Bulk Carrier DryShips to Sell Entire Fleet

by Ship & Bunker News Team
Friday September 11, 2015

Bulk carrier owner DryShips Inc. is making moves to sell its entire fleet, with 17 of its 39 ships set to be sold to the company's CEO George Economou, IHS Maritime reports. 

13 Capesizes and four Panamaxes will reportedly be sold to Economou for $377 million along with existing employment contracts, with Economou also having agreed to assume $236.7 million in associated debt. 

The company's remaining fleet of 20 Panamaxes and two Supramaxes will be labeled "held for sale" which will result in an impairment loss of $795 million in the third quarter.

"All of the individual transactions are expected to close in the fourth quarter of 2015 and certain transactions remain subject to the approval of the applicable lending banks," the company said in a statement. 

"These transactions were approved by the independent directors of the company." 

According to separate reports, DryShips had already sold six other Aframax tankers to various Economou-controlled subsidiaries for $291 million earlier this year. 

Without its fleet, DryShips only remaining shipping assets is reportedly its 40.4 percent stake in Ocean Rig UDW.

The move comes at a time of particularly challenging conditions for the sector, with Ship & Bunker reporting earlier this week that Drewry Shipping Consultants Ltd (Drewry) said any relief for the sector is still a "long way off."

Early this year, DryShips subsidiary Tankships Investment Holdings Inc. was  reported to be seeking $100 million through a Nasdaq listing.

Ship & Bunker News Team
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