DryShips Secures Time Charter for Newcastlemax

zoomIllustration; Image Courtesy: Diana Shipping Greece-based ship owner DryShips Inc. has entered into a one year time charter with a major grain house for one of its 206,000 dwt Newcastlemax drybulk vessels for an expected duration of about one year. A total gross backlog of USD 7.1 million is expected from the contract, which is scheduled to commence upon the delivery of the vessel before the end of April 2017. We are very pleased to have employed one of our newly acquired vessels upon its delivery, at a gross charter rate, which will be highly accretive to the companys earnings and will provide visible cash flow, George Economou, Chairman and Chief Executive Officer, said. The company did not disclose the name of the vessel in question, however, according to data provided by VesselsValue, DryShips recently purchased four such dry bulkers, namely the 2013-built Moritz Oldendorff and Valley Star, the 2014-built Super Star and the 2015-built Wish Star. We continue to execute our strategy to restore the Companys earnings capacity, taking advantage of the positive developments in the drybulk market, Economou added.