-- To purchase a 1997 built, 71,685 dwt Panamax bulk carrier, to be
renamed "MV Menorca," for US$41 million, scheduled to be delivered
charter free in the second quarter of 2007
-- To purchase a 2000 built, 72,561 dwt Panamax bulk carrier, to be
renamed "MV.Marbella," for US$46 million, scheduled to be delivered charter
free in the second quarter of 2007
-- To sell the 2002 built, 48,040 dwt Handymax bulkcarrier, "MV Alona,"
for US$39.5 million to an unaffiliated third party with delivery to the new
owners scheduled to take place during the second quarter of 2007. DryShips
expects to realize a book gain on this sale of approximately US$7 million,
-- To sell the 1988 built, 68,676 dwt Panamax bulkcarrier, "MV Lanikai,"
for US$26.1 million to an unaffiliated third party with delivery to the new
owners scheduled to take place between the second and third quarter of
2007. DryShips expects to realize a book gain on this sale of
approximately US$9 million, and
-- To enter its 2002 built 76,623 dwt Panamax bulk carrier "MV
Mendocino," into a time charter for a period of approximately between
seven and nine months that commenced on March 5, 2007, at a daily rate of
US$37,500.
Following the latest acquisitions of the two Panamax bulk carriers and the
disposal of Alona and Lanikai, DryShips will have a fleet of 34 vessels
with an average age of 9.3 years well below the industry average of 12.6
years and a combined tonnage of approximately 2.9 million dwt.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented, "We are
pleased to continue with our strategy of fleet expansion and renewal,
taking advantage of the current robust rate environment. Our strong results
underscore our ability to continue our growth strategy aimed at maximizing
shareholder value over the long term. Upon delivery of these two additional
vessels, DryShips will expand its total fleet operating days and further
enhance its earnings potential. Our aim is to take full advantage of what
we consider the strong fundamentals of the dry bulk industry with our
modern fleet."
About DryShips
DryShips Inc., is an international provider of drybulk carriers.
Headquartered in Athens, Greece, DryShips owns and operates a fleet of 34
drybulk carriers comprising 5 Capesize, 24 Panamax, 3 Handymax and 2
newbuilding Panamax vessels, with a combined deadweight tonnage of
approximately 2.9 million.
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 US Securities and Exchange Commission.
Visit our website at www.dryships.com
Contact Information: Company Contact: Gregory Zikos Chief Financial Officer DryShips Inc. Tel. 011 30 210 809 0513 E-mail: management@dryships.com Investor Relations / Media: Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 E-mail: nbornozis@capitallink.com