-- Enter its 2004 built 73,601 dwt Panamax bulk carrier MV Padre into a
time charter for a period of about 12 months at a daily rate of $81,000.
The vessel is expected to commence its new charter on or about November 6,
2007.
-- Enter its 2000 built 75,706 dwt Panamax bulk carrier MV Coronado into
a time charter for a period of about 12 months at a daily rate of $81,750.
The vessel is expected to commence its new charter on or about November 2,
2007.
-- Enter its 1998 built 72,495 dwt Panamax bulk carrier MV Primera into a
time charter for a period of about 12 months at a daily rate of $78,600.
The vessel commenced its new charter on October 19, 2007.
-- Enter its 1996 built 70,349 dwt Panamax bulk carrier MV Iguana into a
time charter for a period of about 12 months at a daily rate of $77,000.
The vessel is expected to commence its new charter on or about November 13,
2007.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented: "The
outlook for 2008 remains extremely attractive with limited new vessel
capacity being added and Chinese demand projected to remain strong. We
remain committed to implementing our chartering philosophy. By having the
majority of the Company's vessels operating in the spot market we are able
to take advantage of market opportunities as they arise. With the recent
fixtures that represent about 5% of the total Panamax equivalent operating
days of the DryShips fleet in 2008, we have locked-in about $79 million of
EBITDA for 2008."
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."
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
Contact Information: Email: management@dryships.com Investor Relations / Media: Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 E-mail: nbornozis@capitallink.com