

An updated fleet list including recent employment developments as of Nov. 12, 2007 can be found in the next page of this press release.

George Economou, Chairman and CEO of DryShips Inc., commented: "With the recent fixtures that represent about 9% of the total Panamax equivalent operating days of the DryShips fleet in 2008, we have locked-in about $94.5 million of EBITDA for 2008. We continue to take advantage of the current strong freight environment. By opportunistically fixing a fragment of our vessel portfolio on short-term charters we are setting the foundations for further vessel acquisitions at today's high prices that will maintain our overall exposure to the spot market."

About DryShips

DryShips Inc. is an international provider of drybulk cargo marine transportation services. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 44 drybulk carriers comprising 5 Capesize, 29 Panamax, 2 Handymax and 8 newbuilding drybulk vessels, with a combined deadweight tonnage of approximately 4 million tons.

DryShips Inc.'s common stock is listed on NASDAQ Global Market where it trades under the symbol "DRYS."

Fleet List as of Nov. 13, 2007

              Year                      Current   Gross Rate
              Built    DWT      Type   Employment  per Day  Earliest Latest
Capesize:
Manasota       2004  171,061  Capesize    Spot     $175,000   Prompt Prompt
Alameda        2001  170,269  Capesize     TC       $73,000    8-Jan  8-Mar
Samsara        1996  150,393  Capesize     TC      $139,000    8-Oct  8-Dec
Netadola       1993  149,475  Capesize     TC       $52,500   Prompt Prompt
Brisbane       1995  151,066  Capesize     TC      $145,000    8-Oct  8-Dec
               9.0   792,264      5
Panamax:
Heinrich
 Oldendorff    2001   73,931   Panamax     BB       $28,000    8-Apr  8-Jun
Padre          2004   73,601   Panamax     TC       $81,000    8-Oct  8-Nov
Mendocino      2002   76,623   Panamax     TC       $37,500   Prompt  7-Dec
Maganari       2001   75,941   Panamax     TC       $18,400    8-Apr  8-Jul
Coronado       2000   75,706   Panamax     TC       $81,750    8-Sep  8-Oct
Marbella       2000   72,561   Panamax     TC       $82,500    8-Oct  8-Nov
Ocean Crystal  1999   73,688   Panamax     TC       $40,000   Prompt Prompt
Primera        1998   72,495   Panamax     TC       $78,600    8-Sep  8-Oct
La Jolla       1997   72,126   Panamax     TC       $46,000   Prompt  7-Dec
Lanzarote      1996   73,008   Panamax     TC       $43,750   Prompt Prompt
Iguana         1996   70,349   Panamax     TC       $77,000    8-Oct  8-Nov
Waikiki        1995   75,473   Panamax     TC       $36,750    8-Jan  8-Mar
Sonoma         2001   74,786   Panamax  Baumarine   $72,140
Toro           1995   73,034   Panamax  Baumarine   $69,537
Lacerta        1994   71,862   Panamax  Baumarine   $70,051
Catalina       2005   74,432   Panamax    Spot      $80,000   Prompt Prompt
Majorca        2005   74,364   Panamax    Spot      $72,000   Prompt Prompt
Ligari         2004   75,583   Panamax    Spot      $95,000   Prompt Prompt
Bargara        2002   74,832   Panamax    Spot      $75,300   Prompt Prompt
Capitola       2001   74,832   Panamax    Spot      $80,000   Prompt Prompt
Samatan        2001   74,823   Panamax    Spot      $80,000   Prompt Prompt
Ecola          2001   73,931   Panamax    Spot      $82,000   Prompt Prompt
Redondo        2000   74,716   Panamax    Spot      $85,000   Prompt Prompt
Xanadu         1999   72,270   Panamax    Spot      $84,500   Prompt Prompt
Menorca        1997   71,662   Panamax    Spot      $84,500   Prompt Prompt
Formentera     1996   70,002   Panamax    Spot      $72,000   Prompt Prompt
Solana         1995   75,100   Panamax    Spot      $88,750   Prompt Prompt
Paragon        1995   71,259   Panamax    Spot      $85,500   Prompt Prompt
Tonga          1984   66,798   Panamax    Spot      $70,500   Prompt Prompt
               8.2  2,129,788    29
Handymax:
Matira         1994   45,863  Handymax    Spot      $70,000   Prompt Prompt
               13.0   45,863      1
Supramax
Clipper Gemini 2003   51,201  Supramax     BB       $27,000    8-Nov  9-Jan
                 4    51,201      1
Newbuildings:
TBN            2007  170,000  Capesize
TBN            2009  180,000  Capesize
TBN            2009  180,000  Capesize
TBN            2010  180,000  Capesize
TBN            2010   82,000  Kamsrmax
TBN            2010   82,000  Kamsrmax
TBN            2009   75,000   Panamax
TBN            2010   75,000   Panamax
                    1,024,000     8

Total Fleet    8.4  4,043,116    44

1. For spot vessels the TCE rate is for the current voyage
2. Prompt implies next 60 days
3. For vessels trading in the Baumarine pool the TCE rate is the Pool's
   estimate for earnings in the month of October
4. Vessels highligthed blue represent new spot fixtures since last update
5. Vessels highlighted red represent new short period charters since last
   update
6. Vessels highlighted in green represent updated forecast estimates for
   the respective month by Baumarine since the last update
7. The quoted rates are not indications of future earnings and the Company
   gives no assurance or guarrantee of future rates

Forward-Looking Statement

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although DryShips Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, DryShips Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in DryShips Inc.'s operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by DryShips Inc. with the U.S. Securities and Exchange Commission.

Visit our website at www.dryships.com

Email: management@dryships.com

Contact Information