Athens, Greece - May 10, 2017
DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, a diversified owner of ocean going cargo vessels, today announced its unaudited financial and operating results for the quarter ended March 31, 2017.
Updated Key Information as of May 10, 2017:
• Cash and cash equivalents: approximately $340.7 million (or $5.05 per share)
• Book value of vessels, net: approximately $286.2 million (or $4.25 per share)
• Sifnos Loan Facility balance: approximately $200.0 million
• Number of Shares Outstanding: 67,401,964
On May 10, 2017, the Company entered into an agreement with an entity affiliated with the Company’s Chairman and CEO, Mr. George Economou, to acquire one 158,000 deadweight tons Suezmax tanker currently under construction in China. The Company will finance the total gross purchase price of approximately $64.0 million using cash on hand and expects to take delivery of the vessel during May 2017. The vessel will be time chartered back to the seller and employed from the time of delivery under a five year time charter plus optional periods in charterer’s option at a base rate plus profit share. The charterer will also be granted purchase options at the end of each firm period. The total expected backlog under the time charter, assuming an average spot market for Suezmaxes for the next 5 years of $25,000 per day is estimated to be approximately $43.1 million.
The transaction was approved by the audit committee of the Company’s Board of Directors and the independent members of the Company’s Board of Directors.
The Company has now fully repaid its last commercial loan facility and following the Sifnos Loan Facility’s latest amendment, announced on April 10, 2017, the Company has completed the restructuring of its balance sheet over the last 6 months, resulting in all of the Company’s assets being unencumbered.
Earlier this month, the Company received a firm commitment from a major European bank and an Asian export credit agency for a secured term loan facility of up to $200 million to partly finance the delivery of its four Very Large Gas Carriers (VLGCs). The commitment remains subject to documentation and successful syndication.
DryShips Inc. press release