-- The purchase of the 1996 built, 151,393 dwt capesize bulk carrier, MV
Cape Venture for a price of $62 million. The vessel will be delivered
charter-free to the Company in the first quarter of 2007.
-- The purchase of the 1998 built, 72,495 dwt panamax bulk carrier, MV
Sea Epoch for a price of $38 million. The vessel will be delivered charter-
free to the Company in the second quarter of 2007.
-- The sale of the 1982 built, 64,747 dwt panamax bulk carrier, MV
Striggla for a price of $ 12.1 million. Delivery to new owners will take
place in the first quarter of 2007. It is expected that DryShips will
realize a book gain of about $ 9.1 million on the sale.
-- The sale of the 1989 built, 69,703 dwt panamax bulk carrier, MV
Daytona for a price of $ 25.3 million. Delivery to new owners will take
place in the first quarter of 2007. It is expected that DryShips will
realize a book gain of about $ 5.9 million on the sale.
Mr. George Economou, DryShips' Chairman and Chief Executive Officer,
commented:
"The sale of the 24- and 17-year-old panamax vessels and their replacement
with a 10-year-old capesize and an 8-year-old panamax bulk carrier are part
of DryShips' strategy of fleet renewal by replacing older vessels with
younger and more modern ships. Following these transactions, the average
age of DryShips' fleet will be 9.5 years. This strategy will enable
DryShips not only to maintain the average age of its fleet below the
industry average, but also to enhance the quality of the Company's earnings
well into the future."
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 36 drybulk carriers consisting 4 Capesize, 27 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 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: Gregory Zikos Chief Financial Officer DryShips Inc. 00 302 10 809 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