SOURCE: DryShips Inc.

July 15, 2005 10:35 ET

DryShips Inc. Releases Updated Fleet Charter Details

ATHENS, GREECE -- (MARKET WIRE) -- July 15, 2005 -- DryShips Inc. (NASDAQ: DRYS), released today updated charter details for its fleet of 26 vessels.

The table below describes in detail our fleet development and current employment profile:

        Year                   Delivery        Current     Redelivery
        Built Deadweight Type    Date         Employment  (mid-range) *
EXISTING
 FLEET        514,890
Shibumi  1984  66,058 Capesize                    $53,500   Nov-05
Panormos
 ***     1995  71,747  Panamax             Spot - $27,530
Lacerta
 **      1994  71,862  Panamax        Pool Spot - $25,631
Flecha   1982  65,081  Panamax                    $23,685   Oct-05
Striggla
 **      1982  64,747  Panamax        Pool Spot - $20,890
Mostoles
 **      1981  75,395  Panamax        Pool Spot - $22,237

IDENTIFIED
 VESSELS      812,958
Netadola 1993 149,475 Capesize             Spot - $45,000
Ocean
 Crystal 1999  73,688  Panamax             Spot - $27,000
Iguana   1996  70,349  Panamax                    $33,700   Nov-05
Waikiki  1995  75,473  Panamax             Spot - $33,750
Toro
 **      1995  73,034  Panamax        Pool Spot - $26,445
Paragon  1995  71,259  Panamax                    $30,000   Sep-06
Daytona
 ***     1989  69,703  Panamax             Spot - $40,000
Lanikai
 **      1988  68,676  Panamax        Pool Spot - $23,590
Tonga
 **      1984  66,798  Panamax        Pool Spot - $21,163
Alona
 **      2002  48,640  Handymax       Pool Spot - $24,585
Matira   1994  45,863  Handymax                   $28,500   Oct-05

ADDITIONAL
 VESSELS      936,367
Manasota 2004 171,061 Capesize                    $60,000   Sep-05
Alameda  2001 170,662 Capesize                    $65,000   Oct-05
Mendo-
 cino    2002  76,623  Panamax August             $42,000   Dec-06
Sonoma
 **      2001  74,786  Panamax        Pool Spot - $26,130
Coronado 2000  75,706  Panamax             Spot -  $9,600
Xanadu   1999  72,270  Panamax                    $35,000   Aug-06
La Jolla 1997  72,126  Panamax             Spot - $19,000
Linda
 Olden-
 dorff   1995  75,100  Panamax                    $43,250   Aug-06
Catalina 2005  74,432  Panamax             Spot - $22,000
Belmonte 2004  73,601  Panamax                    $42,000   Jun-06
DRYSHIPS                       27
 FLEET      2,264,215          vessels
* Where the Redelivery column is left blank it signifies that the vessel is trading in the spot market. For those vessels employed in the spot market and where rates are quoted, the Company has calculated the estimated rates under current specific contracted voyages. The Company gives no guarantee that these rates are correct, or that the rates are sustainable beyond the duration of the current voyage. The quoted rates are not indications of future earnings and the Company gives no assurance or guarantee of future rates after the current voyage.

** Indicates vessels that are trading in the Baumarine Pool. Rates quoted refer to the vessels earnings as last reported, usually the previous month's earnings.

*** Indicates vessels that will be entering into the Baumarine Pool.

About DryShips Inc.

DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. DryShips currently owns a fleet of 26 drybulk carriers and has entered into an agreement to purchase an additional vessel.

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.' 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: Email Contact

    Investor Relations / Media:
    Nicolas Bornozis
    Capital Link, Inc. (New York)
    Tel. 212-661-7566
    E-mail: Email Contact