DryShips All Set to Start Rebuilding Its Fleet

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.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
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

The 9th Annual Event Green Shiptech China Congress 2020

The 9th Annual Event- Green Shiptech China Congress 2020 will be held on next…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

Salvage & Wreck

Salvage and Wreck Removal Conference will focus on Casualty management case studies, Dealing with hazardous cargo and container ship fires…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >