-- To purchase a 2005 built, 74,477 dwt Panamax bulk carrier, to be
renamed "M/V Majorca," for $53.5 million, scheduled to be delivered charter
free in the second quarter of 2007.
-- To sell the 2005 built, 55,566 dwt Supramax bulk carrier, "M/V Hille
Oldendorff," for $50.5 million with delivery to the new owners scheduled to
occur during the second quarter of 2007. DryShips expects to realize a book
gain on this sale of approximately $12.7 million.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented: "We are
continuing with our strategy of fleet renewal. With the sale of the 2005
built Supramax 'M/V Hille Oldendorff' and purchase of the 2005 built
Panamax 'M/V Majorca,' we have succeeded in replacing, for a small premium,
a smaller vessel with a larger vessel of the same age that has
significantly higher earnings potential."
About DryShips
DryShips Inc. is an international provider of drybulk carriers.
Headquartered in Athens, Greece, DryShips currently 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 U.S. 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