DryShips Disposes of Five Panamax Bulkers

Image Courtesy: Nasdaq

Greek owner of drybulk carriers DryShips Inc. has sold five of its Panamax vessels for an aggregate gross price of USD 29.4 million.

Namely, two Panamax vessels Amalfi and Samatan, along with their associated bank debt, were sold to entities controlled by the company’s Chairman and CEO, George Economou.

As part of the transaction, the company entered into an agreement to increase its secured revolving facility provided by an entity controlled by George Economou.

The revolver was amended to increase the maximum available amount by USD 5 million to USD 75 million and to give DryShips an option to convert USD 7.5 million of the outstanding balance to shares of its common stock within 365 days. Following this transaction, the outstanding balance under the revolver will stand at USD 69.4 million.

The company said that the transaction was approved by the independent members of its Board of Directors on the basis of vessel valuations and a fairness opinion.

The remaining three Panamax vessels from the batch, Ocean Crystal, Sonoma and Sorrento, were sold to un-affiliated buyers.

Dryships said that all of the gross proceeds from the sales will be used to pay down their respective loan facilities. The vessels are scheduled to be delivered to their new owners during November 2016.

DryShips owns a fleet of 16 Panamax drybulk carriers with a combined deadweight tonnage of some 1.2 million tons, and 6 offshore supply vessels, comprised of 2 platform supply and 4 oil spill recovery vessels.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2017 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

INMEX SMM India 2017

Combining the forces of Maritime industry’s two biggest events, the unified edition of INMEX SMM India brought together the most exclusive…

read more >

LIQUEFACTION OF BULK CARGOES SEMINAR

GET TO GRIPS WITH:
– Mechanisms behind liquefaction
– Guidelines and regulations for bulk cargoes prone to liquefaction…

read more >

Seatrade Offshore Marine & Workboats Middle East

The largest event for offshore marine and workboat sectors in the region, Seatrade Offshore Marine & Workboats Middle East will, once again, serve as a meeting point for international industry professionals to come together and do business. Our 2017 show promises a wealth of networking opportunities, high-level discussions in our conferences on important industry trends, […]

read more >

The Future-Ready Shipping Conference 2017

The Future-Ready Shipping Conference 2017 – the joint Singapore-IMO International Conference on Maritime Technology Transfer and Capacity-Building…

read more >