DryShips Raises USD 198 Mn as It Eyes Further Fleet Growth

 Nasdaq-listed ship owner DryShips said that it has completed the previously announced USD 200 million common stock offering, raising net proceeds of USD 198 million.

Following the completion of the offering, the company has approximately 152,055,576 common shares outstanding.

“We are very pleased to have successfully raised an additional USD 198 million of equity, which will increase our total available liquidity to about USD 455 million. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage,” George Economou, Chairman and CEO commented.

Under its diversification plan, the company has returned to gas carrier market early this year with the recent purchase of two very large gas carriers with an option to add two more. Each of the four VLGCs, which are currently under construction at South Korean shipyard Hyundai Heavy Industries (HHI), are planned to be employed on long term charters to major oil companies and oil traders. The vessels are scheduled for delivery in June, September, October and December of 2017, respectively.

Separately, the company’s CEO has been linked to an order for four VLCCs at Hanjin Heavy Industries & Construction (HHIC)’s Subic Bay, however, the order is yet to be confirmed.

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Breakbulk Europe 2017

For more than a decade, Breakbulk Europe has served as the networking hub for industry professionals who do business in Europe — or would like to! Exhibitors and sponsors include cargo owners, ocean carriers, freight forwarders, ports/terminals, heavy haulers, equipment companies and more that are involved in this specialized industry.

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Ferries Asia Summit

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Ferry travel is in the limelight. The potential for driving tourism growth is immense – and for archipelago nations battling with urban congestion, ferry services pose a clean, efficient alternative in everyday public transport. But high-profile ferry accidents have brought ever greater attention to safety regulations for Asia’s maritime travel industry.

Amid these circumstances, how can vessel operators cope with ever-tightening safety requirements, while making the right decisions at the right time to capture rising demand? What are the smartest ways to improve service reliability and fleet quality, that maximize operating and capital spend? What are the industry’s best-practices for sustainable growth, and how can they be achieved?

Play your part! Join us at the Ferries Asia Summit 2017 to push forward the regional debate on making Asia’s ferry industry more progressive, safe, and commercially sustainable. Bringing together fast-ferry, RO-RO and ROPAX vessel owners along with international and domestic maritime regulators, classification agencies, shipbuilders and naval architects, this event connects the entire value chain for a meaningful holistic debate on ferry operations excellence in Asia.

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Comprehensive debates on addressing the complexity of ferry safety in Asia: Is vessel age truly the greatest concern? How significant are other factors, and how can they be addressed?

Pathways to change through greater public-private collaboration

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Cost-efficient O&M strategies to extend vessel life & tips for stakeholder management to avoid purchasing mistakes

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INMEX Vietnam 2017

The event is an exceptional meeting point for the global maritime community in Vietnam, a region where the industry remains buoyant and strong…

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Singapore Maritime Week 2017

Singapore Maritime Week (SMW) is the leading maritime event in Singapore. Driven by the Maritime and Port Authority of Singapore (MPA), SMW…

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