Third VLGC Joins DryShips’ Fleet

Greek drybulk shipping firm DryShips has expanded its fleet with a third newbuilding very large gas carrier (VLGC).

The high specifications vessel, capable of carrying liquefied petroleum gas (LPG), will be employed under a time charter on a fixed rate with ten years firm duration to an oil major trading company.

Expected total gross backlog associated with this time charter is up to USD 103.8 million, DryShips said.

Since the beginning of this year, the company has expanded its fleet with 16 vessels. Its fourth VLGC is scheduled to be handed over in January 2018.

In January 2017, DryShips enter into a “zero cost” option agreement to purchase up to four high specifications VLGCs, which were under construction at South Korean shipyard Hyundai Heavy Industries (HHI).

The ships in question were bought at a price of USD 83.5 million per unit.

DryShips earlier informed that the acquisition would be financed by using cash on hand, its undrawn liquidity under the new Sifnos revolver and proceeds from its issuer managed equity transaction.

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