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January 14, 2013
09:15 EDTDRYSDryShips sells two tanker ships for $21.4M
DryShips, through its majority owned subsidiary, Ocean Rig UDW, announced the sale, via novation, of two of its tankers under construction at Samsung Heavy Industries, Esperona and Blanca, to a third-party buyer. Under the terms of the two novation agreements dated December 27, 2012, the buyer assumes all rights, benefits, liabilities and obligations under both shipbuilding contracts, in exchange for cash consideration of $21.4M, or $10.7M for each vessel paid by the company to the Buyer. As a result of this transaction, Dryships is released from all its obligations under under the shipbuilding contracts, both as the contracting party and as a guarantor. George Economou, CEO of the company, commented, "As we have stated recently, the reduction or elimination of CAPEX has become a top priority for the Company. With the sale of these vessels, Dryships has reduced its CAPEX by approx. $101M, after taking into consideration the payment of $21.4M to the Buyer of the vessels."
News For DRYS From The Last 14 Days
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July 22, 2015
09:14 EDTDRYSDryShips to write-off $16.5M in overdue receivables
DryShips announced the agreement with one of its charterers to write-off about $16.5M in overdue receivables related to charter hire payments due on 11 vessels on time charter. As part of the transaction, the charterer has agreed to forgo the exercise of certain "in-the-money" purchase options related to 7 vessels on time charter and provide new charters for 11 vessels at $12,500/day gross with 50-50 profit sharing starting as of June 1 and for an average period of about 4.5 years.

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