DryShips Secures Funding to Renew Fleet

Shipspotting Greek owner of drybulk carriers and offshore support vessels DryShips has completed the USD 200 million common stock offering, raising USD 198 million that will be used for rebuilding the companys fleet. In December 2016, the firm entered into an agreement with Kalani Investment Limited, an entity organized in the British Virgin Islands, to sell the stocks. We are very excited to have successfully raised USD 198 million of equity and with total available liquidity in excess of USD 300 million, we have strengthened our position to continue the process of rebuilding the companys fleet and earnings capacity and pursuing investments in various shipping segments, George Economou, DryShips Chairman and CEO, said. Following the completion of the offering, the company said it has approximately 36.3 million common shares outstanding. DryShips owns a fleet of thirteen Panamax drybulk carriers, one very large gas carrier (VLGC) newbuilding and six offshore supply vessels. Image Courtesy: Shipspotting