SOURCE: DryShips Inc.

August 25, 2005 17:10 ET

DryShips Inc. Takes Delivery of Its 27th Vessel

ATHENS, GREECE -- (MARKET WIRE) -- August 25, 2005 -- DryShips Inc. (NASDAQ: DRYS) announced today that it has taken delivery of the 27th vessel of its fleet, which was the last of the 10 Additional Vessels that the company had acquired.

M.V. "Conrad Oldendorff," a 2002-built 76,623 dwt Panamax bulkcarrier, was delivered to DryShips Inc. on Monday, 22nd August and immediately went on charter to Oldendorff Carriers Gmbh & Co. KG at a daily timecharter rate of $42,000.

It was intended that DryShips rename the vessel to M.V. "Mendocino," however at the request of the charterers the Company has agreed to retain the name "Conrad Oldendorff."

Mr. George Economou, Chairman and Chief Executive Officer of DryShips, stated that: "We are pleased to have taken delivery of 'Conrad Oldendorff' and to have completed our initial investment program of 21 vessels. Out fleet now consists of 27 dry bulk carriers with a total capacity of 2.3 million dwt and an average age of 10 years. We are the second largest Panamax operators in the world. The addition of 'Conrad Oldendorff' to our fleet will provide the Company with stable and profitable earnings under her present charter."

UPDATED FLEET PROFILE

The DryShips fleet consists of the following vessels as of 8/25/2005:

Vessel Name         Type         DWT      Year Built
CAPESIZE
Manasota           Capesize     171,061      2004
Alameda            Capesize     170,662      2001
Shibumi            Capesize     166,058      1984
Netadola           Capesize     149,475      1993
Total Capesize     4            657,256
PANAMAX
Conrad Oldendorff  Panamax       76,623      2002
Coronado           Panamax       75,706      2000
Waikiki            Panamax       75,473      1995
Mostoles           Panamax       75,395      1981
Linda Oldendorff   Panamax       75,100      1995
Sonoma**           Panamax       74,786      2001
Catalina           Panamax       74,432      2005
Ocean Crystal      Panamax       73,688      1999
Belmonte           Panamax       73,601      2004
Toro               Panamax       73,034      1995
Xanadu             Panamax       72,270      1999
La Jolla           Panamax       72,126      1997
Lacerta            Panamax       71,862      1994
Panormos           Panamax       71,747      1995
Paragon            Panamax       71,259      1995
Iguana             Panamax       70,349      1996
Daytona            Panamax       69,703      1989
Lanikai            Panamax       68,676      1988
Tonga              Panamax       66,798      1984
Flecha             Panamax       65,081      1982
Striggla           Panamax       64,747      1982
Total Panamax      21         1,512,456

HANDYMAX
Alona              Handymax      48,640      2002
Matira             Handymax      45,863      1994
Total Handymax     2             94,503
Grand Total        27         2,264,215
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 and operates a fleet of 27 drybulk carriers -- 4 Capesize, 21 Panamax and 2 Handymax vessels -- with a combined deadweight tonnage of approximately 2.3 million. It is the second largest Panamax operator in the world. DryShips Inc.'s common stock is listed on NASDAQ National Market where it trades under the symbol "DRYS." Risks and uncertainties are described in reports filed by DryShips Inc. with the US Securities and Exchange Commission.

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:
    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