-- To purchase a 2001 built, 74,000 dwt Panamax bulk carrier, "M/V
Heinrich Oldendorf," for $49.0 million, from Oldendorff Carriers GmbH & Co.
KG of Germany, scheduled to be delivered in the second quarter of 2007.
Upon delivery to DryShips, the vessel will commence a bareboat charter back
to the seller for a period between 11 and 13 months at a daily bareboat
charter rate of $28,000.
-- To purchase a 2001 built, 74,832 dwt Panamax bulk carrier, to be
renamed "MV Capitola" upon delivery, for $49.0 million, scheduled to be
delivered charter free in the second quarter of 2007.
-- To purchase a 2002 built, 74,816 dwt Panamax bulk carrier, to be
renamed "MV Bargara" upon delivery, for $49.0 million, scheduled to be
delivered charter free in the second quarter of 2007.
-- To sell the 1981 built, 75,395 dwt Panamax bulkcarrier, "M/V
Mostoles," for $13.3 million with delivery to the new owners scheduled
during the second quarter of 2007. DryShips expects to realize a book gain
on this sale of approximately $10.3 million.
Upon completion of the recent sale and purchase activity, DryShips will
have a fleet of 36 vessels, composed of 5 Capesize, 28 Panamax, 1 Handysize
and 2 newbuilding Panamax vessels, with an average age of 8.6 years,
compared to the industry average of 12.6 years, and a combined
cargo-carrying capacity of approximately 3.04 million deadweight tons.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented:
"We continue to consistently implement our fleet renewal and expansion
strategy and reaffirm our leadership position in the drybulk sector.
During 2007, DryShips has entered into agreements to acquire 7 vessels with
an average age of 7.5 years and sell 6 vessels with an average age of 14
years. Our goal is to replace our older vessels with younger and more
modern ones with a higher upside potential. Company's ultimate objective
is to enhance the quality of our earnings thus maximizing long term
shareholder value."
In 2007, DryShips expects to realize total book gains of approximately
$103.8 million which is equivalent to $2.93 per common share, from the sale
of vessels already announced to date.
About DryShips
DryShips Inc., is an international provider of drybulk carriers.
Headquartered in Athens, Greece, DryShips currently owns and operates a
fleet of 33 drybulk carriers comprising 4 Capesize, 24 Panamax, 3 Handymax
and 2 newbuilding Panamax vessels, with a combined deadweight tonnage of
approximately 2.7 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 SK 23248 0002 765129