DryShips Adds Newcastlemax Duo

zoomIllustration; Image Courtesy: Capital Maritime Athens-based owner of drybulk carriers DryShips has taken delivery of two Newcastlemax bulk carriers built in 2013. Featuring around 205,100 dwt each, the bulkers in question are the second and the third ships from the batch of  four Newcastlemaxes which DryShips bought earlier this year for a total of USD 124 million. One ship will be employed under a time charter contract with a major coal and steel trader for a gross rate linked to the new Baltic Capesize Index (BCI5TC) plus 20%, while the other will continue its fixed time charter contract with a German-based operator for a gross rate linked to the Baltic Capesize Index (BCI4TC) plus 12.5% and an expected duration of 14 to 18 months. The four ships acquired under the deal are Marini, Moritz Oldendorff, Valley Star and Wish Star, all of them bought from Hong Xiang Shipping in February, VesselsValues data shows. Dryships earlier said that two of the acquired ships are planned to be employed under time charter contracts, while the other two are set to trade in the spot market. The first bulker from the batch, built in 2014, was handed over to the company in May this year. The remaining Newcastlemax is expected to be delivered in the third quarter of 2017, according to DryShips.