DryShips Eyes New Loans to Grow Fleet

Nasdaq-listed shipowner DryShips Inc. has fully repaid its remaining commercial loan facility worth USD 15.2 million, including overdue interest, the company said.

The repayment relieves the company of loan payment duty for the next four years.

DryShips said that as of April 27, 2017, the company’s cash and cash equivalents total in about USD 384 million or USD 6.52 per share. Furthermore, the company’s book value of vessels, including deposits, stands at USD 238 million with the number of shares outstanding being approximately at 58.9 million.

” Having all of our assets debt free, no mandatory loan payments over the next 4 years and available liquidity of USD 384 million, we strongly believe that our efforts to access bank debt financing for the first time since November 2014 will be successful and will allow us to further grow the size our fleet,” George Economou, Chairman and Chief Executive Officer, said.

Just last week, DryShips announced it had entered into agreements to acquire three bulk carriers, one 81,918 DWT Kamsarmax drybulk carrier and two 81,129 DWT Kamsarmax drybulk carriers built in 2014. The acquisition, which pushes the company’s dry bulker fleet to 21 ships, will be financed with USD 68 million cash on hand, DryShips revealed.

The company expects to take delivery of the vessels during the second quarter of 2017.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 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 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >