DryShips Sells VLGC Quartet and Two Panamaxes

ShippingIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license

Greek ship owner and operator DryShips has unveiled agreements to sell a number of its ships, including its four very large gas carriers (VLGCs).

Namely, the company said it signed contracts with unaffiliated buyers to sell the quartet along with the existing time charter contracts for each VLGC.

The sale remains subject to charterers’ consent. The VLGCs are scheduled for delivery to their buyers during the third quarter of 2018, DryShips informed.

Additionally, the company reached agreements for the sale of its two oldest Panamax drybulk carriers. The 2000-built vessels are scheduled for delivery to their buyers during the third quarter of 2018.

Furthermore, the company entered into an index linked time charter for the recently acquired Newcastlemax bulk carrier. Under the charter, the company can give 60-days advance termination notice and can then seek alternative or fixed rate employment.

“If all vessel sales announced to date materialize, the company expects to realize an aggregate gain on vessels sales compared to the book value of these assets,” DryShips concluded.

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