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News Breaks
March 6, 2013
16:19 EDTDRYS, ORIGDryShips says still bearish about short-term performance of shipping markets
The company said, "We continue to be bearish about the short-term performance of the shipping markets. Both tanker and drybulk spot charter rates continue to hover around historic lows. Unfortunately this comes at a time when most of our lucrative legacy charters expire. As we have mentioned in previous quarters, low-cost financing for traditional shipping assets is generally less available than before and therefore the optimization of our newbuilding programs is our top priority right now...Our shareholding in Ocean Rig has been our backstop. We recently sold down a portion of our holdings for approximately $120M. This action was not a preferred option (especially at today's pricing levels) but it was necessary. In addition, we have pledged some of our Ocean Rig shares to our banks to remedy covenant breaches. We continue to be bullish about the prospects for Ocean Rig. The backlog currently stands at $5.1B over three years and provides Ocean Rig with substantial cash flow visibility and growth. Given strong industry fundamentals, we expect to further increase our already substantial backlog by entering into long-term contracts for remaining units."
News For DRYS;ORIG From The Last 14 Days
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March 30, 2015
18:51 EDTDRYSOn The Fly: After Hours Movers
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16:05 EDTDRYSDryShips announces agreements to sell tanker fleet
DryShips announced that it has entered into firm sales agreements with entities controlled by the company's Chairman and CEO, George Economou, to sell its four Suezmax tankers, Vilamoura, Lipari, Petalidi and Bordeira, for an en-bloc sales price of $245M. In addition, it has entered into agreements with entities controlled by Economou to potentially sell its six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona. The agreements to sell the Aframax fleet are not effective until the purchaser confirms his unconditional acceptance latest by June 30. Under the terms of the firm sales agreements on the four Suezmax tankers, the purchasers will pay upfront 20% to DryShips and the balance purchase price will be due on delivery which will be between July 1 and October 31 at the company's option. Under the terms of the agreements on the six Aframax tankers, the purchasers could potentially acquire these tankers for an en-bloc sales price of $291M, as long as they confirm their unconditional acceptance by June 30. Other than the sales price, all other material terms and conditions of this potential transaction mirror the terms and conditions on the sale of the four Suezmax tankers, including a 20% upfront payment to DryShips.
March 17, 2015
17:05 EDTDRYSDryShips files to sell 180M shares of common stock for holders
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17:04 EDTDRYSDryShips files $1B mixed securities shelf
17:03 EDTORIGOcean Rig UDW files to sell 90M shares of common stock for holders
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17:03 EDTORIGOcean Rig UDW files $2B mixed securities shelf
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