DryShips All Set to Start Rebuilding Its Fleet

Image Courtesy: Nasdaq

Owner of drybulk carriers and offshore support vessels DryShips Inc. is looking to raise up to USD 200 million of equity through the sale of common shares in an effort to start the process of rebuilding the company’s fleet.

Namely, the company has entered into an agreement with Kalani Investments Limited, an entity organized in the British Virgin Islands, under which it may sell up to USD 200 million of its common stock to Kalani over a period of 24 months, subject to certain limitations.

The amount, together with available liquidity in excess of USD 120 million, puts the company in a position “to commence the process of rebuilding the company’s fleet and earnings capacity and pursuing investments in various shipping segments as they arise,” George Economou, Chairman and CEO, said.

He added that the company is “already evaluating a number of opportunities that we hope will materialize in the very near future.”

DryShips said that Kalani has no right to require any sales and is obligated to purchase the common stock as directed by the company.

In consideration for entering into the agreement, the company has agreed to issue up to USD 1.5 million of its common stock to Kalani as a commitment fee.

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