SOURCE: DryShips Inc.

August 25, 2006 08:45 ET

Dryships Inc. Announces New Fixed Period Charter at $28,000 per Day

ATHENS, GREECE -- (MARKET WIRE) -- August 25, 2006 -- DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes, announced today that it has entered its Panamax bulk carrier "Iguana" into a 12 month time charter that commenced on August 19, 2006 at the daily rate of $28,000. "Iguana" was built in 1996 and has a carrying capacity of 70,349 dwt.

George Economou, Chairman and Chief Executive Officer, commented, "We are pleased to announce this new time charter which over its course is expected to add approximately another $10 million to the already contacted time charter revenue of DryShips. This new time charter enhances our cash flow generation over the next twelve months, enhances its predictability and underlines our strategy of taking advantage of the strong industry fundamentals at an opportune time."

About DryShips Inc.

DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. As of the day of this Release, DryShips owns a fleet of 29 drybulk carriers and has entered into agreements to acquire 5 additional vessels. Following delivery of these 5 vessels, DryShips' fleet will consist of 4 Capesize, 27 Panamax and 3 Handymax vessels, with a combined deadweight tonnage of approximately 2.75 million and an average age of 10.5 years.

DryShips Inc.'s common stock is listed on NASDAQ National 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 charterhire 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 US Securities and Exchange Commission.

Visit our website at www.dryships.com

Contact Information

  • Company Contact:
    Christopher J. Thomas
    Chief Financial Officer
    DryShips Inc.
    Tel. 011-30-210-809-0570
    E-mail: management@dryships.com

    Investor Relations / Media:
    Nicolas Bornozis
    Capital Link, Inc. (New York)
    Tel. 212-661-7566
    E-mail: nbornozis@capitallink.com